How to plan your finances in your 60s and beyond

Published on: June 9th, 2022

In your early 60s, retirement is likely within reach and it’s time to be thinking about it at a microlevel. Planning for retirement should focus on planning your finances for life outside the workforce and ensuring you have a viable income stream. Another area that is important to consider is the emotional transition to retirement, as you will now have more time on your hands than at any other time in your life – and that takes some planning.

As the focus of life shifts from career to lifestyle, being clear on your values and what you want out of life, now and into the future is important. At Apt, we call this living for today while planning for tomorrow. Here are some areas you can focus on to make sure you get the balance right.

Living for today….

Values: Living the life you want in retirement – Of course, the financial aspects of your retirement are critical, and you should have the right income streams in place by your 60s. Equally important, but an area that is often overlooked, is the emotional transition. Retirement is a significant shift in your lifestyle and values, so it’s important to think about how you will live every day. Many people focus on the big-ticket items, like property and holidays, but it’s also critical to consider how you will fill the time you used to spend preparing for, attending and winding down after work. This might be about hobbies, philanthropic activities or social events, but it pays to have a plan.

Financial goal:  Downsizing and tree/sea change – As you are no longer fixed to living near where you work, you may be thinking about downsizing your property and making a sea or tree change. This can represent a significant lifestyle shift, so it’s important to get it right. You can read our tips here.

Philanthropy: Giving time – When you retire, you will likely have more time on your hands than ever before, so if you have causes that are close to your heart, you might want to consider volunteering once again. There are many ways to volunteer, and you may even consider a board or administrative role, where you can apply the skills and knowledge you’ve learnt over your career. It can be a great way to continue to use your skills and give back at the same time.

…planning for tomorrow

Protecting your (family’s) future:  Reviewing estate plans –  If you have children, they may likely be reaching their own life milestones, getting married, starting a family, buying property etc., and you want to make sure you are protecting their inheritances. Making sure you have the right estate plans is critical at this stage.

Getting expert advice:  From your retirement planning to your estate plans, investments and property, expert advice from a financial planner who understands you and your family can help you achieve your goals. Get in touch with Apt today to find out how we can help you live for today while planning for tomorrow.

Read Next: How much will I need to retire?

General Advice warning

The information provided in this blog does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.