Turning 60 is a major milestone that is worth celebrating and can be considered as a triumph for reaching this far. As you approach turning 60 years old, you think about a lot of things like losing a job, the best insurance to buy, having poor health and uncertainties of what lies after retirement – paying for expensive long-term care costs.
To help you reach your dreams and dismiss your fears as you turn 60, we asked retirement experts, “What are the things that people should do or goals that they should achieve before turning 60?”
Before you get psyched reaching your 60th birthday, here are practical and fun things you can do to make this the most memorable and satisfying phase of your life.
Expert Tips on Turning 60
Laura Derrington
Write it down. Change your life!
Turning 60 can be a freeing and exciting experience. That’s especially true if you’ve taken the time to really give some thought to what brings you joy in life—what lifts your spirits and touches your heart in ways nothing else can? It can be a harder question than you might think.
We spend so much of our lives meeting deadlines, scheduling work, games and vacations, and simply showing up. But at 60—or whenever your version of retirement begins—it’s your turn to be sure your life is what you want it to be.
So, here’s some advice: before your turn 60, make a list of what you enjoy most, or what you would most like to do. A special travel adventure. Volunteering at a local park. Writing your memoirs. Reconnecting with an old friend. Be specific and be honest. Keep this list where you will see it often and start taking concrete steps to make each wish happen. There’s something about seeing a goal in writing that makes it real and doable…and something that can transform your retirement years into the best phase of your life!
Read: Retirement for Dummies: 5 Things You Should Do Before Retiring
Judy Freedman
I would recommend that before people turn 60 they think about what brings them joy. Write down a list of those things, whether it’s traveling, long walks, exercising, reading, spending time with family and friends, or other things. Take out that list when you retire and make sure you do all the things that bring you joy when you have more time in retirement.
Anthony Cirillo
I often talk about educated aging, that people need to prepare earlier in life for later life in three areas – physical health, emotional health, and financial health. You can’t work on one and ignore the others. You need to do all three. People harp on physical health all the time so I will not dwell on it, only to say that stretching is vitally important as you age. One in three Americans has no retirement savings and for those that do, many are far behind what is needed to live a life that could extend into their 90’s and maybe beyond. So, what about emotional health? In a Caring.com article, I outline eight lessons I have learned about living a quality life as we age. All of the lessons were taught to me by people living in nursing homes, the last place you would expect to learn about living a quality life. The lessons are simple to learn, harder to implement. In a nutshell, here they are: have purpose, move naturally, have a sense of humor, be a lifelong learner, have an active social network, be grateful, be loving, have a positive attitude.
Megan Giles
Plan for the social and psychological aspects of retirement by complementing your financial planning with consideration of how you’ll step into this next chapter and what you’ll actually do on a day to day basis.
For example, many people have saved and invested well and plan an exciting overseas holiday to kick off retirement, but don’t necessarily ask the question ‘and then what…?’ What happens after you return, unpack the suitcases and souvenirs, and share some photos? What fills your time and enables you to continue to lead a meaningful life?
How to do this?
- Talk with your significant other – what are the big ticket items you want to achieve, and agree what you will do together and independently
- Consider a ‘practice run’ – Utilise your long service leave or extended annual leave to ‘test run’ retirement
- Have a hobby outside of work – develop an interest outside of work to ensure you have an established network of people to spend time with
- Get your home retirement-ready – How will you use your home? Declutter, create space and repurpose rooms
- Have a health check – help ensure your body will let you do the things you dream of in retirement
Read: 11 Experts Share Money Conversations Couples Should Have Before Retirement
Wendy Fisher
Very few retirees really stop to consider what they will DO every day. They meet with financial planners, consider where they might live, where they will vacation, and then they retire. Some walk away from employment and are just fine. Many others are completely lost! Often, this leads to retirement anxiety, and nobody wants to go there!
