4 Practical Steps to Reboot Your Retirement in Your 60s

Reaching your 60s often means retirement is imminent — but it’s also a chance to take targeted steps that materially improve your financial outlook. First, run a clear retirement audit: total your savings across 401(k)s, IRAs and taxable accounts, list pension and Social Security estimates, and create a concise budget that prioritizes retirement contributions. Take full advantage of catch-up contributions allowed for those 50+ and consider consolidating retirement accounts to simplify management and reduce fees.

Second, optimize Social Security timing. Delaying benefits past full retirement age can increase your monthly payment substantially. Evaluate spousal claiming strategies and run break-even analyses to determine whether delaying benefits or taking a reduced benefit earlier better suits your cash flow and longevity expectations.

Third, reduce high-cost debt and adjust living expenses. Prioritize paying down credit card and other high-interest obligations, and explore refinancing options for mortgages if rates and terms are favorable. Consider practical lifestyle changes — downsizing, renting out unused space, or shifting to lower-cost locations — to reduce ongoing expenditures and preserve savings.

Fourth, protect income and plan tax-efficient withdrawals. Understand required minimum distributions (RMDs) and sequence withdrawals to limit taxes over time — for some, a Roth conversion strategy can reduce future RMD pain. Factor healthcare costs into your plan: evaluate Medicare options, budget for premiums and out-of-pocket care, and review long-term care coverage or alternatives.

Additional steps that can boost retirement readiness include working part time to delay withdrawals, rebalancing portfolios to manage sequence-of-returns risk, and consulting a fiduciary financial planner or tax advisor for personalized guidance. Estate planning is also essential — update beneficiary designations, wills, and powers of attorney to reflect current wishes.

Acting now in your 60s can significantly change your retirement trajectory. A focused audit, smarter Social Security timing, debt reduction and tax-aware withdrawal planning together create a practical, resilient approach to funding the retirement years.