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Retirement Tips in your 60s

Retirement planning doesn’t have to stop when you’re in your 40s or even 50s. There are still things you can do to plan for and improve your retirement years. While you might not be starting a punk rock band anytime soon, you still have many healthy, active years ahead of you to use. With better planning and tips like these, you’ll not only have the resources to live, but to thrive and continue making your dreams and goals a reality.

Work Wisely

If you’re still working at your regular career in your 60s, you have an opportunity to add a significant amount of money to your retirement fund. Typically, at this stage, people are at the top of their earning potential. This, along with the fact that many of your large expenses are paid off, work to your advantage in saving money quickly.

And, if you’re planning on retiring soon, consider what it would mean for you to continue working for an extra year or more. If you’re in good health and have no pressing reasons to leave your job, it is often worth it to stick it out for a bit longer.

Assess What You Already Have

In your 60s, it’s time to sit down and give yourself an honest assessment of what you have, what you need and what you still want. This isn’t always a fun step, but it’s better to know early what you can afford and what you still need to do. Some numbers to look at include:

  • Current savings
  • Potential income (from continued work, rental properties, social security, etc.)
  • Current and future expense estimates
  • Worth of your home and other property
  • You can get a simple calculation for retirement here.

Contribute to Retirement Funds

If you aren’t quite where you want to be but still have a few years to work with, you can play a bit of catchup by fully funding your 401(k) and/or IRA.

401(K): As of 2017, workers can contribute $24,000 to their 401(K). This is 18,000 in regular contributions and up to $6,000 in catch up funds for those who are 50 and older.

IRA: Both traditional and Roth IRAs allow for $5,500 in annual contributions plus an additional $1,000 for people over 50.

Mutual Fund Investing

Unlike investing in individual stocks, mutual funds offer a greater degree of security while still earning you more on your money than you would in a savings account. This can be a great tool for when you’re still working and even after you’ve already retired. Read more about  Advantages of Mutual Fund Investing for Seniors.

Choose a Lifeplan Community

One of the best ways to plan for retirement is to decide on a place to live after you’ve left your current home. This can save stress later on and give you peace of mind. A lifeplan community, like The Cedars of Chapel Hill, is equipped to help you easily transition from your home to our spacious apartments and cottages. This is a huge advantage over other retirement communities where you will have less space and amenities.

Our members live an active, healthy lifestyle filled with social opportunities, planned recreation events and gourmet dining.  A lifeplan community is also able to accommodate your changing medical needs and situations. This is an ideal option for spouses to live together even if they have different levels of physical ability.

Learn more about what The Cedars Lifestyle can mean for your retirement goals by contacting us here.