Retirement Is Around the Corner—Are You Ready?

If you’re approaching 60, retirement is no longer a distant idea—it’s rapidly becoming your next big life chapter. Yet, many Americans in their late 50s and early 60s haven’t taken the final steps to ensure they can retire comfortably and securely.

Now is the time to tighten the bolts on your retirement plan.

This is not just about how much you’ve saved—it’s about protecting your assets, maximizing income, and minimizing taxes. Here’s your ultimate pre-retirement checklist to help you make smart, timely decisions.

✅ 1. Know Your “Retirement Number”

Do you know how much you’ll need each month in retirement?

Start by:

• Calculating your fixed and discretionary expenses

• Accounting for healthcare, travel, and inflation

• Factoring in Social Security and any pension income

A common rule: you’ll need about 70-80% of your pre-retirement income to maintain your lifestyle.

✅ 2. Maximize Contributions While You Still Can

At age 60, you’re eligible for “catch-up” contributions:

• 401(k): Up to $30,500

• Traditional or Roth IRA: Up to $8,000

Now is the time to supercharge your savings before retirement income begins.

✅ 3. Review Your Asset Allocation

As you enter your 60s, the focus shifts from accumulation to preservation and income generation. Make sure your portfolio:

• Balances growth and security

• Includes guaranteed income streams (CD ladders, annuities, bonds)

• Is prepared for market volatility

✅ 4. Create a Tax-Efficient Withdrawal Strategy

Withdrawing money the wrong way can cost you thousands in taxes.

Smart strategies may include:

• Roth conversions before Required Minimum Distributions (RMDs) kick in at age 73

• Prioritizing taxable accounts before touching tax-deferred ones

• Using Qualified Charitable Distributions (QCDs) to reduce taxable income

✅ 5. Delay Social Security (If You Can)

Claiming Social Security at 62 locks in a permanently reduced benefit. If possible, wait until full retirement age—or even 70—for a higher monthly payout.

✅ 6. Have a Health Care and Long-Term Care Plan

Medical costs can derail even the best financial plans. Ensure you:

• Understand Medicare and supplemental insurance options

• Consider long-term care insurance or alternative coverage strategies

• Budget for rising healthcare expenses

✅ 7. Meet with a Financial Planner

At this stage, personalized guidance matters most. A qualified fiduciary advisor can help:

• Fine-tune your withdrawal and income strategies

• Avoid common tax traps

• Build a plan that reflects your lifestyle goals and family needs

Final Thoughts

Your 60s are the last major window to secure the retirement you’ve worked so hard for. Make every dollar and every decision count.

At Manna Wealth Management, we specialize in guiding individuals and families as they prepare for this next chapter—offering customized solutions to protect what you’ve built and ensure it lasts a lifetime.

🗓️ Ready to build your retirement plan with confidence?

Schedule your complimentary retirement readiness review today.