Financial Milestones to Reach in Your 60s

couple at home seeing if they are financially ready for retirement

The moment for retirement is almost here and you need to get ready to live off your retirement savings.

There is no better time to think about the financial aspects of your retirement. We offer these tips to help smooth the transition.

No one can second guess the discipline you’ve maintained building your nest egg in your pre-retirement years. But as you enter retirement, it’s time to reassess your exposure to risk and seek the most efficient ways to preserve your wealth even as you spend it down.

Calculate the investment return you really need.

The more you’ve saved, the less you need to put at risk once you retire. To quantify the return you require, decide how much you need to live on annually and then gross it up by the inflation rate you anticipate. Measure the inflation-adjusted amount you’ll draw as a percentage of the money in your retirement accounts and the amount you’ll collect from Social Security—that is roughly the rate of return required to maintain your lifestyle.

Rationalize your asset allocations.

The way you allocate your money to the various asset classes dictates your exposure to risk. Historically, high-quality fixed-income securities return less than stocks, but they also tend to be less risky. Because you’ve calculated your required inflation-adjusted return, you can now allocate your assets in pursuit of the return you want while managing your risk exposure.

Decide how to handle a shortfall.

You may find you don’t have enough savings to achieve your desired lifestyle without taking on more investment risk than you feel is prudent. To bring your finances into balance without going on a stock-buying spree, consider how to trim your post-retirement costs without sacrificing your most important goals.

If necessary, you can work longer.

When cost-cutting isn’t enough, you might want to consider postponing retirement or look for new ways to earn income after you retire. Many new retirees report a sense of drift in the months after stopping work. Working longer can provide a financial boost and a psychological lift, both of which can ease your transition into full retirement.

Time for some hard thinking.

Nothing concentrates the mind like change, and change is what you are about to experience. Schedule a consultation to discuss your challenges and opportunities now, before your retirement arrives. Together, we can identify your best options to help you work toward your life-long dreams.

For advice and guidance on investments, insurance and financial planning, contact a local SouthState Financial Consultant or call (800) 382-0564.  

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  • This material was prepared for SouthState Investment Services and does not necessarily represent the views of the presenting party or their affiliates. This information has been derived from sources believed to be accurate. Please note—investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

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