Thinking about retirement can be exciting. It can also be overwhelming.
If you’re still working in your 60’s, then you know that the majority of your working career is already over, and retirement is getting closer and closer.
Have you made enough smart money moves in order to be set up for financial security and peace of mind when the time comes?
If you answered “Yes,” then way to go. You’re actually in the minority, as studies have shown that most working adults in their 60’s haven’t saved enough to retire comfortably just yet.
On the flip side, if you are a part of that core group, don’t fret just yet. There is still time to correct that. In part three of our series, we’re going to offer up some tips and suggestions that include smart things to do with money in your 60’s. These tips will hopefully help you evaluate your situation and get you set up for the financial bliss you dream about in the near future, when you can call it a career and rest on your laurels.
If you’re interested, then check out the first two parts in this series below. Now let’s take a look at a few smart things you should be doing with your money in your 60’s.
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High Return Investments
At this point, it’s imperative that you have some sort of financial plan and investment strategy that is setting you up for success and financial security. You should be making high return investments, each with different risk levels, in order to maximize your returns and compound your wealth. Hopefully, you’ve been maximizing your 401K, IRA, and other retirement accounts, and the time may be coming where your other investments like stocks, bonds, and annuities are reaching maturity. We’ll touch more on an additional high return investment you should be considering at this point in life later in this blog.
Trim Your Budget
Much like in your 20’s, reaching retirement age means it’s time to start making some hard decisions with regards to your budget. While some of your expenses will likely go down when you reach your 60’s, you’ll also likely be subject to more medical expenses and things of that nature. So, it’s important that you have a strict budget in your 60’s, setting aside money for things like an emergency medical fund, insurance costs, and of course your retirement accounts.
Catch-Up Contributions
When you reach the age of 50 and above, the amount of money you can contribute annually to your retirement accounts (IRAs and 401Ks) increases. So, take full advantage of this increase and set aside as much as you’re allowed each year until you hit retirement.
Make A Plan
For many, retirement is the most exciting stage in life. Or at least, it has the potential to be if you do it right. When you’re in your 60’s, it’s important that you set a realistic date on which you can retire, as well as plan the time that you want to begin receiving contributions from things like Social Security. After that, simply decide what you want to do when you retire. Do you want to travel? Take up new hobbies? Learn a new language? Just because you’re in your 60’s, that doesn’t mean the fun has to stop.
Consider Fixed Income
Your 60’s are the perfect years to consider your finances, both now and in the future. While you may have plans to work well into your 60’s, or even 70’s, you may also be wondering about the alternative sources of income you could be receiving. Well fortunately, there’s now a new answer to high return investments which provide stable, reliable income monthly. It’s called the Fixed Income Fund, and it’s our innovative strategy which features flexible terms, higher interest rates compared to annuities, and no management or transaction fees.
After making your principal investment, you can choose to receive payments for five years, 10 years, 20 years, or even 30 years, depending on your needs and financial goals. Plus, you can even let your interest compound, a useful strategy if you’d like to get this high return investment started before you’re ready for retirement.
Contact Tactical Wealth to learn more about this beneficial investment strategy, and why it’s one of the smartest things you can do with money in your 60’s.
