Financial Planning in Your 60s - Adviser Investments

Financial Planning in Your 60s

Financial planning is a lifelong process. In your 60s, with the retirement finish line likely in sight, returning to or creating your financial plan is as important as ever. Here are five tips to help ensure that your golden years match your dreams for them:

  1. Update your financial plan. Inflation is a major concern when you are approaching retirement. Revisiting your plan will give you confidence that you have adequate resources to live the lifestyle you want…or provide a wake-up call to make changes.  With that in mind, your advisor can run multiple scenarios in order to gauge your retirement readiness.
  2. Consolidate where you can. If you had multiple employers throughout your career, you may have some old 401(k) or retirement plans that you might want to consolidate. Take this opportunity to clean up your balance sheet—it’s easier to keep an eye on your accounts if they are under one roof. Plus, it will make taking required minimum distributions simpler when that time arrives.
  3. Prepare for Medicare. A good date to keep in your head or on your calendar is three months before your 65th birthday, when you are eligible to enroll in Medicare. Do it in a timely manner to avoid the stiff penalties that come with late enrollment. The exception: If you plan on working beyond age 65 and you are still covered by your employer’s plan. In that case, enroll in Medicare a few months before you leave your job to prevent any coverage gaps.
  4. Plan for Social Security. We’ve written extensively about Social Security and have three podcast episodes dedicated to the topic—for good reason. Social Security can be just as complicated as Medicare, if not more so. Above all, it’s vital for you to understand how much you’ll receive as well as the implications of filing for your benefits sooner or later. You can get started at or give us a ring.
  5. Review your estate plan: Your estate is your legacy, and it shouldn’t be taken lightly. Make sure that you have the basic estate-planning documents up to date (wills, powers of attorney, and health care documents). Are the beneficiaries on your retirement accounts up-to-date? Have you considered any charitable impact that you would like to make?

Financial planning doesn’t stop when you stop working. It’s an ongoing process that should be reexamined whenever your life changes. Check-in with your wealth advisor for more details.

About Adviser Investments

Adviser is a full-service wealth management firm, offering investment managementfinancial and tax planningmanaged individual bond portfolios, and 401(k) advisory services. We’ve been helping individuals, trusts, institutions and foundations since 1994. Adviser Investments and its subsidiaries have over 5,000 clients across the country and over $8 billion in assets under management. Our portfolios encompass actively managed funds, ETFs, socially responsible investments and tactical asset allocation strategies, and we’re experts on Fidelity and Vanguard mutual funds. We take pride in being The Adviser You Can Talk To. To see a full list of our awards and recognitions, click here, and for more information, please visit or call 800-492-6868.

This material is distributed for informational purposes only; and is not financial or investment advice. Speak to your financial adviser before taking specific action. The investment ideas and opinions contained herein should not be viewed as recommendations or personal investment advice or considered an offer to buy or sell specific securities. Data and statistics contained in this report are obtained from what we believe to be reliable sources; however, their accuracy, completeness or reliability cannot be guaranteed.

Our statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio. You may request a free copy of the firm’s Form ADV Part 2, which describes, among other items, risk factors, strategies, affiliations, services offered and fees charged.

Past performance is not an indication of future returns. We do not provide legal or tax advice, nor sell insurance products. Tax, legal and insurance information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. Always consult an attorney or tax professional, or licensed insurance professional regarding your specific legal or tax situation, or insurance needs.

© 2019 Adviser Investments, LLC. All Rights Reserved.