Turning 60 can feel like a wake-up call. Maybe you’ve worked hard all your life, raised a family, or dealt with unexpected challenges—and now you’re wondering if it’s too late to plan for retirement. You might feel behind, especially if your savings aren’t where you hoped they’d be. But here’s the truth: it’s not too late. There are still smart steps you can take to improve your financial future, even in your 60s.
This stage of life can be a turning point. With the right mindset and tools, you can take control and make a real difference in how comfortable and secure your retirement will be. It all starts with knowing your options, taking action, and believing that you can still build a strong retirement plan.
How to Invest for Retirement at Age 60
When you’re 60, investing might feel risky—but it’s often necessary. You may not have decades to let your money grow, but you can still put it to work in a smart, careful way. Learning how to invest for retirement at age 60 means understanding your comfort with risk, your goals, and your timeline.
You don’t need to make big, bold investments. Instead, focus on balance. A mix of low-risk bonds and growth-oriented funds can offer steady growth while helping protect your savings. You may also consider dividend-paying stocks, which can provide income during retirement. Many people in their 60s also use a portion of their retirement money to buy annuities, which provide a guaranteed income for life.
Companies like SoFi offer easy-to-use investment tools, retirement planning services, and financial advisors who can help you understand your choices.
Get Serious About Budgeting
When you’re in your 60s, every dollar matters. Budgeting isn’t just about spending less—it’s about being clear on where your money goes and making sure it supports your goals. Start by looking at your income, your expenses, and any debts you might still have.
This is the time to reduce unnecessary spending, cut back on luxuries, and focus on saving as much as you can. It might mean downsizing your home, cooking more meals at home, or holding off on big purchases. But every bit you save now can help you in the years ahead.
Also, think about how long you want to keep working. Even working part-time for a few more years can make a big difference.
Understand Social Security and Medicare
Social Security is a big part of retirement for many people, and knowing when to start taking it can impact how much you receive. While you can begin collecting benefits at age 62, waiting until your full retirement age (usually 66 or 67) means larger monthly checks. If you can delay until age 70, your benefits will grow even more.
At the same time, you need to understand Medicare. Sign up during your initial enrollment window—starting three months before you turn 65—to avoid penalties. Also, explore your options carefully, especially when choosing between Original Medicare and Medicare Advantage plans.
Don’t Be Afraid to Ask for Help
It’s okay to feel unsure. Retirement planning can be overwhelming, especially when you feel like you’re racing against the clock. But you don’t have to do it alone. Financial advisors can help you create a plan tailored to your situation.
They’ll help you figure out how much you need to save, how to stretch your current savings, and what steps to take to protect your money. Getting expert advice could be the difference between just getting by and enjoying your retirement.