A milestone like 60 is part celebration, part wake-up call. On the one hand, you’re close enough to retirement that you can feel it coming. On the other hand, you’re still far enough away from your financial future to make significant decisions today. So, if you’re turning 60 in 2026, you may need to tighten your focus and consider how high-growth opportunities, like a potential SpaceX IPO, might fit into your portfolio strategy. your strategy, boost your savings, and begin planning for your next chapter now. For essential saving strategies, review our comprehensive money saving guide. For a comprehensive overview of all aspects of retirement planning, consult our retirement planning guide.

To that end, here are the key financial moves you should make now to enter your 60s with clarity, confidence, and control.

Last updated: March 2026

1. Reassess Your Retirement Timeline

Even if you’ve mapped out your retirement age in the past, it’s time to revisit it.

You might plan to work until you’re 67 to qualify for full Social Security benefits. Maybe you’re considering retiring early at 62. Or perhaps you want to ease into retirement by working less while still earning income and benefits.

You can run the numbers for several scenarios, including:

• Early retirement at 62.
• Retiring at full retirement age — 67 for most people.
• Delaying retirement until 70 for maximum Social Security credits

You can calculate your income, taxes, and withdrawals using a financial planner or retirement calculator. However, you shouldn’t lock yourself into a date yet. This is to better understand how each path affects your long-term lifestyle and financial stability.

2. Max Out Your Catch-Up Contributions

It’s possible to tap retirement savings without penalties at age 59 ½, but you shouldn’t. Instead, take advantage of IRS catch-up contribution limits while you can at 60.

For 2026:

• 401(k) employee deferral limit: $24,500
• Total employee + employer contribution limit: $73,500

If you are over 50, you can make a catch-up contribution of $8,000 per year. You can, however, get a $11,250 catch-up if you’re between the ages of 60 and 63 and your plan allows it.

That means:

• Age 50+ total: up to $32,500
• Ages 60–63 total (if plan allows): up to $35,750

As of 2026, individuals 50 and older may contribute up to $8,600 to Traditional and Roth IRAs combined ($7,500 standard + $1,100 catch-up). This represents a solid increase from prior years as inflation adjustments continue annually. (subject to income limits).

In short, your retirement cushion can be dramatically increased during these last-chance savings years. Even increasing contributions by $500–$1,000 per month adds up quickly over the next decade.

And if your employer offers a match, don’t leave that free money on the table.

3. Evaluate Whether to Downsize (Even If You’re Staying Put for Now)

Even after a mortgage is paid off, housing costs don’t disappear. Although over 40% of adults aged 65 and older own their homes without mortgages, they spend an average of $21,445 per year on housing. Moreover, housing remains their largest expense.

However, this is also your largest untapped equity source. As such, at 60, you should ask yourself:

• Will this home still work for me at 70 or 80?
• What will property taxes, maintenance, and repairs look like down the road?
• Would downsizing reduce my monthly expenses or help fund my retirement?

You don’t need to move immediately. But you can start exploring these possibilities right now:

• Selling your current home and downsizing.
• Relocating closer to family or healthcare.
• Choosing an active-adult community or a condo.
• Renting instead of owning.

By running the numbers today, you can avoid making a rushed or emotional decision later on. For more details, read our guide on retirement income planning.

4. Start Planning Your Social Security Strategy

You don’t just check a box when you apply for Social Security. There’s a strategy here — and it’s a big one. Over your lifetime, claiming benefits too early or without a plan can cost you tens of thousands of dollars.

Ask yourself:

• Should I claim at 62, 67, or wait until 70?
• How do longevity, health, and family history factor in?
• What happens if I keep working until full retirement age?
• Should one spouse delay benefits while the other claims early?

If you wait until 70, your monthly benefit will be the highest, about 76% higher than if you claim at 62, but it’s not the best option for everyone. You should discuss these scenarios with a professional who understands your entire financial picture.

5. Check Your Healthcare Coverage and Prepare for Medicare

Medicare eligibility is still five years away. In any case, now is the perfect time to begin mapping out your route to coverage.

Let’s start with the basics:

• Will you stay on employer coverage until 65?
• If you retire early, how will you bridge the gap?
  • COBRA
  • Your spouse’s plan
  • Marketplace insurance
• Have you estimated your premiums, deductibles, and out-of-pocket costs?

In retirement, healthcare is one of the most significant and undervalued expenses. By taking action now, you can avoid sticker shock later on. Discover more about healthcare costs in retirement.

