Turning 60 can be an exciting milestone, but it can also make retirement feel much closer. It’s often around this stage of life that people start looking more closely at their savings, debt, healthcare costs, and plans for the years ahead.
While everyone’s financial situation is different, there are a few decisions people commonly wish they had made earlier. The good news is that you don’t have to be perfect with money to build a stronger financial future. Here are five things many people wish they had done financially before turning 60.
Saved More Consistently
One of the most common regrets is wishing they had started saving earlier-or simply saved more along the way. It can be difficult to prioritize retirement savings when you’re dealing with a mortgage, raising children, or other major expenses. But even modest, consistent contributions can give your money more time to grow.
If you’re approaching 60 and feel behind, don’t assume it’s too late. Review your budget and look for realistic opportunities to increase your savings rate.
Paid Down High-Interest Debt
Debt can become much more stressful when you’re approaching retirement and no longer expecting a regular paycheck. High-interest credit card balances in particular can make it difficult to free up money for retirement savings. Paying more than the minimum and creating a plan to eliminate expensive debt earlier can provide greater financial flexibility later.
Entering retirement with fewer monthly debt payments can also make it easier to live on a fixed income.
Built a Bigger Emergency Fund
Unexpected expenses don’t disappear when you get older. A major home repair, vehicle replacement, family emergency, or other surprise expense can quickly disrupt a carefully planned budget.
Having an emergency fund separate from your long-term retirement savings can provide a financial cushion when something unexpected happens. Building that cushion before retirement can make it easier to handle surprises without relying on credit cards or taking money from investments at an inconvenient time.
Learned More About Retirement Income
Saving for retirement is only part of the equation. Understanding how you’ll actually turn those savings into income is just as important. Before 60, it can be helpful to learn about your expected Social Security benefits, retirement accounts, pensions, if applicable, taxes, healthcare costs, and potential withdrawal strategies.
You don’t have to know every detail immediately, but understanding your potential sources of retirement income can help you make better decisions as retirement gets closer.
Figured Out What Retirement Will Actually Cost
Many people spend years thinking about how much they want to save without thinking carefully about what they will actually spend. Retirement expenses can include housing, food, utilities, insurance, healthcare, transportation, travel, hobbies, gifts, and home maintenance.
Creating a realistic estimate before retirement can reveal whether your current savings and expected income are likely to support the lifestyle you want. It’s much easier to make adjustments while you’re still working than after your paycheck has stopped.
*This article was developed with AI-powered tools and has been carefully reviewed by our editors.
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