Financial Planning For Your Sixties

In your 60s, the window for planning and preparing for a comfortable retirement is getting shorter. While many people intend to keep working during their 60s and beyond, it’s important to develop a retirement mindset to ensure your finances are not vulnerable to a catastrophic setback. There are a few key financial considerations to keep in mind as you navigate this phase of life.

Adjust Your Investment Portfolio 

With retirement approaching, it is crucial to evaluate your investment portfolio to ensure it aligns with your risk tolerance and retirement goals. This evaluation should involve reviewing the ratio of riskier assets, such as stocks and real estate, to more risk-averse assets, like bonds, fixed income, and cash. Additionally, you should closely examine the underlying assets within the asset classes themselves. Remember not to overlook the specific stocks and bonds you own. It often makes sense to have a bias towards assets geared towards the preservation of capital as opposed to ones designed for return on capital. 

Assess Continued Need for Insurance (Life/Disability)

While maintaining insurance coverage throughout your working years often makes sense, it is essential to reassess these needs in your 60s. While continuing to carry life and disability insurance can provide financial security as you transition into retirement, these policies may also be unnecessary.

Because decisions in this stage of life can be especially complex, consider seeking the advice of a “Fee-Only” Certified Financial Planner™ who can evaluate your ongoing need for insurance.  A “Fee-Only” advisor does not sell products or receive commissions and should, therefore, give you an opinion that is in your best interest. 

Develop a Healthcare Plan

Healthcare and the associated costs can significantly impact your overall comfort level when entering retirement. If you are retiring before the age of 65, it is crucial to have a detailed understanding of your healthcare options. These options often include:

  • Continuing your company coverage via COBRA
  • Moving to a spouse’s company plan or
  • Seeking private insurance through the healthcare exchange

If you are 65 or older, it is key to understand the differences between Original Medicare and Medicare Advantage health plans in order to find the best fit for your specific situation.

Understand Income/Withdrawal Strategies

When entering retirement, careful planning to comfortably replace lost earned income with portfolio and pension benefit income is key. Deciding when to initiate your Social Security can be more complex than anticipated. When making this decision, consider all parties involved, life expectancies, and whether the risk to your financial situation rests in the short or long term. Additionally, managing withdrawals from qualified retirement accounts is crucial for maximizing tax efficiency. 

In your 60s, the time for wealth accumulation is limited. If you are uncertain about your ability to navigate this complex time of life, it may help to seek the advice of a qualified financial professional.



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certified financial planner Marshall Clay wears a gray jacket and white shirt while posing for professional photo in office

Marshall Clay CFP, J.D., is a Partner and Senior Advisor at The Welch Group, LLC, specializing in providing Fee-Only investment management and financial advice to families throughout the United States. Marshall is a graduate of the United States Military Academy in West Point, New York, the Cumberland School of Law in Birmingham, Alabama, and is a CERTIFIED FINANCIAL PLANNER™.  In addition, Marshall is a frequent guest on local television stations as an expert on various financial planning matters.



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