Additionally, once you turn 64, make sure you understand:

• Medicare Parts A, B, and D
• Medigap vs. Medicare Advantage
• Enrollment windows and penalties

It pays to prepare now in order to avoid costly mistakes later on.

6. Rebalance and De-Risk Your Investment Portfolio

Don’t let autopilot investing take over your 60s. After all, if your portfolio has been subject to market swings for years, you might not realize how risky it is.

Here are some things to consider:

• Converting some growth stocks into income-oriented investments.
• Analyzing your bond versus equity mix.
• Reducing reliance on single positions in concentrated stocks.
• Reviewing target-date or index fund allocations.

However, you still need your portfolio to last 25–30 years after retirement, so you don’t have to abandon growth entirely. The key, however, is to protect yourself from a major downturn right before you retire.

7. Pay Off High-Interest or “Emotional” Debt

Make a plan to eliminate your high-interest credit cards, personal loans, or medical bills as soon as possible.

Also, remove “emotional debt”-balances that aren’t financially harmful, but still worry you:

• Car loans
• Small remaining mortgage balances
• Old student loans
• Loans you issued to adult children

With fewer payments, you can retire more comfortably and with less stress.

8. Run a Long-Term Care Reality Check

According to the U.S. Department of Health and Human Services, approximately 70% of Americans will need long-term care at some point in their lives. Many of the costs aren’t covered by Medicare, and the costs continue to rise.

When you’re 60, you’re in the perfect position to:

• Explore long-term care insurance.
• Compare traditional vs. hybrid life/LTC policies.
• Determine whether you can self-fund future care.
• Discuss expectations and care preferences with your family.

Planning for long-term care isn’t pleasant. However, it is one of the most important ways to protect your savings. Learn more about long-term care planning strategies.

9. Simplify and Consolidate Your Financial Life

Over time, most people accumulate a scattered collection of financial accounts. There are 401(k)s from previous jobs, IRAs, bank accounts, outdated insurance policies, and beneficiary designations that haven’t been updated in years.

Start by reviewing your own records — tax returns (look for Form 1099-R), old statements, or old employment documents. For further assistance, you can use online tools such as Retirement Savings Lost and Found by the Department of Labor or the National Registry of Unclaimed Retirement Benefits. Also, if an employer no longer exists, check your state’s unclaimed property database or the DOL’s Abandoned Plan Database.

Once you’ve gathered everything, streamline. By consolidating accounts, updating beneficiaries, creating a clear retirement income plan, organizing essential documents, and updating wills, trusts, and powers of attorney, confusion and risk will be reduced.

With a simplified financial life, it’s easier to manage today and much easier for loved ones to assist if needed.

10. Clarify Your Lifestyle Goals—and Their Price Tags

Money isn’t the only factor in retirement. It’s also about how you want to live.

Picture your ideal 60s, 70s, and 80s:

• Traveling?
• Working part-time or consulting?
• Spending more time with your grandchildren?
• Pursuing hobbies that cost money?
• Snowbirding or relocating?

Once you’ve determined what matters most, estimate the cost. Retirees often underestimate lifestyle expenses and how much they will slow down in retirement.

When goals are clearly defined, a retirement plan is more confident, and a clearer target can be reached.

Final Thoughts

As you turn 60, it is the perfect time to take control of your next chapter. There’s still time to build savings, refine your plans, and protect yourself from avoidable risks. Your financial flexibility for years to come depends on the decisions you make in the next 12–24 months, no matter when you plan to retire. Be prepared now for a more secure, confident, and meaningful retirement in the future.

FAQs

Is 60 too late to start saving seriously for retirement?

It’s not too late. Even if you’re starting later than you expected, you can improve your long-term financial picture by making catch-up contributions, investing strategically, and downsizing.

Should I claim Social Security right at 62?

Not necessarily. By claiming early, you lock in a permanent reduction in benefits. You can significantly increase your monthly income if you wait until you reach full retirement age, or ideally, 70. It depends on your health, life expectancy, and financial needs.

How much should I have saved by age 60?

There’s no universal number. According to financial planners, you should have 6-8 times your annual income saved by age 60. However, the ideal amount varies based on your lifestyle, location, healthcare needs, and retirement age.

Do I need long-term care insurance at 60?

This is the ideal age to run the analysis. When you are in your early 60s, premiums are still manageable, and you are more likely to be approved. A comparison of traditional LTC policies and hybrid life insurance products should be made.

What if I still have debt at 60?

You’re not alone. The highest-interest balances should be paid off first. Next, tackle smaller debts that weigh on your mind. Debt elimination before retirement gives you greater budget flexibility and reduces fixed income stress.

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