60: The Big 6-0

Prepare for your future Medicare eligibility

Sixty is a landmark age when it comes to retirement. You are quickly closing in on your retirement age. At this time, there are actionable steps you can take to adjust your finances and living expenses while determining exactly when you would like to retire. Most notably, you should begin to gather information about your Social Security and pension, if applicable. 

 

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Building Cash Reserves

Start building cash reserves, if you have not already, that can be used during market downturns through retirement. Many experts suggesth aving a minimum of one year's expenses. These reserves can be the difference when unexpected expenses arise.

Catch-Up Contributions

Anyone age 50 or oldre can save more for retirement with 401(k) catch-up contributions. These additional contributions can be made at any time during each calendar year. You can choose to contribute $6,500 (pre-tax) up to a total of $26,000.

Downsize Interest Debt

Accelerating loan payments to reduce interest owed after retirement will minimize the amount of retirement income going to interest payments. This is a smart approach at any age, but particularly important when moving towards a fixed income.