What You Need to Know About Navigating Your 60s

As one of more than 37 million Americans in their 60s, you’re in good company. Around 10,000 Americans turn 65 every day. Although life as a 60-something varies, there are common points to review at this stage of life. For instance, your 60s is often the entryway to retirement, so revisit your financial plan and speak with family about how you hope to live out your golden years.

Other financial items to consider are:

Investments and Insurance

Revisit your investments and confirm your asset allocation is appropriate for your age, risk tolerance, and cash flow requirements. Also, review your insurance needs. Age 65 is a key age for Medicare eligibility, too.

Estate Planning

Ensure your plan is up to date and meets your objectives. Review parties named in key roles such as health care agent, attorney-in-fact, trustee, and personal representative. Also, review your beneficiary designations.

Care and Support

Speak with loved ones to make sure your wishes are respected. Remember that Medicare does not provide long-term care beyond short-term rehabilitation after a hospitalization. If you don’t have long-term care insurance, explore your options to help manage the cost and increase the likelihood of qualifying. Access the full article at fidtrustco.com/60s.

3 Tips for 60-Somethings

1. Social Security. Create a My Social Security account. Most people can tap Social Security at 62 but can increase benefits by delaying.

2. IRAS. You can tap traditional IRAs without penalty after turning 59 ½, but withdrawals are generally taxable.

3. Credit. Monitor your credit by obtaining free, annual credit reports.

Jody R. King, JD, CPA (king@fiduciary-trust.com) is the Vice President and Director of Financial Planning at Fiduciary Trust Company, a 134-year old private wealth management firm providing individuals and nonprofits objective expertise to grow and protect their investments. King focuses on the integration of estate and financial planning with wealth management.

This is a paid partnership between Fiduciary Trust Company and Boston Magazine