Ages & Stages - In Your 60s

You may be in or very near retirement in your 60s, so now is the time to get really serious about important factors. The cost of healthcare, taxes, and retirement income are all important areas to focus on at this time in your life.
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Staying on Track
Staying on Track
When you’re trying to keep your retirement planning on track in your 60s, come up with a retirement income plan. That way, you’ll know where your money will come from. Also, set up a withdrawal plan for your savings to help avoid outliving your money.
 
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Nearing Your Next Act
Nearing Your Next Act
Even if you plan to retire soon, you’ll want to continue saving. Set up a retirement income to ensure you’ll have a steady stream of income during retirement. Talk with an estate lawyer about ways you can create a legacy for your family.
 
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Getting Ready Mentally for Retirement
Getting Ready Mentally for Retirement
Long before leaving your job, start thinking about what you want your retirement to be like. Make a to-do list and fill in your calendar for the period immediately after you retire, talk to your husband or partner about your goals, and stay in close touch with your financial advisor.
 
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Your Guide to Retirement Withdrawals
Your Guide to Retirement Withdrawals
When you’re nearing retirement, you may want to estimate how much of your savings to withdraw each year so you give your money greater potential to last your lifetime. As a rule, plan to take out 4% annually. A financial advisor can help you determine whether that’s the right amount for you.
 
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Make Your Retirement Income Last Longer
Make Your Retirement Income Last Longer
With retirement getting closer, you’ll want to look for ways to stretch your retirement income. Look for ways to reduce your housing costs and increase savings. Also, pare down debt as much as possible.
 
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Your Retirement Savings Plans in Retirement
Your Retirement Savings Plans in Retirement
Your IRAs, 401(k)s, and other retirement accounts may be your single largest source of income once you stop working full-time. Review your statements to see how much you have and whether consolidating accounts makes sense. Understand the tax implications to help determine when to begin taking withdrawals from your retirement accounts.
 
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Where Will Your Retirement Income Come From?
Where Will Your Retirement Income Come From?
As you start nearing retirement, meet with a financial advisor to create a strategy for receiving your retirement income. You may need to start withdrawing some of your savings at around age 70½.
 
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Taxes and Your Retirement Income
Taxes and Your Retirement Income
Some of your retirement income will be taxed, but some of it won’t be. You’ll want to know the difference when estimating how much money you’ll actually receive in retirement. And you might want to consider converting from a traditional IRA to a Roth IRA to help keep your taxes down when you retire.
 
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The High Cost of Health Care
The High Cost of Health Care
Partly due to increased longevity, out-of-pocket health care expenses during retirement are climbing. Even with Medicare, you’ll probably be paying for supplemental insurance and some of your prescription drugs, not to mention nursing home care should you need it. Here is how to plan ahead.