Friday, September 10, 2010
 
Becoming an Empty Nester
   
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Get SmartTips Newslettes by Email SmartTips is a totally free weekly eMail newsletter featuring expert advise and tips on the topics that matter to you, such as:
  • Tempated by new car deals?  Check here first to avoid over-paying. 
  • End of the year anticipation?  Did something change this year that will affect your taxes?
  • 529 College Savings Plans.  Your children are never too young—or too old—for you to get started.

Save money with FREE tips on everything from budgeting, managing debt, buying insurance, and planning for retirement.

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Move to a Smaller Residence Print  
Tired of mowing a big lawn, paying big utility bills, and cleaning a big house you no longer need? Then consider the benefits of a smaller home.

Do you really need all your living space now that your child or children are living independently? More to the point, will lowering your housing expenses enhance your future retirement security? It’s time to answer that question.

The kids have moved out, you've simplified your life or you're just tired of having a big house that takes a bite out of your free time (and pay check). Moving to less spacious digs requires a change in lifestyle, but planning makes the transition far more seamless.

Step One
Consider the downside of downsizing. You'll give up the comfort and familiarity of your current home--and perhaps your town or neighborhood--and you'll have to contend with the stress, cost and aggravation of moving.

Step Two
Look just as frankly at the upside. Your rent or mortgage payment may go down. You may also cut back on some living expenses such as energy costs, resulting in more cash in your pocket. You'll probably have more free time because you'll have less house to maintain.

Step Three
Opt for the simplicity and amenities of condominium complexes or retirement villages. Keep in mind that both have rules and regulations that some people may find restrictive. (On the plus side, somebody else cuts the lawn and cleans the gutters.) Read the fine print and talk to future neighbors before you sign a contract.

Step Four
Measure the dimensions of the rooms you'll be moving into, and measure your current furniture to determine what you'll bring and what you'll need to unload.

Step Five
Take this opportunity to reduce clutter and simplify your life. Get rid of unused stuff and things you won't have room for.

Step Six
Go through all your treasures and enjoy the trip down memory lane. Then sell what you don’t need.

Step Seven
Capitalize on your fresh start to tinker with your systems and get organized. See 1 Get Organized.

Step Eight
Determine your storage needs for clothes, kitchen supplies, tools, sports and hobby equipment, pet supplies, vehicles and so on. Make sure there's space for everything in your new place.

Step Nine
Tally up the money you've made selling your home and all your old stuff. Put most of it to work, then reward yourself with a great vacation.

© eHow.com

Tired of mowing a big lawn, paying big utility bills, and cleaning a big house you no longer need? Then consider the benefits of a smaller home.

Do you really need all your living space now that your child or children are living independently? More to the point, will lowering your housing expenses enhance your future retirement security? It’s time to answer that question.

The kids have moved out, you've simplified your life or you're just tired of having a big house that takes a bite out of your free time (and pay check). Moving to less spacious digs requires a change in lifestyle, but planning makes the transition far more seamless.

Step One
Consider the downside of downsizing. You'll give up the comfort and familiarity of your current home--and perhaps your town or neighborhood--and you'll have to contend with the stress, cost and aggravation of moving.

Step Two
Look just as frankly at the upside. Your rent or mortgage payment may go down. You may also cut back on some living expenses such as energy costs, resulting in more cash in your pocket. You'll probably have more free time because you'll have less house to maintain.

Step Three
Opt for the simplicity and amenities of condominium complexes or retirement villages. Keep in mind that both have rules and regulations that some people may find restrictive. (On the plus side, somebody else cuts the lawn and cleans the gutters.) Read the fine print and talk to future neighbors before you sign a contract.

Step Four
Measure the dimensions of the rooms you'll be moving into, and measure your current furniture to determine what you'll bring and what you'll need to unload.

Step Five
Take this opportunity to reduce clutter and simplify your life. Get rid of unused stuff and things you won't have room for.

Step Six
Go through all your treasures and enjoy the trip down memory lane. Then sell what you don’t need.

Step Seven
Capitalize on your fresh start to tinker with your systems and get organized. See 1 Get Organized.

Step Eight
Determine your storage needs for clothes, kitchen supplies, tools, sports and hobby equipment, pet supplies, vehicles and so on. Make sure there's space for everything in your new place.

Step Nine
Tally up the money you've made selling your home and all your old stuff. Put most of it to work, then reward yourself with a great vacation.

© eHow.com

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By clicking any of the link(s) on this page you will be transferring from this Marsh site to a site comprised of third party content. You hereby agree that Marsh is not responsible or liable in any manner for such third party content hosted on the linked site.

Notice
By clicking any of the link(s) on this page you will be transferring from this Marsh site to a site comprised of third party content. You hereby agree that Marsh is not responsible or liable in any manner for such third party content hosted on the linked site.

 Learn More  
Want more information? Check out the following:
Identify the tax impact of selling your home.

Learn wht it takes to sell your house.

Identify Tax Impact of Selling Home

If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Find additional information regarding the tax impact of selling your home by clicking the Continue button.


Learn more...




Source: Internal Revenue Service

 

Note
The products and services listed on this page are presented as a service to you. Neither L-3 nor Marsh recommends any product or service; there is no guarantee that any listing on this page will be suitable for a particular purpose.

Identify Tax Impact of Selling Home

If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Find additional information regarding the tax impact of selling your home by clicking the Continue button.


Learn more...




Source: Internal Revenue Service

 

Note
The products and services listed on this page are presented as a service to you. Neither L-3 nor Marsh recommends any product or service; there is no guarantee that any listing on this page will be suitable for a particular purpose.

Learn What it Takes to Sell your House

The home selling process can be as complicated as buying a home. Understanding the steps will help you survive with sanity—and finances—intact.   Visit the Selling a Home checklist for information.

Learn more...

 

 

Learn What it Takes to Sell your House

The home selling process can be as complicated as buying a home. Understanding the steps will help you survive with sanity—and finances—intact.   Visit the Selling a Home checklist for information.

Learn more...

 

 


  


After your child or children move out, you’ll have more time, more money, and more space than before. The challenge: to put these extra resources to good use, while adjusting to life without children. The checklist below will ease the transition.

 Deal with "empty nest" sadness.

 Revisit your financial plan.

 Reduce or eliminate debt.

 Move to a smaller residence.

 Save more for retirement.

 Assess your investments.

 Consider long-term care needs.

 Evaluate your health insurance needs.

 Reassess your life insurance needs.

 Adjust other insurance.

 Consider your taxes.


 
This page contains third party content and/or links to third party Web sites. You hereby agree that Marsh is not responsible or liable in any manner for such third party content.
MMC
 
This page contains third party content and/or links to third party Web sites. You hereby agree that Marsh is not responsible or liable in any manner for such third party content.
MMC