Broker Check

Managing Your Finances in Your 60s

November 30, 2022

With retirement closing in, your 60s are all about making sure you have the right plan in place.

Here are some great ideas to implement in your 60s.

  1. Make an estate plan. If you don't already have a will, put creating one at the top of your to-do list. If you have one in place, make sure it still reflects your current wishes and that all your beneficiary information is current.
  2. Evaluate your insurance needs. You may no longer need a life insurance policy to protect your family, but some affluent families opt to buy one to leave money behind for their heirs. Some long-term care policies also include a death benefit.
  3. Be tax smart. Most people’s retirement income is drawn from a variety of sources; some of which are taxed more heavily than others. We can meet to discuss creating a tax-efficient withdrawal strategy, so you can keep more of your wealth. Similarly, if you don’t plan to spend it all before you go, an estate planner can advise you about how to minimize the tax burden for your heirs.

And your bonus health tip for your 60s:

See your healthcare provider regularly for check-ups, health screenings and diagnostic tests, and immunizations. This way, if you notice any changes, you can contact your healthcare provider right away and address any concerns you may have.

Here’s to a healthy and prosperous life!

Please note that neither your financial professional nor any of its agents or representatives give legal or tax advice. For complete details, consult with your tax advisor or attorney.