{"id":6794,"date":"2015-12-15T07:07:10","date_gmt":"2015-12-15T15:07:10","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=6794"},"modified":"2015-12-15T07:07:10","modified_gmt":"2015-12-15T15:07:10","slug":"home-stretch-retirement-60s","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/home-stretch-retirement-60s\/","title":{"rendered":"The Home Stretch to Retirement &#8211; Your 60&#8217;s"},"content":{"rendered":"<p>Your 60\u2019s is the home stretch and the last decade for you to dot your \u201ci\u2019s\u201d and cross your \u201ct\u2019s.\u201d In your early 60\u2019s, you need to plan for your retirement income streams and distributions. This is now the time when you need to plan for the <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/retirechart.html\" target=\"_blank\" rel=\"nofollow\">age you want to collect social security<\/a> <\/span><\/strong>and how social security fits with your other income sources (self-employment, real-estate, retirement and non-retirement accounts, etc.). Bear in mind, your social security benefits could be affected by some types of incomes. As such, it is important to plan accordingly for this important transition in your life.<\/p>\n<p>While you plan for your various retirement income streams, you may want to revisit your long-term retirement plan. At this point, you should have a clear picture of the wealth and assets you have accumulated. Now is the time to figure out just how those assets will be utilized in the latter part of your life. For example, one asset that is very important to plan around is your home. It is important to assess whether your home still suits your needs and wants, or if it may be better to transition to another.<\/p>\n<ul>\n<li>As your children have grown and started their own lives, do you still require a large home?<\/li>\n<li>What if you could downsize and generate income from the excess proceeds?<\/li>\n<li>What if you could possibly rent your home?<\/li>\n<li>Perhaps it makes sense to move to a more tax friendly state?<\/li>\n<\/ul>\n<p>These are important questions to explore early in your 60\u2019s to help you identify how long your wealth and assets can sustain the lifestyle you have grown accustomed to.<\/p>\n<p>Another important item to plan for is your future health expenses. It is important to review your disability and long-term care insurance needs. <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.huffingtonpost.com\/paladinregistrycom\/5-retirement-risks-that-b_b_8433130.html\" target=\"_blank\" rel=\"nofollow\">Not being properly insured for long-term care in your advanced years could quickly deplete your assets<\/a><\/span><\/strong>. It is important to consider purchasing adequate insurance to transfer the risk of an unforeseen health expense in the future. As you age, personal risk mitigation strategies are just as important as ever.<\/p>\n<p>Finally, this is the decade in which you need to revisit your estate and wealth transfer plan. While you most certainly have plenty of life and good health left ahead of you, it is better to tackle this early in the retirement process. You can always make changes to your estate planning wishes, but it is important to have your wishes documented while you are healthy and of clear mind.<\/p>\n<p>In summary, your five money goals in your sixties should be:<\/p>\n<ol>\n<li>Plan for your retirement income streams and ensure you understand your different sources of income.<\/li>\n<li>Revisit your long-term retirement plan and adjust accordingly.<\/li>\n<li>Consider whether your current home is the right place for you to live during your retirement years.<\/li>\n<li>Review your disability and long-term care insurance needs.<\/li>\n<li>Revisit your estate and wealth transfer plan.<\/li>\n<\/ol>\n<p><strong>To learn more about Evan Shorten, view his <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.paladinregistry.com\/financial-advisor\/woodland-hills-california\/Evan..Shorten\" target=\"_blank\">Paladin Registry profile<\/a><\/span>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your 60\u2019s is the home stretch and the last decade for you to dot your \u201ci\u2019s\u201d and cross your \u201ct\u2019s.\u201d In your early 60\u2019s, you need to plan for your retirement income streams and distributions. This is now the time when you need to plan for the age you want to collect social security and how social security fits with your other income sources (self-employment, real-estate, retirement and non-retirement accounts,<\/p>\n","protected":false},"author":74,"featured_media":6799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-6794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Home Stretch to Retirement - Your 60&#039;s<\/title>\n<meta name=\"description\" content=\"You need to plan for your retirement income streams and distributions. 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