No matter what stage of your 60s you are at, you are moving closer towards retirement.
People may think of retirement as a distant thought, but they forget that once they retire, they will no longer receive a paycheque. They should also factor in medical costs because, as they get older, they may need to receive medical treatment.
Mariska Oosthuizen, chief marketing officer at Sanlam, shares two tips to help people in their 60s manage their finances.
Make the most of it
In your 60s your working years are running out and while you may want to put your feet up, that does not mean your money needs to stop working.
At this stage of your life, it’s critical that people chat to a financial adviser about how to make they money work hardest for them in these last few working years. Financial advisers can offer you guidance and support as you transition from working life to retirement.
They will also help you to avoid decisions that could have negative consequences, such as cutting vital products like life insurance or making risky investments.
Consider downsizing
Retirement can, and often does result in a change in a person’s financial situation. For this reason, many people at this stage of life may choose to downsize.
Oosthuizen said that this choice could offer people many financial benefits. By downsizing your home, car, and other assets, as well as cutting back on luxuries, you can lower your expenses, increase your retirement savings, and make your money go further.
IOL Business