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Your 60s should be a time to relax and start enjoying the fruits of your labor, rather than spending your time stressing about money and investments.
When you start considering your financial portfolio, your retirement needs should be front and center. This allows you to see if you’re doing better than expected or if you still need more effort to reach your goals.
Here are some signs to help you decide if you’re still doing well financially in your 60s or if you need to make improvements to reach your goals.
1. Have a fully funded retirement account
Whether you’re still working or retired early, having a 401(k) is an important part of your financial health. Saving and investing enough money during your working years will go a long way in helping you maintain the lifestyle you want in retirement.
Depending on your needs, you can choose to keep your 401(k) invested and grow your money, or start taking distributions to cover your expenses starting at age 59 1/2, according to FinanceBuzz.
2. You’re on a debt-free track
Credit card debt can feel like a huge burden on your shoulders and can be draining both mentally and physically. While it may seem impossible to move forward when interest rates are high, organizations such as: national debt reduction We can help you pay off your debt or negotiate with major credit cards, and do it in one easy monthly payment.
3. I completed my housing payment.
There’s probably no greater sense of relief than making the final payment on your dream home. Owning your own home in your 60s provides greater financial security as you won’t have to make mortgage payments until later in life. Paying off your home also means you have more cash available each month for investments and other expenses.
4. I consulted a financial advisor
Retirement is a major financial milestone, and it’s important to ensure you have enough savings and investments to support your desired lifestyle. When looking for a retirement portfolio, be sure to find someone who specializes in retirement portfolios. They will provide a supportive way to help you assess your resources and develop a plan to achieve your retirement goals. It’s important to find an advisor who understands your specific needs and can tailor their advice accordingly.
5. You can enjoy well-deserved leisure
It can be difficult to know if you’re on the right path financially, but one of the key benchmarks is whether you’re able to free yourself and enjoy yourself. If you’re not worried about paying for your dream vacation to the Bahamas or accomplishing other big-ticket items, you’re in good hands.
Keep in mind that it’s always a good idea to regularly check your budget and financial portfolio to maintain greater peace of mind and live your 60s to the fullest.
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