What should I do when I turn 60? An Essential Guide to Thriving

According to the National Institute on Aging, staying socially, mentally, and physically active is crucial for well-being in later life. As you reach this significant milestone, you may be asking yourself, "What should I do when I turn 60?" This guide provides a comprehensive roadmap for embracing this exciting new chapter with confidence and purpose.

Quick Summary

The 60s offer a pivotal time for proactive planning across all areas of life, from optimizing retirement finances and health care to discovering new passions and strengthening social bonds. It's an opportunity to build a foundation for a vibrant and fulfilling future.

Key Points

• Strategic Financial Review: Assess retirement savings, review investments, and plan for Social Security and Medicare to secure your financial future.

• Prioritize Preventive Health: Stay on top of health screenings and immunizations to catch potential issues early and maintain your well-being.

• Stay Active, Mentally and Physically: Incorporate a mix of exercise, including strength and balance training, and engage your mind with new skills and hobbies.

• Cultivate Social Connections: Nurture relationships with friends and family, and explore new social opportunities to combat loneliness and boost mental health.

• Embrace Purposeful Living: Redefine your identity by volunteering, learning new things, and pursuing passions that bring you joy and a sense of fulfillment.

• Make Wise Lifestyle Choices: Adopt healthier eating habits, stay hydrated, and ensure you are getting adequate sleep to support your body's changing needs.

Financial Planning: Securing Your Golden Years

As you enter your 60s, a strategic financial review is paramount. With retirement potentially on the horizon, it’s the ideal time to take stock of your savings, investments, and expenses.

• Maximize Retirement Contributions: Utilize "catch-up" contributions for 401(k)s and IRAs. These additional allowances are designed for individuals aged 50 and over to boost their retirement savings.
• Review Your Investment Strategy: Assess your risk tolerance and consider shifting your portfolio. Many financial experts suggest a more conservative approach as retirement nears to protect your capital from market volatility.
• Strategize Social Security: The age you begin claiming your Social Security benefits significantly impacts your monthly payout. Waiting until your full retirement age (FRA) or even age 70 can substantially increase your benefits, though claiming early is an option.
• Plan for Healthcare Costs: Medicare eligibility begins at 65, but it's important to understand your options regarding parts A, B, and D, as well as supplemental insurance like Medigap or a Medicare Advantage plan. Consider long-term care insurance to protect your assets from future health expenses.
• Evaluate Your Living Situation: Assess whether downsizing your home or relocating to an area with a lower cost of living makes financial sense. This can free up capital and reduce your monthly expenses.

Health and Wellness: Prioritizing Your Well-Being

Turning 60 is a prime time to focus on your health, incorporating new habits and staying vigilant with screenings to ensure a high quality of life.

• Schedule Health Screenings: Regular check-ups and screenings become more important as you age. Recommended screenings may include:
  • Cardiovascular assessments (cholesterol and blood pressure)
  • Cancer screenings (breast, prostate, colorectal)
  • Bone density scans
  • Vision and hearing tests
  • Immunizations for shingles, pneumonia, and influenza
• Stay Physically Active: Exercise is crucial for maintaining muscle strength, bone density, and cardiovascular health. Aim for a mix of aerobic activities (walking, swimming), strength training, balance exercises, and flexibility work. Even moderate activity offers significant benefits.
• Cultivate a Healthy Diet: Focus on nutrient-rich foods, including fruits, vegetables, whole grains, and lean proteins, while reducing saturated fats and excess sugar. Staying hydrated is also key, as the sense of thirst can diminish with age.
• Prioritize Mental Health: The 60s often involve major life transitions. Staying connected with others, pursuing new hobbies, and seeking professional support if needed are vital for emotional well-being. Engaging in mentally stimulating activities can also help maintain cognitive function.

Lifestyle Enrichment: Living with Purpose

Your 60s offer an excellent opportunity to explore passions and redefine your sense of purpose outside of a career. This is the decade for intentional living.

• Discover New Hobbies: Whether it's learning a new language, taking up painting, joining a book club, or getting into gardening, new hobbies can keep your mind sharp and your spirit engaged.
• Volunteer Your Time: Giving back to your community can provide a powerful sense of purpose and social connection. There are countless opportunities, from tutoring children to helping at an animal shelter or food bank.
• Strengthen Social Connections: Social interaction is linked to improved physical and mental health. Make time for friends and family, join community centers, or participate in group activities to build and maintain a robust social network.
• Embrace Lifelong Learning: Take an online course, audit a class at a local university, or participate in educational travel. Learning new skills stimulates neural connections and keeps you mentally agile. Road Scholar offers many educational travel opportunities for those over 50.

Comparing Retirement Savings Options at 60

Feature	Traditional IRA	Roth IRA
Contribution	Pre-tax dollars	After-tax dollars
Taxes on Withdrawals	Taxable	Tax-free
Eligibility	Income limits apply for tax deduction	Income limits apply for contribution
Best for	Those who expect to be in a lower tax bracket in retirement	Those who expect to be in a higher tax bracket in retirement
Flexibility	Tax-deductible contributions now	Tax-free income later

Conclusion: A New Chapter of Intentional Living

Turning 60 is more than just a birthday; it's a launchpad for a new chapter defined by intention and choice. By proactively planning for your financial security, prioritizing your health, and actively seeking opportunities for social and mental engagement, you can embrace your 60s and beyond with optimism. This is your time to focus on what brings you joy, fulfillment, and peace. By taking these steps, you're not just aging—you're evolving and thriving. For more resources on maximizing your retirement, consider consulting with a certified financial planner.
SmartAsset.com has many valuable resources on retirement planning.

Frequently Asked Questions

When should I enroll in Medicare if I turn 60?

Medicare eligibility begins at age 65. Your initial enrollment window typically starts three months before your 65th birthday, includes your birthday month, and ends three months after. It is crucial to enroll on time to avoid potential penalties.

Is it too late to maximize my retirement savings at 60?

No, it's not too late. In your 60s, you can take advantage of catch-up contributions for 401(k)s and IRAs, allowing you to contribute more than younger individuals. This is a powerful tool for boosting your savings in the final years before retirement.

How can I find new social activities after retirement?

You can find new social activities by joining community centers, volunteering, or taking classes. Local libraries, community colleges, and online forums often list activities for seniors. Focusing on shared interests can help you meet like-minded people.

What kind of exercise is best for someone turning 60?

A balanced exercise routine is best. This should include moderate aerobic activity (like brisk walking), strength training (using light weights or resistance bands), balance exercises, and stretching. Always consult your doctor before starting a new exercise regimen.

Should I work part-time after turning 60?

Working part-time can offer several benefits, including a steady income stream, a sense of purpose, and social engagement. The "gig economy" provides many flexible options. However, if you are also claiming Social Security, be aware of how earnings can affect your benefits if you are under your full retirement age.

What estate planning documents should be a priority at 60?

It is wise to ensure your will or trust is up-to-date and your beneficiary designations are correct. A durable power of attorney for both healthcare and financial matters is also essential for appointing a trusted individual to make decisions on your behalf if you become unable to do so.

How do I start a new hobby at 60?

Begin by exploring your interests. Ask yourself what you've always wanted to do but never had the time for. Look for local classes or online tutorials, join a club, or simply start with low-cost equipment. The goal is to stay curious and engaged.