I believe humans weren’t meant to retire… at least until we are no longer able to contribute to society. From childhood to young adults, we pursued our education. As adults, we were busy with employment, marriage and raising a family. Busy, Busy, Busy Lives – then Nothing. We still need a sense of purpose.
We also don’t know how to slow down. We don’t know how to be content with life. We forget how to relax and enjoy life. This takes times to learn as we age… it’s not easy.
If you are considering retirement, please simply stop and think about what you will DO all day, every day. Will you work part-time? Start a small business? Work online? Volunteer? Do you have retired friends willing to hang out (often friends/family are still working)?
Remember — Retirement is a Journey, Not a Destination!
Read: 9 Retirement Planning Mistakes You’re Guilty of Doing (New Data)
Robb Engen
If you’re still working at age 60 you may be thinking of retirement now, or in the near future. Life as you know it will be over but that doesn’t mean you’ll be trudging up to the Shady Rest Retirement Home.
Retirement isn’t about wearing elastic-waist pants and knee socks with sandals and taking in the early bird special after a rousing game of shuffleboard and a good nap (unless, of course, that’s what you want).
It’s fine to take off a few months to relax and sleep in, but sooner or later you’ll want to do something productive with your time. Now is the time to think about how you will spend your days – up to 40 years worth.
Your health: Nothing is more important than your good health. A good diet, exercise and regular check-ups are more important than ever at this time. Keeping active and your mind interested staves of depression, which can reduce your life expectancy even if there are no other signs of illness.
If you’re lucky you can still keep the health and dental plans from your workplace. If this isn’t the case for you, it’s imperative to get enrolled in a private or government health and drug plan now.
You may want to check into critical care or long term care insurance now. These plans can be expensive, but if you don’t have substantial assets that can pay the exorbitant costs of institutional care, they may be well worth it. Some plans have a return of premiums if the insurance is not required.
Your wealth: If you decide to retire before age 65 your retirement income will be substantially reduced. If you have a company pension plan, benefits will be reduced by up to one third.
Now is the time to review your income stream. To reduce taxes, it may make sense to start withdrawing from your retirement account now instead of waiting, especially if you retire before age 65.
Review your estate plan. Make sure your will, Powers of Attorney and living will are in order. Some people take out a term life insurance policy at this time to pay the taxes due on the estate. One option is to have your beneficiaries pay the premiums on the policy, as they will be the ones to eventually benefit.
Take advantage of any senior discounts that are available, from movies, shopping days, vacations and many others. Some people don’t like to admit to their advancing age, but you might as well take the perks. I have discovered that the major banks have greatly reduced their seniors’ benefits to almost nothing compared to several years ago – and you have to ask for them.
Your happiness: Many people know exactly how they will spend their retirement years. Travel is popular option, especially for the first few years. Finally having the time to pursue favourite hobbies or discover a new interest is something to look forward to.
Some people decide to volunteer more often for their favourite charities. Others plan on taking special interest courses or even pursue a degree or retraining for another job. Some look forward to spending more time with family and grandchildren.
Where will you live? Will you keep the family home or downsize? Do you like the idea of a seniors’ or over-50 residence? (If this is your choice make sure you continue to interact with people of all ages so you don’t become an old fuddy-duddy.) Start thinking about it now if you haven’t already done so.
Try some things out before retirement to make sure you really want to pursue them more regularly. Make sure you have sufficient funds for what you want to do. Re-evaluate as necessary. You may be retired for as long as you were employed. Re-invent yourself. Have fun.
Read: Should I Get Long Term Care Insurance? [Infographic]
Dave Bernard
While you are still part of the working world give retirement a little test drive. Too many find themselves lost entering retirement without a realistic vision of what they will do to populate their free hours with meaningful, enjoyable pursuits. Before you officially retire try your hand at some of those hobbies and interests you hope to enjoy once retired. See if they are as engaging as you imagined. Make sure you have enough variety and options to keep you busy the next few decades. If you discover this is not the case you still have time to make adjustments, to add to and fine tune your retirement itinerary. A little practice and preparation before you get there can be a big help when it comes to optimizing your second act. You want to get it right the first time!
