5 Things to Do in Your 60s and Beyond …
1. Look After Your Loved Ones
By the time you’re in your 60s, you’ve likely amassed at least something of an estate to pass down to those you love. Of course, estate laws are complicated, and the last thing you want is to “bequeath” a good chunk of your estate to probate court or let it get gobbled up in needless taxes. By the time you hit your 60s—or preferably even before—consider meeting with a trusted lawyer or a financial advisor to plan ahead.
2. Create a New Budget for Post-Retirement Life
Whether or not you’re still working, there’s a good chance that you don’t want to keep working forever. To gain a sense of how much you’ll need to support yourself in retirement—and therefore how much more you need to save, and how long that’ll take—figure out your future budget. (Of course, LearnVest can help you set up a smart budget.)
3. Cross Something Off Your Bucket List
Always wanted to go on an African safari? Watch the Yankees in Yankee Stadium. The time is ripe, so make it happen, whether that means saving up for a trip to the Sahara or signing up for cooking classes.
4. Review Your Social Security Benefits
With retirement within sight, gain a good, realistic understanding of what you can expect from the government. This will vary by your current age, how much you contributed over your lifetime and the state of Social Security itself. You can then use that number to understand how much you’ll need to dip into your retirement savings each month, and plan accordingly. Estimate your retirement benefits here.
5. Invest in Causes You Feel Strongly About
You’re a passionate person. Use it to good effect by volunteering for causes and charities you love. Consider investing both your time and your money, if you’re able.