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How empty nesters can repurpose bedrooms in their homes

It can be bittersweet when adult children decide the time has come to move out of the family home. Parents perhaps get their first trial run of this scenario when their children go off to college or enlist in the military. Rooms are left empty, if only for a certain period of time. Eventually, those rooms will remain empty as adult children move out of the house for good.

Converting a child's bedroom into an area for adults may take some planning. It can be exciting to regain space, but at the same time, it can be disheartening to convert a child's bedroom once and for all. When the time comes and homeowners are emotionally ready to tackle bedroom conversions, these tips can help the process go smoothly.

· Repurpose the space for them. Give a childhood bedroom an adult spin without changing too much. If furniture is in good shape, replace the bedding, change the flooring, swap out artwork, and remove "youthful" items like toys, trophies and other collectibles. When the child comes home to visit, he or she will still feel comfortable in the space.

· Create extra storage. The bedroom can be transformed into a walk-in closet or dressing space. According to the design experts at Houzz, many clients request this type of dressing room situation. There's a bonus if the layout allows the space to connect to the owner's suite or bathroom. This is a major overhaul, so homeowners should enlist a professional contractor.

· Make a fitness center. A bedroom can be turned into a home gym to make working out more convenient. Homeowners should take inventory of equipment they may have and then figure out where existing and new equipment will go. They may need to consult a structural engineer to ensure that the flooring can bear the weight of additional equipment.

· Create a work space. One of the best ways to transform adult children's bedrooms is to convert the spaces into home offices. Those who have been setting up "desks" at dining room tables or elsewhere may be excited about the prospects of finally having a private, dedicated space to work from home.

· Turn it into a craft room. The bedroom can be converted into a space to explore hobbies and various other interests. A dedicated craft space, a reading nook, a place to store photography equipment, or another function can serve as a useful way to repurpose an empty bedroom.

Empty nesters have many possibilities when it comes to converting their children's old bedrooms into adult spaces.

Changes that could arise from the "silver tsunami"

A report from the International Monetary Fund in the summer of 2023 indicated that a new challenge awaits the world in the coming years. The global population increased by one billion people between 2010 and 2022. That remarkable increase saw the world surpass the eight billion people mark in November of 2022.

Despite a sharp increase in the global population in such a short period of time, the IMF asserts that the population boom is not the most formidable demographic challenge facing the world. The IMF defines population aging as the most formidable challenge. Widely referred to as the "silver tsunami," a term credited to the AARP, the increase in the number of individuals age 65 and older could lead to some unique changes in countries across the globe.

· Increased recreation spending: Sixty-five has traditionally been viewed as retirement age, and that remains an unofficial bar for individuals living in countries like the United States that have increased their official retirement age. Though an uptick in the aging population is often framed in terms of the challenges countries will face, that increase also could present some opportunities. For example, a recent AARP Longevity Economy Outlook report noted that people 50 and older account for the most spending on recreation and culture of any demographic. That could prove beneficial to businesses and regions that cater to consumers interested in recreation.

· Employment opportunities: The AARP also noted the role the 50 and older population plays in supporting jobs. In 2020, the demographic of people 50 and older supported roughly one-third of the world's jobs and generated $23 trillion in labor income with its spending on goods and services. Estimates from the AARP indicate that individuals age 50 and older will support 1.5 billion jobs across the globe by 2050. The labor income impact by then will more than double to $53 billion.

· Employment challenges: Though the silver tsunami could help to maintain existing jobs and create plenty of new ones, employers might find it difficult to fill those positions. As more of the global population reaches retirement age, it bears noting that more workers will retire. Deloitte and the Manufacturing Institute note that the manufacturing sector will need to fill 2.5 million job openings related to retirements between 2020 and 2030. That could prove a sizable challenge, as the aging population is increasing at a time when the young population is decreasing.

The aging population is increasing, which could lead to a number of opportunities and challenges in the decades to come.

Did You Know?

The Parkinson's Foundation reports that the right foods can optimize Parkinson's medications, helping patients ease their symptoms, maintain strong bones and preserve overall health and fitness. Constipation is a common symptom of Parkinson's disease, but the PF notes that drinking six to eight glasses of water per day and eating fiber-rich foods like brown rice, whole grains and fruit can ease constipation and certain digestive difficulties that also can be a byproduct of the disease.

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List of Professionals that will be speaking at the Rightsizing Your Lifestyle After 55 Event

Vicki Lilley is an experienced Financial Advisor with the Redtail Financial Group at Thrivent. Our team helps people prepare for their golden years through retirement income planning, investment management, tax efficiency, and planning ahead for the possibility of extended care. Throughout retirement we help you plan for leaving your legacy in the most tax-wise manner possible, whether that is to your kids, other family members or church/charity. Vicki has a passion for working with widows and specialized training in helping clients who are divorcing.

Vicki Lilley, CDFA®, BFA™, FIC
Financial Advisor, Redtail Financial Group
101 N. 5th St, Suite 3, Perkasie, PA 18944
Call 1-267-347-3477 Text 1-267-863-7075
Know someone who can use our services? Your referrals are the greatest compliment!

Joel Steinman, Esquire, has practiced law for more than 30 years and is a partner at the law firm of Grim, Biehn & Thatcher. As a key member of the firm’s Estates Department, he focuses on estate planning, estate administration, and litigation surrounding estates. He assists clients in understanding estate planning concepts and strategies and prepares everything from simple to complex wills, trusts, powers of attorney and living wills. Joel also helps his clients negotiate the often-complicated laws governing estate administration by working hard to ensure that they have the guidance they need to make fully informed and make well-reasoned decisions so that the estate is administered properly, timely, and professionally.

