Financial planning in your 60s
Your twenties were the party years. During your thirties and forties you raised your family. Maybe your fifties if you were lucky you enjoyed an increase in financial freedom as your children became less dependent on you for financial support. Then suddenly you are heading towards your sixties and it dawns on you that there is so much more to consider with regards to your financial situation and your pending retirement from the workforce.
The light at the end of the tunnel is getting brighter, but are you ready for it?
Of course the above scenario does vary depending on whether you had your children in your early twenties (like my parents did) or you waited until you were in your forties like my Aunt did. Regardless of where you fit in with your current situation, it can never be too early or too late for financially plan for your sixties.
First things first, if you are not comfortable with financial planning don’t hesitate to hire a Financial Planner. They all should be good with figures, the current taxation laws in state, budgeting and balancing of investments that you may already have or may choose to delve into.
Maybe somebody in your family has offered to provide you with some advice, and although they may be a very close family member, unless you are very comfortable with them knowing your financial situation, I’d steer clear of family, and go with the neutral option of the professional. Oh and make sure you get yourself a Legal Will, if you haven’t already done this.
Before you hire a financial planner, it would be wise to have a good idea of a few things, such as your employment status. Are you planning to retire around 65? Or do you want to continue working? Of course this may depend a lot on what sort of work you do, whether you work for yourself and whether financially you need to continue to work. Maybe you are already retired.
Your desire to continue to work may be based on a lifestyle choice or it may be based on a financial need. Which leads to the next thought to ponder; how much money do you think you are going to need for the next say 40 years? Do you intend to travel the world, the country or just have a few trips here and there? Or are you more likely to spend your retirement on the Golf Course, Tennis court, or in your garden doing all the things you just never had time for. Are there any large purchases you were planning to make at this stage of your living? Depending on the way in which you plan to spend your retirement