12 Signs You’re Doing Well Financially When You're Over 60

You may be better off than you think when it comes to your financial portfolio.

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Updated June 6, 2024
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It can be daunting to face your 60s worried about your money and investments. By now, you’ve hopefully stopped throwing away money so you are set up well for retirement.

You might be surprised the next time you check your financial portfolio and find you’re doing better than you expected, especially when compared to other people your age. 

Keep these signs in mind when you think about your finances after 60, and see if you’re still on a successful financial path or if you need to make some adjustments before it's too late. 

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Your home is paid off

fizkes/Adobe 70s spouses check documents

Your home is likely the most expensive thing you bought during your lifetime. While it can be a great way to build wealth, it also can be a burden if you're paying on a mortgage after retirement.

Paying off your home in your 60s can be a great financial relief, freeing up cash each month that can go to other investments or spending.

It also means you have a home that belongs to you free and clear so you don’t have to worry about moving because you can’t afford your mortgage anymore.

You’ve already completed any needed renovations

bernardbodo/Adobe senior couple hugging

Living in a home you own isn’t just about the roof over your head but also whether that roof and other areas in your home need major renovations.

Make sure you prioritize things that need to be done to keep your home safe and running properly like replacing the roof, furnace, or water heater.

And get any elective renovations finished and paid off as well like finishing your basement, adding an extension, or redesigning your kitchen.

You have money for leisure time

Rawpixel.com/Adobe senior couple riding a scooter

Your 60s may be a great time to step up your travel game and visit different cities or countries. Those trips can also be expensive. So check out your budget and your financial portfolio. 

You’re in good shape if you’re not worried about covering that dream vacation to Australia or renting an RV to drive around the country and go to all the national parks on your bucket list.

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You’re comfortable with your Social Security decisions

larryhw/Adobe one hundred dollar bills with social security cards

Your 60s are a time for you to start considering your distribution payments for your Social Security.

The earliest you can start collecting Social Security benefits is at 62 years old, or you could defer your payments a few years to earn more per month. You can delay your benefit distribution until you’re 70 years old to increase your monthly benefit.

The right answer for when you start taking distributions is up to you, but it’s a good sign if you have made your decision and you’re comfortable with it. You can change your decision anytime after 62 years old depending on changes in your finances.

Your 401(k) is working for you

Flamingo Images/Adobe senior couple relaxing in a kitchen

A 401(k) is an important part of your retirement portfolio whether you retired early or still go to a job daily.

Your 401(k) should have enough to cover a decent portion of your retirement expenses, especially if you previously maxed out any matching funds with your employer.

You can start taking distributions from your 401(k) when you’re 59 1/2 years old to help boost your finances, or you can hold off and let your 401(k) earn more money while it’s invested.

You can enjoy hobbies

Maria/Adobe multiethnic seniors embrace teamwork

Reaching your 60s can mean you have more time to spend on hobbies and activities outside of work hours.

It also could mean you have the money to invest in supplies or you have the free time to try new things or work on existing projects because you don’t have to worry about your cash flow.

You’ve paid catch-up contributions

WavebreakmediaMicro/Adobe Senior couple strategizing their investment plans.

It can be tough to start saving for retirement when you’re younger, and you may regret not adding to a 401(k) early on.

But you can still pay into your 401(k) with catch-up contributions to help you secure a strong retirement portfolio.

Talk to a financial advisor or accountant to see if you qualify for catch-up contributions, and know that you’re doing well financially if you’re able to add those funds to your 401(k) to help you prepare for the future.

Your portfolio isn’t in risky investments

K Seisa/peopleimages.com/Adobe senior couple reviewing bills using laptop

There are some great investments you can make when you’re younger and can take on more risk. After all, you would hopefully have plenty of time to cover any losses you have on big risks.

But as you reach your 60s, it’s a good idea to have a portfolio that doesn’t expose you to too much risk since you need that money soon.

You’re in good shape if you’ve already reviewed your portfolio and put your money in safer investments that will still make you money throughout your 60s.

You have a plan for your estate

wirojsid/Adobe Senior old man elderly examining and signing last will and testament

What happens to your money when something happens to you?

It’s important to have a thought-out estate plan with specific designations for where you want money and other investments to go as well as property like your home or important items.

You’re in good shape if you have an estate plan already in place in your 60s, but you also may want to revisit it and make any potential adjustments depending on your changing financial situation.

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You have little to no debt

Oostendorp/peopleimages.com/Adobe man and woman with invoice

Debt can eat into your savings, especially after you retire and may have to pull from your retirement funds to pay off debts.

It’s a good idea to get out of debt as you reach your 60s. A mortgage could be taking a good chunk of your money each month so find a way to pay that off. You’ll also want to consider getting rid of your car payments. 

And remember, only use your credit cards for items you can pay off in full at the end of each month rather than carrying a balance that could accumulate interest.

You have a retirement plan

insta_photos/Adobe 60s woman working at home

You’re probably spending hours and hours of your 60s thinking about retirement whether you’re still working or you’ve already retired.

Regardless of your work situation, you should have a retirement plan in place by your 60s. It might include when you plan to retire when you want to start collecting Social Security, or how you’ll manage your retirement funds.

Having a plan in place already is a good sign you’re taking your retirement prospects seriously and have a strategy to help you succeed in retirement.

You’ve talked to a financial advisor

Rido/Adobe senior couple planning their investments

A financial advisor can help you stay on the right path for retirement as you decide where to invest your money to boost your bank account or how the rest of your financial portfolio should look.

It’s a good idea to find a financial advisor who specializes in retirement portfolios so they know how to best advise you on where to invest your money and how to adjust your portfolio as you age.

Bottom line

eugenegg/Adobe senior coupel on a luxurious yacht

It can be hard to know whether you’re on the right path to lowering your financial stress in your 60s, but some signs can tell you that you’re going in the right direction.

Keep track of your money with a budget so you know where you are spending and saving.

Revisit your portfolio regularly to adjust it as needed for changes in your financial situation like retirement or paying off debts.

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Author Details

Jenny Cohen

Jenny Cohen is a freelance writer who has covered a bit of everything, from finance to sports to her favorite TV shows. Her work has been featured in The Wall Street Journal, USA Today, and FoxSports.com.