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This is an educational estimate, not financial advice.
What this means for you
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Retirement Planning at Age 60
At age 60, you're just 5 years away from traditional retirement age. This is the time to fine-tune your retirement plan, maximize final contributions, and prepare for the transition to retirement.
Key Focus Areas at 60:
- Maximize Savings: Save as much as possible in final working years
- Asset Allocation: Consider shifting to more conservative investments
- Healthcare Planning: Understand Medicare and healthcare costs
- Social Security: Plan optimal claiming strategy
Recommended Actions:
- Continue maximizing catch-up contributions
- Consider delaying Social Security for higher benefits
- Review your withdrawal strategy
- Plan for required minimum distributions (RMDs) starting at 73
- Consider working part-time in retirement if needed
Compare IRA & 401(k) Providers
| Provider | Account Types | Typical Fees | |
|---|---|---|---|
| Provider A | IRA, Roth IRA | 0.25%–0.40% | Open account |
| Provider B | IRA, 401(k) rollovers | $0 trading, ETFs | Open account |
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West Virginia Retirement Tips
- Check West Virginia-specific tax treatment for retirement account withdrawals.
- Look into any state-sponsored retirement plans or special rules for West Virginia residents.
- Benchmark your savings rate vs. West Virginia median income if available.
- Consider West Virginia cost of living when planning your retirement budget.
FAQ
How much should I have saved by age 60?
By age 60, aim to have saved 8 times your annual salary. Focus on maximizing your final years of contributions and planning your withdrawal strategy.
When should I start taking Social Security at 60?
You can start taking Social Security as early as 62, but benefits are reduced. Waiting until full retirement age (67 for those born 1960+) or even 70 can significantly increase your monthly benefit.
Should I change my investment strategy at 60?
Consider shifting to a more conservative asset allocation (more bonds, fewer stocks) as you approach retirement, but don't go too conservative - you may live 30+ years in retirement.