Billy and Akaisha Kaderli
We at RetireEarlyLifestyle believe that an important accomplishment to achieve before turning 60, is to know what you are spending on a daily, monthly and yearly basis versus what your income is for these same time periods. One needs to have a balanced portfolio of roughly 50% equities, using VTI (Vanguard Total Stock Market) and 50% Bonds or cash equivalents and this can include Social Security benefits.
Doing the above will give you structure and a strong basis upon which to build financial independence.
Bevan Rogel
FINDING WHAT MATTERS IN THE SECOND HALF…
Are you struggling to figure “What do I do next?” in mid-life or retirement?
Here are some tips and thoughts to help you along the way…
- Take a break! Give yourself time to unwind, rest, travel, play and let go.
- Finding Your Purpose – Here are some great exploration questions to get you started:
o Explore the past –What interests or skills you left behind…
o Examine your current values- After 50 many adults have a major shift in their values.
o Determine your motivators or drivers. What motivated you at 25 is very different than now.
o Dream or imagine something you have always wanted to do.. Ignore the negative self-talk as those dreams start popping up!
- Finding your Encore- There many pathways you can take in the second half: starting your own business, working part-time, doing freelance work or volunteering.
- Keep learning and growing. Retooling for your “What’s Next” might include signing up for a course at your local community college
- Use your skills to help others. Volunteering is the best way to step out and figure out what feels right for you. Plus you are helping to give back!
OTHER IMPORTANT TIPS:
- Figuring out your next “encore” requires time to explore and experiment with different opportunities
- Try something new!
- Connect with others that are on the same journey of exploration and experimentation. (support and accountability)
Wendi Burkhardt
At 60, retirement is just around the corner for most, and that often means living on a fixed income. It’s a good idea before you turn 60 to put a plan in place to generate extra income when that time comes. Earning extra money in retirement doesn’t have to mean taking on a side job. Over 80% of retirees own a home, and you most likely have unused space that you can rent out to a long-term housemate. Through home sharing, you can generate roughly $10,000 a year in extra income, which can be put toward your nest egg, mortgage payments, taxes and other living costs. You’ll also get the benefit of splitting your bills and expenses, and the companionship is nice to have too.
Steve Chen
Research the Best Places to Retire and Go There
New lists about the best places to retire are common. While it is possible that you already live in the best place for you, it is also possible that there is a better place for your retirement. Best of all, relocating may give you more money for retirement expenses if you manage to downsize or move to a more economical location.
Retirement doesn’t have to mean that you’ll stay in the same house where you’ve always lived. Downsizing can free up your time. And moving to a 50+ community can surround you with like-minded people with similar interests. There’s less home maintenance, too.
Not sure where to go? Try this Retirement Destination Checklist or find out why more seniors are opting to age in place — stay in their homes.
Leisure Freak
Pre Age 60 Tips To Improve Our Odds To Retire Well
By the time our 60th birthday comes within view we know that we had better saved for our retirement. It is the biggest purchase of our lives. We end up buying what we saved up for. There are also other retirement impacting things that we should take care of before we approach our age 60 milestone.
That Talk With Mom and Dad
We aren’t the only ones aging, so are our parents. We need to get more involved with their wishes and finances. Discuss long-term care and medical treatment wishes (DNR). Complete legal needs like PoA, etc. Many people end up surprised caretakers, know and plan ahead. After the fact can costs thousands, take a long time to get through, and unnecessarily add to our heartache.
Stay Current With Your Checkups
Medical and financial checkups should be a scheduled priority and habit. Listen to your Dr. and CFP. Follow their advice for a healthy retirement.
Debt Needs To Go
Do whatever it takes to pay off all debt. If you have a mortgage, do serious analysis about how paying it off or keeping it plays into your retirement funding.
