Retirement Planning in Your 60s

Turning 60 is cause for celebration! You're probably at the top of your game professionally and fine-tuning your strategy financially, with an eye on the future and preparing for retirement. You may also find that you have more questions regarding your transition to retirement.

Our goal is to assist you with answering these questions and to help ensure you are on track for a more successful and sustainable retirement. We believe that there are five key areas that must be considered when building a plan to retire.


What do you really want to do in retirement and how much is it going to cost you?

When it comes to retirement, it’s easy to focus on the financial aspects, but there are a number of non-financial decisions that are just as important.  How you plan to spend your years in retirement will influence all the other decisions you make. Consider not only the big things you want to accomplish, but also the day-to-day, short-term goals. The lifestyle you envision will inform the timing, cost and preparation needed to reach your desired outcome.


What resources do you have, and need, to support your lifestyle?

How much time have you spent planning for your retirement? Like many people you have probably participated in a company-sponsored retirement plan; you’ve paid Social Security tax and you’ve built a lifestyle for you and your family. As you transition into retirement you need to take stock of those resources in order to understand how to build your retirement income plan to meet the needs of your future.

Health Care

Have you examined all of your health care options and determine what is right for you?

You may spend up to 30+ years in retirement. Think about the health-related decisions you had to make during the course of any 30-year period if your life. Up until now, you likely had some type of coverage through your employer or other sources. As you transition into retirement, you will want to anticipate the type of coverage you may need and the resources available to you.


How do you prepare for situations that could potentially derail your retirement plans?

Protecting and enjoying your retirement involves thinking about and planning for both the expected and unexpected. You are used to traditional methods of protection, like insurance (health, life, home, auto) – but as you transition into retirement you will want to consider other things like your desired lifestyle, legacy, estate distribution, tax management and long-term care needs.


How can you optimize your income and make sure it lasts throughout your retirement?

Funding your retirement may be the biggest investment you will ever make. Financial planning in retirement usually has two primary goals: creating a steady, dependable stream of income and preserving retirement savings. There are many factors to consider when planning including; inflation, market volatility, taxes and interest rates. All of this is in addition to ensuring your plan reflects your goals.