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Planning & Economy

Retirement is Right Around the Corner!

September 18th, 2023

Investors in their 60s

There has been a lot of preparation, planning and saving to get to this point so it’s time to enjoy!  Most investors are starting to think about retirement or slowing down their career in their 60s and the big question is, what now?  To prepare for the best retirement, below are some items to consider in your 60s.

1. Reevaluate your life & disability insurance

When you retire you will not need disability insurance anymore and most disability insurance policies lapse at age 65.  If you retire before age 65, it’s important to stop your disability insurance coverage.  There are several different reasons to have life insurance, but if the objective of your life insurance policy is to cover your income if you predecease your spouse while still working, you can stop making those payments as well.  If your life insurance is a permanent policy, it will be important to talk to your financial planner about your options to maximize your benefits during retirement. There are options to utilize your cash value for retirement needs or convert your life insurance policy to a policy that can cover long-term care needs as well.

2. Reevaluate your estate planning documents

This is a great time to review your estate planning documents especially your will as your family may be growing to include grandchildren.  This is also a good time to talk to your attorney and financial planner about the benefits of a revocable living trust for your non-retirement assets.  A revocable living trust is especially important if you have property in two different states as this can eliminate having to go through probate in two states.  We also think that revocable living trusts can be an easier transition for your spouse or kids at your death.  We’re happy to take you through some detailed examples if you’re interested.

3. Start thinking about your portfolio income needs

Before retiring, it’s important to have an income plan in place to include all of your income such as your social security, potential pension plan, retirement plans and your investments.  Prior to retirement, allocating your investments into the income plan that works best for you is important so that your income can be ready to draw at retirement.  Having a plan for your fixed expenses and your discretionary expenses during retirement will give you peace of mind as well.

4. Have all debt paid off by retirement

If it’s feasible, having a plan to have all debt paid off by retirement could give you more flexibility going through the retirement door.  This will decrease the amount of income you’ll need for fixed expenses and give you more spending options in retirement.

5. Consider housing changes in retirement

This tip is two-fold, first, many retirees make a housing change based on downsizing or moving to an active adult community or retirement community.  This may be something to consider in retirement to leverage the equity in your home.

This is also a good time to think about how you want to age and be taken care of if you need additional health care assistance.  Would you want to stay in your home and receive home health care if needed?  Or, would you like to go to a retirement and assisted living community?  These are questions for you and your spouse to consider and let your children know so that they can honor your wishes as you age.

6. Have a plan for Social Security

Knowing the right time to take social security will be beneficial for you and your spouse in the long-term.  Sometimes it makes sense for one spouse to take their benefit early at age 62 while the other waits until age 70, but unless you get a professional to help you make this important decision, you may make the wrong one.  We offer help in this area by partnering with a retired social security administrator, Cindy Lundquist who is educated on the details and important factors when it comes to social security benefits.  It gets even more complicated if you are divorced or widowed, so it’s important to make these decisions with a financial professional.

7. Understand your options with Medicare and Medical Supplemental Insurance

Medicare is even more confusing than social security as there is a tiered cost structure and several different supplemental plans available for retirees.  Plus, if you’re still working at age 65, what should you do with Medicare and your group plan?  It’s important to be sure you understand your options and the best plan for you and your spouse.  Cindy Lundquist is also an expert in Medicare as well as supplemental insurance.  We stand ready to assist you during these difficult decisions.

Congratulations on all of the hard work it took to plan, prepare, and save for a successful retirement!  There is a lot to think about and make decisions about in your 60s; if there’s anything we can help you with, please let us know.


Thank you for reading!

Christina Jones
Wealth Manager, RJFS
Partner, Windsor Wealth



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