3 Smart Money Moves for your 50s and 60s
If you're in your mid-50s to mid-60s, you’re likely juggling a lot: thinking seriously about retirement, still earning well, maybe even helping out adult kids or aging parents. It’s not too late to make a big impact on your future — but it’s also not time to wing it.
Here are three smart steps to take right now:
1. Get Clear on the Finish Line
You don’t need to know exactly when you’ll retire, but you do need a ballpark — and a plan to match.
Ask yourself:
When do I want to stop working (or slow down)?
What do I want retirement to feel like — relaxed, adventurous, generous?
How much will I need each month to live that way?
Having a financial plan increases your chances of success. Even a simple roadmap helps.
2. Max Out This High-Earning Window
These may be your highest-earning years. That means you have a unique opportunity to catch up on savings and minimize taxes.
Here’s how:
Max out retirement accounts (401(k), 401(a), 403(b), 457(b), HSA — and use catch-up contributions)
Explore building up after-tax investments to give yourself the ability to manage your tax brackets during retirement
Reduce concentrated stock positions from past jobs or equity compensation
Every dollar you save now works harder thanks to the power of compounding — and may give you more flexibility later.
3. Practice Your Exit Strategy
Retirement is a huge life change. Don’t wait until your last day of work to figure it out.
A few ways to “test drive” retirement:
Try living on your future retirement budget for a few months
Map out a withdrawal strategy — what accounts will you pull from first? (Consider working with a tax expert and financial advisor to annually make and implement a plan.)
Ask yourself: what will give me purpose, structure, and joy post-work?
This is about more than spreadsheets — it’s about feeling prepared, emotionally and financially.
You don’t have to have it all figured out — but you should have a plan.
If you’re ready to build (or review) a plan for this next chapter, I’d love to help.
