Retirement doesn’t start at 65—it starts with the financial and life decisions you make well before then. If you’re approaching 60, the clock is ticking to ensure you’ve laid the foundation for a retirement that’s secure, enjoyable, and free from financial stress.
Whether you plan to retire in Florida or elsewhere, there are essential steps every individual should take before age 60 to prepare wisely. David Kassir, Managing Director and Senior Financial Advisor at Manna Wealth Management, shares expert guidance on what it takes to retire with clarity and confidence.
1. ✅ Get a Comprehensive Financial Checkup
Just like your annual physical, a financial health checkup helps identify gaps and opportunities in your retirement strategy. Before turning 60, sit down with a qualified financial advisor to:
- Review all accounts (401(k), IRAs, brokerage, pensions)
- Assess your current net worth and debt-to-asset ratio
- Forecast income and expenses post-retirement
- Stress-test your portfolio for market downturns or inflation
“You can’t fix what you haven’t diagnosed. A deep financial review at this stage is essential for adjusting course before it’s too late,” says David Kassir.
2. ✅ Create a Tax-Efficient Withdrawal Strategy
Your retirement savings might be sizable—but if you don’t plan for taxes, you could lose more than you expect. Each retirement account is taxed differently:
- 401(k)s and traditional IRAs: taxed as ordinary income
- Roth IRAs: tax-free withdrawals
- Brokerage accounts: capital gains taxes
A well-structured withdrawal plan can help reduce your lifetime tax liability, and a Florida residency (which has no state income tax) can amplify those savings.
Work with a Florida-based fiduciary like Manna Wealth Management to optimize your drawdown strategy.
3. ✅ Eliminate or Minimize Debt
Retiring with high-interest debt is like sailing with an anchor down. Prioritize paying off:
- Credit cards
- Car loans
- Personal loans
- Ideally, your mortgage (or at least refinance to lower terms)
Carrying less debt into retirement frees up income for lifestyle expenses and cushions against unexpected costs.
4. ✅ Review and Update Your Estate Plan
It’s not just about wealth—it’s about control. Before 60, ensure your estate plan reflects your current wishes and family situation:
- Draft or update your will
- Establish power of attorney and healthcare directives
- Consider revocable living trusts to avoid probate
- Review beneficiary designations on all accounts
“An outdated estate plan can create legal chaos for your loved ones. These documents should evolve with your life,” Kassir notes.
5. ✅ Assess Long-Term Care Options
70% of people over 65 will require some form of long-term care, and it isn’t covered by Medicare. Explore options before premiums rise with age:
- Traditional long-term care insurance
- Hybrid life/long-term care policies
- Self-funding through investment vehicles
Florida retirees, in particular, should factor in access to high-quality care facilities and proximity to family or medical providers.
6. ✅ Start Planning Your Retirement Lifestyle
Retirement is about more than “not working”—it’s about what comes next. Do you want to:
- Travel full-time?
- Move to a coastal town in Florida?
- Start a part-time consulting gig?
- Volunteer or launch a passion project?
Planning your future lifestyle helps you align your financial plan with real-life goals, including location, housing, and recurring costs.
7. ✅ Understand and Maximize Social Security
Deciding when to claim Social Security can make a six-figure difference over your lifetime. Before age 60:
- Get an estimate of your monthly benefits at different claiming ages (62–70)
- Understand how working longer or delaying benefits increases your payout
- Discuss spousal strategies and survivor benefits
“Social Security is one of the few guaranteed income sources in retirement. Maximizing it is critical to lifetime income planning,” says Kassir.
8. ✅ Work With a Fiduciary Financial Advisor
The closer you get to retirement, the higher the stakes. A fiduciary advisor puts your best interests first and brings a comprehensive view of your finances, taxes, risk, and goals.
David Kassir, Senior Financial Advisor at Manna Wealth Management, specializes in helping individuals build a Florida retirement plan that covers every angle—from tax optimization and estate planning to investment management and income security.
“Retirement should be lived, not feared. The right planning creates freedom—financially and emotionally,” Kassir emphasizes.
Final Thoughts
Turning 60 isn’t the finish line—it’s the starting gate to the retirement you’ve worked decades for. By checking off these eight crucial steps, you can reduce uncertainty and enjoy a retirement that’s focused on living, not worrying.
Whether you’re nearing retirement in Florida or just starting to think about it, expert financial guidance can make all the difference.
🧭 Ready to Plan a Stress-Free Retirement?
Schedule a consultation with David Kassir at Manna Wealth Management and begin building the retirement strategy you deserve.
✅ Confidence today. Freedom tomorrow.
FAQs
🧠 General Retirement Planning
- When should I start planning for retirement?
