Tips on how to save when kids leave home

Baby boomers may need to let children go in order to save for retirementThe baby boomer generation is getting closer to retirement and many of their children are now on their own. There are a couple of tips that can help prospective retirees save money before retirement becomes an actual possibility, according to Daily Finance.

Parents generally have a tough time letting go, and are still giving their children money even after they graduate from college. A financial advisor shares a little insight on the best ways to save money after the children leave including taking them off of your car insurance policy and your health insurance plan. Tom Orecchio suggests that having your child out of state or having them remain as dependents can keep premiums unnecessarily high, according to the news source.

In addition, it is time to get rid of all those magazine subscriptions you never cared about, cancel the channels you never watched and don't dish out any more cash to their empty palms. Keeping children on cell phone plans can be another costly expense.

According to CNN, baby boomers are having a tough time dealing with retirement. However, if they saved correctly, they may be able to live their active lifestyles at a retirement community that they enjoy.