The pre-retirement checklist every 60-year-old needs

The decade before retirement is often when your biggest financial decisions are made.

By Amanda Stilwell
Founder and Senior Wealth Advisor
Clarity Financial Solutions

 

Turning 60 is more than a milestone birthday—it’s a financial turning point.

For many professionals, retirement is no longer a distant goal. It’s close enough that the decisions made over the next five to 10 years can have a lasting impact on taxes, income, healthcare costs and overall financial security.

While most people spend decades focused on saving for retirement, relatively few spend the same amount of time preparing for how they’ll actually live off those savings. Americans continue to reach record retirement account balances, but accumulating assets is only one piece of the retirement puzzle. How you transition from earning a paycheck to creating retirement income deserves just as much attention.

If retirement is on the horizon, here are several important items to review before you stop working.

1. Know What Retirement Will Actually Cost

Many future retirees know how much they’ve saved—but not how much they’ll realistically spend.

Start by estimating:

• Monthly living expenses
• After-tax investment account balances
• Healthcare and Medicare costs
• Travel and lifestyle goals
• Housing expenses
• Inflation over a 25 to 30 year retirement

Having a realistic spending plan can help determine whether your current savings strategy is on track—or whether adjustments are needed before retirement begins.

2. Review Your Retirement Income Strategy

Where your retirement income comes from matters just as much as how much you’ve accumulated.

Consider how different income sources will work together, including:

• Social Security
• Employer retirement plans
• IRAs
• Taxable investment accounts
• Pension income, if applicable

Creating a coordinated withdrawal strategy may help improve cash flow while reducing unnecessary taxes over time.

3. Understand Your Social Security Options

One of the most important retirement decisions is deciding when to claim Social Security benefits.

Although benefits can begin as early as age 62, waiting longer may increase your monthly benefit depending on your situation. Factors such as life expectancy, marital status, other retirement income and taxes should all be considered before making this decision.

The Social Security Administration offers planning resources and benefit calculators at:
https://www.ssa.gov/benefits/retirement/

4. Prepare for Healthcare Before Medicare

Healthcare is one of the largest expenses retirees face, especially for those planning to retire before becoming eligible for Medicare at age 65.

Consider:

• How you’ll obtain health insurance before Medicare begins
• Expected out-of-pocket medical costs
• Long-term care planning
• Health Savings Account (HSA) opportunities if you’re eligible

Planning ahead can help prevent healthcare expenses from disrupting your retirement budget.

5. Review Your Estate and Beneficiary Documents

Life changes, and your estate plan should keep pace.

Take time to review:

• Your will
• Powers of attorney
• Healthcare directives
• Beneficiary designations on retirement accounts and insurance policies
• Is a Trust appropriate (Revocable or Irrevocable)

These documents should reflect your current wishes and coordinate with your broader financial plan.

6. Don’t Forget About Taxes

Retirement doesn’t necessarily mean lower taxes.

Required Minimum Distributions (RMDs), Social Security benefits, investment income and retirement account withdrawals can all affect your taxable income. Reviewing tax strategies before retirement—not after—may create more flexibility and potentially reduce future tax burdens.

The IRS provides additional retirement tax guidance at:
https://www.irs.gov/retirement-plans

The Bottom Line

Turning 60 isn’t about checking out—it’s about checking in.

The years leading up to retirement often provide the greatest opportunity to fine-tune your financial plan before many decisions become permanent. Reviewing your income strategy, taxes, healthcare and estate planning now can help you enter retirement with greater confidence and fewer surprises.

Retirement isn’t simply about reaching a certain account balance. It’s about making informed decisions that help turn a lifetime of savings into lasting financial security.

 

About Amanda Stilwell

Amanda Stilwell is the Founder and Senior Wealth Advisor of Clarity Financial Solutions and Clarity Financial Advisory, where she helps individuals and families navigate retirement planning with a focus on healthcare, income, and long-term financial confidence. Drawing from her early career in home health and hospice care, Amanda brings a unique perspective to retirement planning, understanding firsthand the impact unexpected healthcare events can have on families without a clear plan in place.

With more than a decade of experience, she specializes in Medicare planning, retirement-income strategies, Social Security maximization, portfolio management, and long-term-care protection. Known for her thoughtful, education-first approach, Amanda is passionate about helping clients make informed decisions that reflect their unique goals and priorities while preparing for the future with greater confidence and peace of mind.