How to Plan for Retirement if You’re in Your 60s

When in your 60s, retirement can be years, months, or even days away. The closer you get, the more unprepared you may feel for what’s to come. You aren’t alone! Many people in their 60s feel the same way about their impending retirement. The good news is that by making smart money decisions, you can aim to keep yourself in good financial standing, setting yourself up for success in your post-work years. Here are a few tips for planning for retirement in your 60s. 

Determine How Much You Need to Retire

Are you on track for retirement? To know the answer to this question, you must first know how much you need to have saved. As the average life expectancy increases, retirees are living longer. So, whereas previous generations were preparing for around a decade of retirement expenses, you may be looking at more like two or three decades, by comparison. Consider what you want your post-work life to look like, and plan accordingly. 

Not sure how much you need to save? Take a look at our blog How Much Should You Save Before Retirement to get a better idea. 

Review Your Accounts

Before you can think too much about retiring, it’s important to know where you stand financially. Take the time to review all your accounts to determine how much you have saved and where opportunities for improvement may be. Take everything into consideration — retirement savings, cash savings accounts, debt, annuities, and any other assets or liabilities you may have. Use these numbers to guide you as you consider if you’re financially prepared enough to retire. 

Ask yourself questions, such as: 

  • Could I retire now and live comfortably? 
  • How many years more do I need to work before I can retire with enough savings? 
  • Do I plan to stop working completely, or can I supplement with part-time work?
  • With the right strategy, could I retire debt-free? 

Adjust as You See Fit

Once you understand how much you need to have saved for retirement and how much you currently have, it’s time to adjust. Maybe you feel like you’re right on track. That’s wonderful. Or, maybe you feel like you want to bolster your savings just a little more before you leave the workforce. Either way, it’s time to analyze where you stand and determine what you can do to push your financial strategy a little further. For example, you may want to pay off debt, increase your 401(k) contribution for your remaining time at work, or even invest some of your money in low-risk funds. From now on, when making financial decisions, ask yourself if they are moving you toward your retirement goals.

Consider How You Will Budget for Your Life in Retirement

Now that you have put in your time, you’re probably ready to reap the rewards. You deserve it! However, make sure that you are budgeting appropriately so that you can make your money last for as long as you need it. Dave Ramsey’s budgeting app, Every Dollar, can help you budget in a way that makes you feel free to spend money on the things you love. 

Consider Your Medical Insurance

When you leave your company, you might be leaving behind your medical coverage also. Consider researching your Medicare options so that you have a firm understanding of how much you could expect to spend on your health-related expenses during retirement. 

Consider Post-Retirement Revenue Generators

Once you leave work, will you completely stop working, or do you have some side endeavors that you would like to pursue? To supplement your retirement funds, you may consider adding other revenue generators so that you don’t feel restricted by your budget and you can make your funds stretch even further. 

Preparing to Retire? We Can Guide You.

If you’re nearing retirement, a financial advisor can guide you in creating a strategy to help you feel confident and ready for whatever those years may bring. Contact SageSpring Wealth Partners today to schedule a consultation!


Any opinions are those of the author and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk, and you may incur a profit or loss regardless of strategy selected.

Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

alor1348 jeff
Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.