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Financial Tips for Your 60s

Financial Tips for Your 60s

February 28, 2023

Close your eyes for one whole minute and consider … what would you like to do when you retire? 

Everyone has their own unique vision about the retirement they want. You’ve been working diligently toward that day, so when you enter your 60s, it’s the perfect time to reassess and make sure your financial plan aligns with your goals. 

Tip 1: Protect your Loved Ones

Updating your will and your beneficiaries can protect you and your family down the road. Circumstances change and life happens, so making a note in your calendar to do this every year is a good way to stay on top of it. In most states, the beneficiaries you list directly on an account will supersede those listed in your will, so be sure to keep those updated, as well. 

Additionally, if you haven’t done so yet, consider establishing a trust. A trust is a useful legal document that can help your loved ones avoid probate, protect the privacy of the trust owner and beneficiaries, and potentially minimize estate taxes. If your net worth is at least $250,000 and you own real estate, then a trust may make sense.

Tip 2: Consolidate Your Accounts

Are you still with the same company where you started your career? For most people, the answer is no. Most Americans born between 1957 and 1964 held an average of 12.3 jobs from 18 to 52, according to the Bureau of Labor Statistics

What’s more, it’s estimated that each year more than 900,000 401(k) accounts go unclaimed, in addition to $300 million in unclaimed pension payments. That’s a lot of money potentially left behind. 

Contact old employers. The human resources departments at each of the places where you have worked should be able to track down information on any outstanding retirement accounts. If your old company is no longer around, you can try and find a past account statement and contact the plan administrator listed. 

Search a Database. Each state is required to maintain records of unclaimed property. Use online databases to see if you have any accounts that you may claim. Start here with the National Association of Unclaimed Property Administrators or here with the National Registry of Unclaimed Retirement Benefits. 

Tip 3: Set Your Intentions

Set aside some time to think about how you see yourself spending most of your time in retirement. Would you like to stay in your current home, downsize, or move closer to family? How do you want to spend your days? 

Including your family in the conversation is a good way to make sure you consider all the possibilities and keep everyone informed. Some important questions to consider as you plan include: 

  1. Are you in good health, or can you expect to have high healthcare bills right off the bat for treatments or medications? 
  2. Will the hobbies you enjoy now still be an option 20 years from now, or are there things you know you’d like to try when you have more time? 
  3. How, if at all, will travel fit into your plans? 
  4. Will you need to work part-time to supplement your income? 
  5. Will you want to work, even part-time, as a way to stay active?

Planning Ahead

Once you’ve put some thought into the retirement life you want, we can help. Contact our office and we’ll work together to ensure your retirement dream is backed by a solid financial plan that works for you.