Print this page

Considerations In Your 60s

Make the transition

Get ready to start living your retirement

Even if you’ve been saving for retirement for decades, you may not have thought much about what your actual retirement would be like. As your retirement draws closer, it’s time to start preparing for the transition.

Here are three places to start:
  • Create a vision for your retirement: The sooner you bring your retirement into focus, the greater your chances for realizing the retirement you want.
  • Review your plan: Make sure your vision of retirement is in line with the resources you have to fund it. Now is the time to ensure that your actual savings and withdrawal strategy are aligned with your goals.
  • Prepare for contingencies: With retirement lasting 30 or even 40 years, it’s important to regularly assess your progress and make adjustments when circumstances change.
Create a vision for your retirement
To help you take stock of what your ideal retirement looks like, consider these questions:
  • What do you want to do in retirement?
  • What is most important to you?
  • Who do you want to spend time with?
  • Where do you want to live?
  • Would you like to continue working in retirement, whether it’s a part-time job, a second career, or your own business?
  • How do you see yourself supporting family members (parents, children, siblings) in the future?
  • How will you balance your travel or entertainment needs with other expenses like food, housing, and health care?
After you visualize your retirement, determine if your goals are in line with your savings.
Review your plan
An effective retirement plan based on a complete understanding of your goals and how they align with your retirement savings can better prepare you to live the retirement lifestyle you desire. Here are a few tips to help you with your plan for retirement:
  • Organize your resources
    • By the time you retire, you may have a number of retirement accounts at former employers and across multiple financial institutions. It may make sense to consolidate your retirement savings with one provider to ensure your investment plan is coordinated, and to make it easier to track your savings.
  • Get serious about your retirement paycheck
    • Refine your plan for how you will generate a reliable income stream from your savings and other resources.
    • At this point, you will want to carefully determine the expenses (PDF*) you will need to cover and how and when you will withdraw money from your retirement plan account(s).
  • Take steps to ensure you’ll be able to cover essential expenses
    • Depending on your situation, you may want to convert a portion of your savings into an annuity to help create a guaranteed income stream.
    • Contact a financial advisor to determine if an annuity is right for you.
Plan for contingencies
Retirement often brings unexpected challenges and opportunities. When you experience the unexpected, it helps to have your finances and financial documents in order. Do you need — or have — the following financial tools in place?
  • An up-to-date will — in some states, it may also be necessary to set up a trust.
  • Appropriate updated beneficiary designations on insurance policies and retirement accounts — these designations take precedence over wills.
  • A financial safety net to care for a surviving spouse or partner — in many cases, pension and Social Security payments are reduced when one partner dies while expenses remain about the same.
  • Durable powers of attorney for your finances and health care — these documents ensure that someone you know and trust is appointed to make decisions for you when you are unable to do so.
  • Trusts established to address special issues like blended families, caring for family members with special needs, or charitable giving.
  • Secure, easily accessible storage for important documents — such as tax documents, trusts, and insurance policies — to give family members the peace of mind that comes from knowing copies of all your documents are in order.
To learn more about estate planning basics such as wills and trusts, visit Plan Your Estate. Need help creating or reviewing any of these financial safeguards? Your attorney can work with you to make sure your affairs are set up according to your guidelines. A financial advisor may also help answer your questions and refer you to additional resources.
For a list of tips and ideas to help you make the most of your retirement and build a financially secure future, visit our retirement checklist for your 60s.
Recordkeeping, trustee and/or custody services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A. This information is for educational purposes only and does not constitute investment, financial, tax or legal advice. Please contact your investment, financial, tax or legal advisor regarding your specific needs and situation.
* You need Adobe® Reader® to read PDF files. Download Adobe Reader for free.