Smart money moves to make in your 60s

Sixty can sneak up on you. Retirement is fast approaching, it’s time to take action.

Here are some smart money moves to make in your 60s.

• Face reality: Surviving 60 is a milestone. “Congratulate yourself and get comfortable with the fact that you could live another 40 years. Do longevity planning. You don’t want to outlive your money,” says Paula Brancato, a financial advisor with Northwestern Mutual in Manhattan.
• Boost your income: There is no such thing as too much money. Ramp up your savings by making extra money through a part-time job, suggests Saul Simon, a certified financial planner with Simon Financial Group in Edison, New Jersey.
• Minimize debt: “All debts and loans besides a mortgage should be paid off, and you should be close to paying off the mortgage,” says Sharon Lear, owner of Guideway Financial in Austin.
• Create a spending plan for retirement: Now that you’re beginning to really sense what you want your later years to be like, developing a spending plan is important. “Be realistic, not optimistic, and incorporate inflationary expectations,” says Bob Johnson, president of The American College of Financial Services in Bryn Mawr, Pennsylvania.
• Be astute about Social Security: At 62, you can collect benefits. “A great achievement would be to save enough so that you don’t have to collect yet,” says Nahum Daniels, a retirement income certified professional in Stamford, Connecticut. If you file at age 62, the standard benefit is reduced by 30 percent. Your benefit grows each year you wait until 70.
• Reassess: Re-evaluate your retirement portfolio. Review insurance policies, beneficiary designations, and estate planning documents. If you don’t have them, get them done.