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Retirement planning in your 60s

by , 06 October 2014

When you turn 60, retirement seems just around the corner. Although that may be true, it's never too late to prepare for retirement, not even in your 60s.

There are plenty of things to consider once you've reached 60, including how much money you still need to save.

The main question on everyone’s mind once they’ve turned 60 is: do I have enough saved up for retirement?
 
In order to understand your retirement needs and figure out how much more you need to save, you need to ask yourself certain questions, such as:
 
- What exactly do you want to do in retirement?
 
- Do you plan on moving?
 
- How much money do you have saved for retirement?
 
- Will you continue to work part-time during retirement or are you considering starting a business?
 
After you’ve answered all these questions, it’s time to start planning. Determine your net worth and come up with a plan that allows you to live comfortably during retirement.
 
If you still have outstanding debt, pay it off as quickly as possible.
 
Carefully determine the expenses you will need to cover during retirement and how much you would need to live comfortably.
 
Don’t forget to prepare for the unexpected: increased health costs, emergencies, the possibility that your retirement benefits are not enough to cover living costs, etc.
 
Don’t make the mistake of overspending in the first years of retirement, as you may very well be left penniless in your 70s, with a long portion of retirement left uncovered. To prevent such an occurrence, take the necessary measures, such as working part-time after you retire, or getting an additional source of income.
 
Another important aspect to consider in your 60s is your retirement investment portfolio. Now is not the time to take uncessary risks, but you should definitely consult a financial planner who can help you come up with the best strategies for diversifying your portfolio.

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Retirement planning in your 60s
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