Once you reach your 60’s, you may feel there is no other financial planning to be done. You are ready to retire and just take life as it comes at you. However, there are a few things you can still plan for. Here are six pieces of financial advice for those in their 60’s.
Meet with an Advisor and Plan Out Your Budget
A financial advisor does not need to cost a fortune. In fact, they can save you more money and help you spend wiser than anything. You may have your vision of retirement laid out, but that doesn’t mean you have the experience to carry out that vision. A financial advisor is the third party looking in, without any emotional attachments. They will review your current financial status and help come up with a plan to ensure your money grows or at least stays steady.
Review Your Will and Estate Plan
Another piece of financial advice for those in their 60’s include reviewing your will and your estate plan. Many times, you create your will, ignoring the lifestyle changes that have occurred since. You want to ensure your assets are divided as you wish, including property and trusts you have established.
Don’t Stop Investing
It is never too late to invest. Being in your 60’s, you still have quite some time ahead of you. If you have retirement funds, check into a few high-return investment options. Real estate has been a steady income source for many seniors.
Consider Part-Time Employment or Start a Business
If you are concerned about funding or have not even started planning your medical expenses into your budget, you may want to consider part-time employment or to start your own business. This still gets you out of the house and keep a sense of purpose. However, you are bringing in additional income that you may very well need one day.
Discuss Your Future Healthcare Needs
You may think this is not a piece of financial advice. However, seniors every day put the burden of their health care needs on their family members. You should start thinking now about your long-term healthcare needs, which include nursing home care. How shall you go about paying for continuing care? Purchasing a long-term care insurance policy may be just what you need.
Review Your Social Security Options Carefully
Some seniors feel that their 60’s are the golden years. They can retire and collect retirement benefits such as social security income. As you can take your first payout at the age of 62, you may want to reconsider this option. If you wait until your full retirement age of 66 or 67, you’ll receive up to 30% more than what you would have received at the age of 62. The longer you wait, the more you are entitled to. You’ll need that higher income later down the road.
Following the above six tips will help you achieve the financial future you long for.