Taking Charge of Your Money in Your 60s


Delaying retirement is not a common instance nowadays. Studies reveal that the average retirement age by Americans is age 62. A lot of people are retiring at age 65 or older since they find themselves not adequately prepared.

A number of retirees would solely depend on social security. If you are in your 50’s or 60’s and you feel that you aren’t yet ready for retirement, here’s how you can better prepare for the future. Ensure that you will have the funds you will need to enjoy a good life.


How do you picture yourself after retirement?

People have different concepts when it comes to retirement. There are people who wanted to spend the rest of their lives traveling, others wanted to ensure their children’s future, others would still want to work part-time to keep with the expenses, and a number would still be haunted by debts even after retirement.

Each person’s financial situation is unique. There is no one-size fits all retirement plan. If you are a firm believer of the saying, “it’s never too late,” then it is really never late for you. Especially when it is about retirement planning, do not let hopes abandon you.


What if you haven’t saved enough for retirement?

Most 60-year olds do not have enough money for retirement. This point in your life, you should take an honest perspective regarding money and retirement. Financially speaking, where are you compared to your peers? If you are lagging behind your peers, it is not the right time to get discouraged. Do not get stuck on that comparison – you just do what you can with the remaining time.


Why do you need to preserve your capital?

Individuals retiring soon should focus themselves on capital preservation. Capital preservation means putting your hard-earned money in conservative investments and keeping a practical lifestyle. Your retirement savings must last longer – such as living on less but with sufficient money to live with and not worrying about the years to come.

You must choose the best investment strategy where you can meet your needs and goals. You might want to divert your money to income-producing yet conservative type of investments.


Where should you start after a period of contemplation?

You might not be able to do it on your own. When talking about retirement, there are a number of factors that one needs to consider. This is where the role of a financial advisor enters the picture. A financial advisor can help you assess your risk tolerance, time horizon, investment knowledge and understanding, targets and how interest rates can affect you.

Advisors can help you increase your income-producing investments to get you ready by the time of your retirement. Aside from that, advisors can help you choose the right kind of investments depending on your goals.

You should also take into consideration that inflation, increases in property taxes, other maintenance fees, and rental fees can undermine your money. Hence, you can consider Exchange-Traded Funds (ETFs) as they are a low-cost alternative compared to mutual funds and other managed investments. In fact, they can offer higher returns as well.



You should not let it happen that you don’t have enough money to cover your after retirement expenses. Be open as early as now and reach out to those who can professionally help you.


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