A Financial Checkup for Your 60s

Good financial health is all about recognizing the most important issues during each stage of your life.

If you're in your 60s, you’ve spent the last four decades saving, investing, and planning. Now it’s time to take what you’ve built and turn it into financial resources that may last throughout your retirement. 

Finalize your retirement income and withdrawal strategy

Determine how you’ll convert some or all of your savings into an income stream, such as taking systematic withdrawals, interest and dividends only, or periodic lump sums.

Also, make sure you’ve established a sustainable withdrawal rate. Unlike the performance of your investments, your withdrawal rate is a variable you can control and adjust as needed to take into account your age, health, and the availability of other assets. You can get help understanding the impact of different withdrawal rates from a Fidelity Retirement Planner.  

Review your Social Security options

Most people who are retired can apply for Medicare at age 65. Review your potential UC retiree health benefits if you’re eligible, to see if you’ll need additional insurance coverage to help pay your health care expenses.

If you are eligible for Social Security benefits, you will need to decide when to begin receiving payments. Social Security benefits are available as early as age 62, but payments will be reduced.

Finalize your estate plan and enjoy retirement

Don’t leave your financial affairs to chance. Putting certain plans and key documents in place will help ensure that your wishes are met in the event that you can’t provide instructions.

At a minimum, you should have certain legal documents, including a will, which states how your assets will be disbursed; a power of attorney, which allows someone else to step in on your behalf with respect to your financial affairs if you’re incapacitated; and a health care proxy, which authorizes someone to act on your behalf for your medical affairs.

Also, be sure you’ve designated beneficiaries on your retirement accounts and, where possible, your nonretirement accounts through a “transfer on death” registration.



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