Karen Sands
Commit to Persistency of Purpose
You may be able to hold a constant vision, but are you persistent enough to make it happen? The difference between daydreams and realities is persistence. Do you maintain persistence no matter what faces you? Do you continue to work hard and with heart even when rejection comes? If you have constancy of purpose, you know what your vision is; if you have persistency of purpose, you maintain focus and discipline to make visions a reality.
Understand and Embrace Change
Change is one of life’s few certainties, and those who know how to leverage and analyze transition are going to make the choices that count. Responding to cyclical change in real estate, the stock market, fashion, personal attitudes, and more means getting in sync with our clients, co-workers, communities, and families. Learning to embrace permanent structural changes, like the advent of the computer chip or the Internet, means always being at the cutting edge. Respond proactively to change and you are destined for your better future.
Gary Weiner
As you approach age 60, it’s time to contemplate and prepare for the new world you will be living in when you finally stop working and retire. Crunch the financial numbers for a new monthly budget that you can work within retirement, and you can even test drive it before you actually stop working. You can then see where your new budget is appropriate to support the lifestyle you desire and if needed, it allows you the time to make adjustments to it.
Stress-free retirement can only happen if you plan ahead properly for it. The years after age 60 are not so easily predictable because there are so many variables like the inflation factor and your personal health. But a smart person thinks, revises, and prepares in advance for different outcomes. That’s the best way to be ready to face your new horizons after age 60.
Jon Dulin
The biggest thing people should do before turning 60 is to create a retirement plan or update their plan if they already have one. In this plan, they should review their projected spending, investments and income to ensure they can retire comfortably.
Included in the income part should be reviewing their Social Security benefits and seeing the impact of delaying taking benefits. On average, every year you delay taking benefits from when you are eligible, until age 70, you earn an additional 8% on your overall benefit. This can make a big difference in your standard of living during retirement.
Finally, don’t overlook the cost of healthcare. Long term care policies or other types of insurance might make sense for some people as the rising cost of healthcare can easily destroy your financials should a medical emergency come about or if you need to be placed in an assisted living facility.
Read: 6 Useful Tips to Avoid Paying $280,000 Health Care Costs in Retirement
Money Mow
Everyone has to experience the satisfaction of working for free for a charitable cause at least once in their life. It can be a full-time or part-time job – or even a one-off event. Investigate the options for doing charity in your local neighborhood and find the ones that suit you best. Good examples of charitable activities are helping kids with math, taking care of homeless animals, removing plastic from the oceans or collecting donations for a cause you believe in. The happiness and appreciation you get from helping other people, animals or the environment is worth so much more than the effort you put in.
Rebecca Olkowski
Take control of your health and longevity
We can’t always control our destiny, but we can do our best to live quality long lives. That doesn’t mean we have to go on extreme diets or endure major lifestyle changes. If you look at people who live well into their nineties and beyond, most don’t think much about their longevity. They enjoy what life has to offer and do what they love in moderation.
There are certain commonalities that can be found in centenarians. I sat down with actor Norman Lloyd when he was 101. (He is now 103 and still doing well) Norman gave up tennis at the age of 100 after a fall when his son insisted. He moves about on his own, is incredibly articulate, and is in reasonably good health. He has always kept busy and still works as an actor. Norman was fortunate to have a happy marriage for 75 years until his wife’s death and is now said to have a girlfriend.
I watched him at a party eating a chicken leg with corn on the cob, sipping a glass of wine, and listened to his captivating stories for hours.
Laura Knolle
One of the most important things to have in good order before your turn 60 is to make sure you have enough saved for retirement, or are on track to hit your goal by retirement age. Running out of assets during your golden years is not a situation you want to find yourself in. I recommend working with a CERTIFIED FINANCIAL PLANNER™ professional to help you determine the dollar amount you need to be saved. The earlier you start towards this goal the better. Review your investments regularly to make sure they are properly diversified.
