Every individual is wary of facing an empty nest. The empty nest syndrome refers to the feeling of loneliness or emptiness one feels when their children grow up and start their respective lives, for example, their career or college.

If you are an empty nester, it is time to re-evaluate all the investment options that once were centered around your children and to start thinking about you and your spouse.

Clear debts
Now that you are clear about your priorities, start with clearing debts like credit card, car loan, or any mortgage. Make a list of all debts that are outstanding. Those that carry high-interest rates need to be sorted earlier. As you inch toward retirement, let go of debts to live a stress-free life.

Keep more liquid funds
Invest more in liquid funds and savings that will enable you to have more funds at your disposal. Invest in high-yield funds that churn a steady income every month to take care of your emergency needs.

Work on your retirement account
All this while, you have been saving for your children’s college education. Now is the time to make your retirement account work for you. If you are 50 years and older, you can contribute up to $5,500 to your IRA and $18,000 a year to 401(k).

Redefine your goals
The money that was saved for your children is no longer required. Work on your goals and think about what you plan to do next. Whether you want to save your money for a vacation home or an overseas trip is your choice. Accordingly, try to work on your investments by focusing on your goals. When your goals are clear and defined, planning and execution would be easier.

Invest in healthcare options
Retirement brings with it all kinds of medical issues. Be prepared by exploring all healthcare options available. In case you have two incomes in the family–your income and that of your spouse—, you can use one paycheck for managing your day-to-day expenses and the other for savings and investments.

Change your insurance policy
If you own a term life insurance, change to whole life insurance, which provides cover until end of life. Insurance is necessary for any individual. It provides the benefit of meeting expenses from medical to funeral, as well as other important debts that need to be addressed.

Cutting on costs
With children gone, a lot of unnecessary expenses can be cut down or eliminated, leaving some space for savings, for example, cable packages you no longer require or food that otherwise goes waste. This can help you analyze your spending habits. You may, therefore, accumulate savings and invest the amount to earn high returns in the long run.

An empty nest can also help you redefine your goals and choices. It is just that now the focus changes from your children to you and your spouse.