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Retirement Planning in Your 60s: Transition to Retirement

Young couple picking out paint swatches while sitting on the floor of their new home.

Decades of Preparation Meet Decisive Action

As you execute the final moves toward your retirement.

In your 60s, retirement is either on the horizon or has officially arrived! This is the culmination of decades of hard work and strategic saving and now it's time to meticulously assemble the final, crucial pieces of your financial puzzle.

Your focus shifts to pivotal decisions like optimizing your Social Security claiming strategy, expertly managing your accumulated retirement accounts and crafting a sustainable income stream that supports the lifestyle you've always envisioned. 

 

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Topics That Matter to You Today

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If you're approaching 65, it's time to apply for Medicare. This is a critical step to ensure continuous healthcare coverage. Your initial enrollment period beings three months before your 65th birthday month and extends through the three months after. Missing this window can result in premium penalties.

Ordinary income taxes apply when you withdraw at 60. Once you pass age 59½, you can withdraw from traditional 401(k)s and IRAs without the 10% penalty. However, every dollar withdrawn is taxed as ordinary income at your current tax rate. It is crucial to coordinate these withdrawals to avoid being pushed into a higher tax bracket or triggering higher Medicare premiums later.

While you can claim Social Security as early as 62, delaying until your Full Retirement Age (FRA) or even until 70 can significantly increase your annual payout by 8% each year. If your financial situation allows, this strategy is a powerful way to boost your retirement income.

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Joe Maier

Your Retirement Timeline

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