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Staying on Track for Retirement in Your 60s
Published July 29, 2017
With retirement approaching, reviewing your goals will ensure that you are on track for retirement. Here’s a quick checklist of the what you should be doing to prepare during your 60s.
- Don’t hesitate to revisit and adjust your retirement plan
- Be sure to review your Social Security benefits and the age at which you plan to begin taking them
- Consider buying a longevity annuity to have a guaranteed income stream throughout retirement
As retirement gets closer, it’s important that your retirement plan reflects your current goals and situation. We’ve created a quick checklist to ensure that you are still on track during your 60s.
- Revisit your retirement plan. It’s important to check your progress and priorities as you age. For example, as you get older, chances are your health care costs will rise, and this needs to be factored into your retirement finances.
- Consider enrolling in the Personal Pension if you haven’t already. For every dollar you contribute, you will receive a certain amount of income every month starting when you retire. By converting a portion of your savings into income, you’ve ensured a minimum quality of life in retirement and also made it easier to measure your spending abilities.
- Review the rules and regulations for Social Security and IRAs. You can begin taking out Social Security benefits at age 62, but your benefits will be lower as a result. At ages 66 or 67 (depending on when you were born) you can take the full benefits, but waiting until age 70 will get you even more. For IRAs, keep in mind there are required minimum distributions (RMDs) starting at age 70 1/2.
- Make the big home repairs now. Remember, your home can be an asset during your retirement if you choose to sell. Replace the water heater, fix the roof, or even buy yourself a new car right now. The point is, make these big expenditures now while you’re still earning money.