It is also very important to have an estate plan in place. This includes a Will, Power of Attorney for Financial Matters, an Advance Health Care Directive (or Power of Attorney for Health Care), and possibly a Trust(s). If you experience any cognitive or health issues you will need these documents in place for someone to step in to make decisions on your behalf, and to have any non-beneficiary assets pass to whom you designate, whether it be individuals or your favorite charity.
Alexis Schroeder
Ditch bad habits even if you’ve had a bad habit for decades. It’s never too late to form positive, healthy habits that help you live a better and more satisfying life. The hardest part about getting rid of a bad habit is initially getting rid of it, but every day gets easier. If you were to not enjoy exercising, find a physical activity that you enjoy instead, such as riding a bike, hiking, walking dogs at an animal shelter, or dancing.
Sandra LaMorgese Phd
Acting may seem like a young person’s game, but there is plenty of room for more mature players. Many beloved and talented actors didn’t get their big breaks until later in life, and even if you’re not out to achieve fame and fortune, acting is a wonderfully fulfilling way to challenge your mind and body as you get older.
First, there is strong scientific evidence that acting could improve brain functioning. In a study by the Radiological Society of North America, researchers found that rote memorization—such as learning lines for a role—resulted in improved memory in older adults. On top of that, research from the University of Manitoba reveals that participating in social activities can prolong the number of years lived free from physical and cognitive issues caused by aging. Finally, creativity is a life-giving practice with many unique benefits for seniors—Dr. Raquel Stephenson of Lesley University believes that making art in the company of others can provide older adults with freedom, community, and focus that improve overall mental and physical health. It’s never too late to get started, and acting provides a perfect opportunity for older adults to make new friends, explore creativity, and live healthier lives.
Gary Foreman
There are many things that you should do before retirement. But one that’s sometimes overlooked is eliminating or at least reducing any debts you may owe.
Many of us are dealing with significant debts. The average American household carries $16,883 in credit card debt, $29,529 in auto loans and $50,626 in student loans.
Hopefully, those of us nearing retirement are in better than average financial shape. But if you’re responsible for any debts, even a mortgage, you’ll have a happier retirement if you have them paid off before you retire.
The reason is simple. Paying your mortgage, credit cards or student/auto loans isn’t optional. Each month you must pay them. And in all probability, you’ll be doing it on a reduced income.
Your retirement income will go much farther if you’re not paying for past purchases. You’ll have more money for visiting the grands and other bucket list items you’ve dreamed of for years.
Now is the time to do anything you can to reduce or eliminate any debt you may owe. You’ll be glad you did when you retire.
Ian Myers
Ask anyone, and chances are they’ve heard of the formula for success in real estate: “Location, location, location!” In many ways, retirement success can also be boiled down to three words: “Income, income, income!”
It’s essential to have a retirement income strategy nailed down before you retire. This is especially important if you are in your 50s. You may need that extra time of some years to accumulate more savings, preserve the lifetime wealth you have built, or let your money grow more for your lifestyle goals.
If you haven’t had the chance, put pen to paper and start by estimating what your future income needs will be. Be sure to include your partner! Your current income and spending levels will be an excellent guide. Crunch numbers for your monthly living expenses, then add in spending that happens on a less frequent basis. Insurance, appliance upkeep, housing maintenance…. These examples are a few you might include. Don’t forget the price tag of your goals in retirement, such as traveling the world or going countrywide in an RV.
Your retirement income needs are as unique as your fingerprint. Map them out so you can figure out the rest of your financial picture with confidence.
Have You Figured Out What to Do Before Turning 60?
Considering what these retirement experts have to say can help you set goals, create bucket lists and do things that can help you enjoy retirement. In addition to these, it’s also important to pay attention to retirement issues – outliving your retirement savings due to high health care and long-term care expenses. It’s essential to explore different payment options early that will cover your future care needs to avert a financial crisis. It also pays to save early for retirement through savings plans and other investments to build a more substantial nest egg since you’ll be living on a fixed-income.
