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Retirement Checklist for Your 60s

You are likely to be in your 60s when you enter retirement. It is very important to review how your retirement income sources align with your long-term goals before making decisions. Here are some tips to consider.

1. Review and update your retirement plan

  • Make sure you are on track and determine how much you need to live the lifestyle you plan for retirement.

    • Check to see if you have enough to retire when you want to, or whether you should you be saving more or working longer.
    • Make sure you have an appropriate investment and asset allocation strategy to reach your goals.
    • Be sure you have an established and updated income plan that details how you’ll pay yourself in retirement. Are you protected against outliving your assets?

2. Develop your income plan

  • Create or review a withdrawal strategy designed to provide you with the income you need in retirement.

    • Even if you are still a few years from retirement, this can be critical to helping you determine if you are ready to retire. Following an effective income plan for retirement is as important as saving for it.
    • Ask yourself questions such as: How will you pay for essential expenses like food or housing? How much will you need for discretionary spending like travel or entertainment? How will you address inflation? Visit Income in Retirement to learn more about developing your income plan.
  • Simplify your finances to better track your assets and manage your spending.

    • Consider consolidating your retirement savings by rolling over your retirement savings into one IRA.
      Please keep in mind that rolling over assets to an IRA is just one of multiple options for your retirement plan. Each of the following options are different and may have distinct advantages and disadvantages.
      1. Roll assets to an IRA
      2. Leave assets in your former employer's plan, if plan allows
      3. Move assets to your new/existing employer's plan, if plan allows
      4. Cash out or take a lump sum distribution

3. Keep saving

  • “Catch up” by contributing more to your IRA and 401(k).

    • You are now allowed extra “catch-up” contributions to both IRAs and 401(k)s.
  • Don’t make the mistake of assuming that IRA or 401(k) contributions are enough.

    • Depending on your retirement goals, you might need to be saving more than 20% of your income while in your 60s.
    • IRA contribution limits could mean you need to save extra in taxable accounts like a brokerage account.
  • Consider adding bonuses, tax refunds, or other lump-sum payments to your retirement savings.

  • Maintain an emergency fund of six months' income.

4. Protect yourself, your loved ones, and your property

  • Consider insurance protection to help you plan for the unexpected.

    • Explore additional life insurance protection to provide for your loved ones.
    • Protect what might be your most important retirement asset—your home. Make sure your home is sufficiently covered with homeowner’s insurance.
    • Estimate and add the cost of insurance to what you’ll spend in retirement.

We are here to help you take the steps that are right for you to and through retirement. To get started, contact a Wells Fargo Retirement Professional today.

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