The earlier the better—ideally in your 30s or 40s—but it’s never too late. A focused plan in your 50s or even early 60s can still have a major impact. - How much money do I need to retire comfortably?
It depends on your lifestyle. Many aim to replace 70–80% of their pre-retirement income. A personalized retirement income analysis can determine your specific needs. - What is the 4% rule in retirement planning?
It’s a guideline that suggests withdrawing 4% of your retirement portfolio annually to help ensure you don’t outlive your savings. - Should I pay off my mortgage before retiring?
If your mortgage rate is low, it may make sense to keep it. But being debt-free in retirement offers peace of mind and lowers monthly expenses. - Can I retire early at 55 or 60?
Yes, with proper planning. You’ll need to account for health insurance, early withdrawal penalties, and delaying Social Security or pension benefits.
💰 Investments & Wealth Management
- How should my investment strategy change as I near retirement?
Shift from growth to income and preservation. Reduce risk exposure while ensuring your money continues to grow ahead of inflation. - Is it too risky to invest in the stock market during retirement?
Not necessarily. A balanced approach using diversified income-producing investments is usually advisable to maintain long-term purchasing power. - What is a good mix of assets in retirement?
This varies, but many retirees use a blend of stocks (for growth), bonds (for income), and cash (for liquidity), adjusted to your risk tolerance. - Should I move my 401(k) into an IRA?
Rolling over to an IRA can offer more investment choices and control. But there are pros and cons—consult a fiduciary advisor before acting. - How do I generate income in retirement?
Income can come from Social Security, pensions, annuities, dividends, rental income, or systematic portfolio withdrawals.
🏡 Florida-Specific Retirement Questions
- Why is Florida such a popular retirement destination?
Florida offers no state income tax, homestead exemptions for property taxes, warm weather, and a wide range of retirement communities. - Is Social Security taxed in Florida?
No. Florida does not tax Social Security or other retirement income. - What is the Florida homestead exemption?
It’s a property tax break for Florida residents, which can reduce the taxable value of your primary home by up to $50,000. - Which cities in Florida are best for retirement?
Naples, Sarasota, The Villages, Fort Myers, and St. Augustine are all popular. Each offers different amenities and cost levels. - What’s the average cost of retiring in Florida?
It varies widely. You might need $3,500–$6,000 per month depending on city, housing, and lifestyle.
🏥 Healthcare & Insurance
- What will Medicare cover when I retire?
Medicare covers hospital (Part A) and medical services (Part B), but not dental, vision, or long-term care. You’ll likely need supplemental coverage. - Should I buy long-term care insurance?
It’s worth considering if you want to protect your assets from future care costs. Costs rise with age, so earlier is better. - What are my options for health insurance if I retire before 65?
You may use COBRA, purchase insurance through the marketplace, or use a spouse’s plan. Bridge planning is essential here. - Are healthcare costs higher in Florida?
Florida has strong access to healthcare, but costs can be above average in major metro areas. Choosing the right Medicare Advantage or supplement is key. - What’s the average cost of healthcare in retirement?
A healthy couple retiring at 65 may need over $300,000 for healthcare over their lifetime.
📜 Social Security & Income
- When should I claim Social Security?
You can start at 62, but full benefits come at your Full Retirement Age (66–67), and delaying to age 70 increases benefits by 8% per year. - Is it better to delay Social Security?
If you have other income sources, delaying can result in higher lifetime benefits—especially if you live into your 80s or beyond. - Can I work while collecting Social Security?
Yes, but if you claim before full retirement age, your benefits may be reduced temporarily depending on your earnings. - Will my Social Security be enough to live on?
For most, no. It usually covers 30–40% of retirement income needs. You’ll need savings or other income sources to close the gap. - Are there tax implications for Social Security?
Yes, up to 85% of your benefits may be taxable depending on your other income levels.
🛡️ Estate & Legacy Planning
- Do I need a will if I have retirement accounts with beneficiaries?
Yes. A will handles all other assets and legal directives. Retirement accounts pass directly to named beneficiaries but don’t cover everything. - What is the benefit of a trust in retirement?
Trusts can help avoid probate, protect assets, and manage distributions. They’re especially helpful for complex estates or blended families. - Should I update my estate plan before retiring?
Absolutely. Retirement is a major life change. Review wills, powers of attorney, healthcare proxies, and beneficiary designations. - What’s the difference between a financial advisor and estate planner?
A financial advisor focuses on growing and managing your wealth, while an estate planner (typically an attorney) helps legally protect and transfer it. - Can I leave a charitable legacy through my retirement plan?
Yes. You can name a charity as a beneficiary of an IRA or use qualified charitable distributions to give tax-efficiently during retirement.
