Planning for Retirement at 60

Retirement planning at 60 is critical to ensure a financially secure future. At this stage, you are closer to retirement age and need to make sure that you have enough savings to support you during your golden years.

Planning for Retirement at 60

Here are a few tips to help you plan for retirement at 60:

Review your existing pension and savings: Take a look at your existing pension plan and savings to ensure they will provide the income you need in retirement. A review with a financial expert at MBC Financial can help you determine if you’re on track to meet your retirement income goals and make adjustments if necessary.

Create a budget: Create a budget that prioritises saving for retirement and making sure you have enough money to cover your expenses during retirement.

Consider working with a financial planner: A financial planner can help you create a comprehensive retirement plan that takes into account your unique financial situation and goals. They can also help you determine the best savings and investment strategies for your situation.

Maximise your social security benefits: At 60, you may be eligible to start receiving social security benefits, which can provide a significant source of income in retirement. A financial planner can help you determine the best strategy for maximising your benefits.

Review and plan your estate: Reviewing and planning your estate is an important part of retirement planning. A financial planner can help you create a plan that ensures your assets are distributed according to your wishes and minimise any potential taxes or probate fees.

Evaluate your insurance coverage: Review your insurance coverage to make sure you have enough life, health, and long-term care insurance to protect you in retirement.

Retirement planning at 60 requires a careful review of your existing pension and savings, creating a budget, working with a financial planner and maximising your social security benefits. MBC Financial is a professional financial planning firm that can help you with all your retirement planning needs, and make sure you’re on track to achieve your retirement goals. Contact them today to schedule a consultation and take the first step towards a secure retirement.

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