When you are in your sixties or older, most individuals feel comfortable with their finances and are ready for retirement. These years can and should be some of the most enjoyable and fulfilling times of your life. If children and grandchildren are part of your life, having the financial ability to help them can be rewarding. A successful career, the freedom to live the lifestyle of choice, and a sense of satisfaction with what you have accomplished can make your freedom years truly enjoyable. However, there are still financial issues that should be addressed.
MONEY IN YOUR 60’s & OLDER
As you near retirement, these years are just as important as when you started savings years ago. Stay on track and make sure you pay off debt, watch your credit score, and ensure you have a healthy emergency fund.
HOW MUCH SHOULD YOU HAVE?
So how much money should you have in your 60’s? At this time, sixty-year-olds should have 8x your income saved. Additionally, it is recommended that by sixty, you are consistently saving the max contribution in order to maximize your savings. Usually, this is 18-20% of your salary.
DO YOU HAVE AN EMERGENCY FUND?
Additionally, it’s important to make sure you have some type of savings to fall back on in the event of an emergency. A safety net of savings can help you when you are no longer working. Unfortunately, you never know when unexpected medical bills or any unexpected expenses may occur.
Experts suggest having at least six months’ worth of your living expenses when building an emergency fund. For example, if every month you need $1000 to survive. In your emergency account, you should have $6000 just in case. While you likely already have a savings account, it’s a smart idea to make sure you are earning the highest rate.
Consider a high-yield savings account that offers a higher return on your money than traditional savings, along with no minimum deposit/balance requirements and zero monthly fees.
As you near retirement, switch a portion of your investments to low-risk types to produce income rather than higher-risk growth.
With life expectancy increasing, make sure a portion of your retirement nest egg is invested so it continues to outpace inflation.
Maintain your health and long-term care insurance.
Remain wary of scams aimed at seniors.
Be sure your medical insurance is adequate. The costs of medical care continue to rise and we are living longer. Medicare, Medicaid, and private health insurance will all be important.
Be sure your estate plan is up to date.
Are You Ready?
Overall, keep in mind that everyone’s savings goal and path are different. There is no right amount or correct way to save. Generally, what matters is what is right for you and what you are comfortable with.
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