{"id":395839,"date":"2026-01-08T20:18:09","date_gmt":"2026-01-08T20:18:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/395839\/"},"modified":"2026-01-08T20:18:09","modified_gmt":"2026-01-08T20:18:09","slug":"fidelity-retirement-checklist-for-your-60s","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/395839\/","title":{"rendered":"Fidelity Retirement Checklist for Your 60s"},"content":{"rendered":"

\"Mature <\/p>\n

\n LordHenriVoton \/ iStock.com <\/p>\n

Commitment to Our Readers<\/p>\n

GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n

\"\"<\/p>\n

20 Years
Helping You Live Richer<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

Trusted by
Millions of Readers<\/p>\n

Your sweet 60s have arrived, meaning retirement is getting close. In this era, you need get your finances in order and Fidelity<\/a> has a few ideas.<\/p>\n

The financial services company created a retirement<\/a> playbook, to help you navigate this major life change. Keep reading to learn nine money moves to make now, to help ensure financial stability throughout your golden years<\/a>.<\/p>\n

Gauge Retirement Readiness<\/p>\n

Mentally, you might be mentally ready to retire<\/a>, but that doesn\u2019t mean you\u2019re financially equipped to do so. Therefore, now is the time to determine your retirement income sources, spending needs and uncover any financial gaps, according to Fidelity.<\/p>\n<\/p>\n

Make a Retirement Budget<\/p>\n

Create a spending plan<\/a> for retirement to ensure your expenses will be covered.<\/p>\n

This includes reviewing your expected income sources and calculating your weekly, monthly and annual expenses, according to Fidelity. Do this at least a year before you plan to retire, so you have time to make any necessary adjustments.<\/p>\n

Create a Guaranteed Income Plan<\/p>\n

An effective retirement plan should ensure essential expenses are covered, offer growth potential and be flexible enough to change with your needs \u2014 if necessary \u2014 according to Fidelity.<\/p>\n

\u201cEven moderate inflation<\/a> can erode purchasing power over a long retirement,\u201d said Hardik Patel, founder and financial advisor at Trusted Path Wealth Management, LLC<\/a>. \u201cMake sure your portfolio includes assets that can adjust with inflation so your plan remains sustainable even if inflation rises unexpectedly.\u201d<\/p>\n

Decide When You\u2019ll Start Claiming Social Security<\/p>\n

You can apply for Social Security retirement benefits anytime between age 62 to 70, according to the Social Security Administration<\/a> (SSA). However, the longer you wait to apply, the larger your monthly benefit.<\/p>\n

\u201cDetermine the optimal time for you to claim social security based on your specific circumstances,\u201d Kevin Feig, certified financial planner (CFP), certified public accountant (CPA), personal financial specialist (PFS) and founder of Walk You To Wealth<\/a>. \u201cClaiming Social Security isn\u2019t like adjusting your 401(k)<\/a> where you can change your mind every other week \u2014 this is a locked-in decision, similar to ones made on \u201cWho Wants To Be a Millionaire.\u201d<\/p>\n

Get Out of Debt<\/p>\n

Now is the time to get serious about paying off debt. Zero in on high-interest debt \u2014 especially credit cards \u2014 first, according to Fidelity.<\/p>\n

You\u2019re not alone, as this is a common issue. The average credit card debt for baby boomers is $6,795, rising to $9,600 for Generation X, according to Experian<\/a>.<\/p>\n

Lower Housing Costs<\/p>\n

Now could be a good time to downsize. In addition to your reducing mortgage payment<\/a> \u2014 if you have one \u2014 moving to a cheaper area or a smaller home can reduce the amount spent on utilities, insurance, taxes and maintenance, according to Fidelity.<\/p>\n

Update Your Investment Strategy<\/p>\n

Now is the time to reassess your risk profile, Patel said.<\/p>\n

\u201cAfter years of strong market returns, many investors may unknowingly be taking on more equity risk than they need,\u201d he said. \u201cAt this stage, the focus should shift from maximizing returns to preserving what you\u2019ve built.\u201d<\/p>\n

After reaching your financial goals, continuing to take unnecessary risk with your retirement fund could jeopardize the stability you\u2019ve worked so hard to build, he said.<\/p>\n

Devise a Withdrawal Plan<\/p>\n

Being smart with your retirement fund means creating a withdrawal plan. A conservative drawdown rate is recommended by Fidelity, meaning 4% to 5% of your savings the first year, then making annual adjustments for inflation.<\/p>\n

Monitor Tax Law Changes<\/p>\n

Keep a close eye on tax laws, as even small changes can have a large impact on retirement income, according to Fidelity. Working with a tax professional could be a good idea, as they can ensure you\u2019re informed on any updates and explain how they affect you.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"LordHenriVoton \/ iStock.com Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews and…\n","protected":false},"author":2,"featured_media":276312,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,17299,147,530,14811,1666],"class_list":{"0":"post-395839","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-gobankingrates","10":"tag-personal-finance","11":"tag-personalfinance","12":"tag-planning","13":"tag-retirement"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/395839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=395839"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/395839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/276312"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=395839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=395839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=395839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}