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Your Complete Guide to Retirement Planning in Your 60s

·2 min read
insta_photos / Getty Images/iStockphoto
insta_photos / Getty Images/iStockphoto

Once you’re in your 60s, it’s time to kick your retirement planning into high gear. At this stage of your career, you’re likely at or near your peak earnings, which makes it a great time to shuffle as much money as possible into your 401(k), IRA or other retirement accounts. But it’s also the time to start really thinking about what your retirement is going to look like. For years or even decades, retirement has probably seemed like some mythical event in the distant future.

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But once you’re in your 60s, retirement is likely right around the corner for you. In addition to stocking your retirement accounts as much as you can, it’s also time to start thinking about devising a Social Security strategy, planning out a realistic retirement budget and preparing for the changes that come with retirement. To help get you started, here’s a resource guide full of information about the things you’ll need to know about retirement planning once you hit your 60s.

Planning for Retirement

Even if you’re in your 60s, you still have time to jumpstart your retirement savings. Understanding how much money you’ll really need in retirement, along with some potential financial pitfalls that might lie ahead, can help you plan for a successful retirement while you’ve still got time to make changes. Here’s a list of resources that should help you prepare for retirement while you are still in your 60s.

Social Security

Plotting out your Social Security claiming strategy is essential while you are still in your 60s. To make the right choice, you’ll have to consider a combination of factors, from the future size of your retirement accounts to the pros and cons of filing for Social Security early or late. Here are some of the basics of what you need to know about Social Security while still in your 60s.

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Retirement Struggles

Even with careful planning, retirement isn’t always easy. When you shut off your primary source of income by retiring from your job, you’ll have to rely on your savings, your Social Security and any other retirement benefits you may have to fund your retirement. But understanding exactly the financial challenges that retirees before you have faced can make you better prepared for handling them yourself. Here’s a list of things you should know about the realities of retirement, along with suggestions as to how to handle them.

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This article originally appeared on GOBankingRates.com: Your Complete Guide to Retirement Planning in Your 60s