As the owner of Insurity Street, Bob Wilkowski navigates individuals on the road to financial security by offering insurance products such as Life, Disability, Long-Term Care, and Medicare. With over 25 years of consulting experience and access to dozens of highly-rated insurance carriers, Bob strives to give his clients the best coverage for their needs and budget.

Personally, Bob lives in Bucks County with his wife, Amy, and their two sons, Ryan and Aidan. As for hobbies and interests, he's a die-hard Philly sports fan, a huge Star Wars nerd (and proud of it!), and an amateur musician.

insurity street
Bob Wilkowski, ASA | Insurance Consultant
Mobile: 215.439.5149

Vanessa Power is a seasoned realtor working with sellers and buyers in the Bucks county area. She has a passion for guiding her clients through the complexities of the current real estate market with honesty, integrity and exceptional client service. At this free "rightsizing" event, she will provide information about the current trends in the Bucks County real estate market, tips and strategies for selling your home, offering her insights on successes and pitfalls when considering selling your home and understanding the equity you have in your home. If you are unable to make this FREE Event, please feel free to reach out to her directly.

Vanessa Power | | mobile 267.221.9405 | office 215.340.5700 | Keller Williams Doylestown | 2003 S. Easton Rd Suite 108 | Doylestown, PA 18901

Stephen Balbi – Producing Branch Manager

After 18 years in the mortgage industry, Stephen still wakes up every day excited to help his clients leverage their equity and put them on a road to financial success through homebuying. He was always drawn to helping people achieve their goal of homeownership, and he’s good at doing so. Stephen was twice named in the top 1% of Mortgage Originators in America from Mortgage Executive, and holds licenses in PA, NJ and FL. Presenting during the free Rightsizing event the Perkasie native will provide guidance and understanding of Reverse Mortgages as well as tips to leverage your equity to guide you through the next chapter of your life.

Rose Knows Where It Goes is a highly sought-after, multi award winning pro-organizer, home stager, downsizing expert & hoarding specialist.
  With over a decade of experience, Rose works with clients to create individualized, sustainable solutions to keep their lives and homes organized once and for all.
  She gently encourages clients to lean into editing their life through the decluttering journey, by coaching them to let go of what no longer serves them.
  In my experience this will minimize your stress level, and free up your time to focus on your career and family.
  Rose is a public speaker and returning organizing expert for local and national media outlets.

Rose Miller
Rose Knows Where It Goes
(215) 589-3248

Magna Auction Company is a premiere auction house of antiques, fine art and collectibles located in Bucks County. Our team has been built on impeccable personal, professional and community ethics with experience in auctions, estate sales and real estate services. At this event, Magna Auction will provide valuable information on auctions services, include the consignment of your valuable collections, as well as an in depth explanation on the process and timeline of an estate sales.

Money management tips for retirees

What constitutes a perfect retirement is different for everyone. Some people may imagine spending their golden years fishing their days away, while others may aspire to finally embrace their inner globetrotter. Though individuals' retirement dreams differ, every retiree will need money, which only underscores the importance of a wise and disciplined approach to money management.

Average life expectancies have risen considerably over the last several decades. According to estimates from the United Nations Population Division, the average life expectancy in Canada for both sexes is just under 83 years, while it's slightly more than 79 in the United States. Those figures are a welcome sign, but they may inspire a little fear among seniors who are concerned that they might outlive their money. No one knows how long they will live, but everyone can embrace a handful of money management strategies to increase the chances that they won't feel a financial pinch in retirement.

· Study up on the tax implications of withdrawing from your retirement accounts. Every retirement investment vehicle, whether it's an IRA or a 401(k), has tax implications. Money withdrawn too early may incur tax penalties, and even money withdrawn long past retirement age could elevate retirees into a new tax bracket that could prove costly. A financial advisor can help retirees determine the tax implications of withdrawing money from their retirement accounts and may even develop a detailed guideline of when withdrawals should be made and how much should be withdrawn in a given year in order to minimize tax liabilities.

· Prioritize your own needs. Though retirees, particularly those with children and grandchildren, may feel an obligation to help their families in difficult financial times, generosity can be very costly for adults who have stopped working. Retirees may or may not have opportunities to generate new income, and even those who do likely won't make enough to meet their daily financial needs. Given that reality, retirees must prioritize their own financial needs, including their immediate needs and those they will have for the rest of their lives. Though it might be difficult to turn down loved ones' requests for financial help, retirees must make sure they can pay their bills and maintain a quality of life that won't jeopardize their long-term health.

· Examine your housing situation. Equity in a home is a feather in the cap of many retirees. Retirees who own their homes and live in locations with high property taxes might be able to cash in on their equity by selling their homes and downsizing to a smaller home with lower property taxes. If moving is not a consideration, discuss a reverse mortgage with a financial advisor. A trusted financial advisor can highlight the advantages and disadvantages of reverse mortgages, which are a great option for some people to improve their financial well-being in retirement.

· Stick to a budget during retirement. The U.S. Department of Health and Human Services reports that roughly 70 percent of individuals who turn 65 will need long-term care in their lifetimes. That's just one expense retirees must budget for, and it's more sizable than some people may recognize. In fact, the Fidelity Retiree Health Care Cost Estimate found that the average retired couple age 65 in 2022 will need roughly $315,000 to cover health care expenses in retirement. And health care costs are just one of many expenses retirees can expect to have. Budgeting and avoiding overspending can ensure retirees have the money they need when they need it.

No one wants to outlive their money in retirement. Various strategies can help retirees effectively manage their money so they can enjoy their golden years without having to worry about their finances.

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