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Money rules don't change after you turn 60. The same basics apply: Budget, invest, and avoid debt. But that margin for error shrinks fast. What changes aren't the rules; it's the stakes.
If you make the right money moves between 60 and 70, it will matter more in the next 20 to 30 years than anything you did in the decade before.
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Set up an eligible direct deposit with SoFi Checking and Savings and you could pocket a bonus of up to $400. Make the switch, set up direct deposit, earn the bonus. It basically takes no extra work at all other than following these steps.
Why people are switching: This account earns up to an insane 4.00% APY1 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> on savings for up to six months (3.10% APY standard + 0.90% APY boost) on top of that $50 or $400 bonus.2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> That's way better than the measly 0.38% APY (as of 06/15/26)3 <p>Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 6/15/26.</p> national average savings accounts offer.
No monthly fees and no surprises. Open your account and earn up to a $400 bonus
Watch out for scams
Scams aren't new, but the stakes are higher now. Losing money in your 40s might set you back a few years, but a loss in your 60s can permanently derail your financial security.
Older Americans are especially targeted. The Federal Trade Commission (FTC) cautions consumers about a growing wave of scams that perniciously target seniors' life savings.
People of all ages do report foul play, but older Americans are seeing losses in the tens and hundreds of thousands. From 2020 to 2024, reported incidents of older Americans losing $10,000 or more increased by more than 300%.
Scammers pose as bank or government representatives and claim that your data has been compromised and that you must act now. Make sure to slow down and verify everything.
The FTC warns consumers to "never move money to protect it," block unwanted calls, and hang up and verify information.
Plan carefully for health care costs
Health care becomes a central part of your financial picture. Coverage decisions become more complex.
While costs vary among seniors, Fidelity's annual Retiree Health Care Cost Estimate reveals that a 65-year-old retiring today can expect to spend an average of $172,500 in health care and medical expenses throughout retirement.
Many retirees haven't planned for these costs. Maximizing HSA contributions (before Medicare enrollment), choosing the best plan, understanding supplemental coverage, and anticipating out-of-pocket costs require meticulous planning.
Talking with your planner could be a good starting point, as they are well-versed in retiree issues.
Navigate health care coverage choices annually
Medicare isn't a single decision; it's a set of ongoing ones. Supplemental plans, prescription coverage, and provider networks all affect both cost and access to care.
What worked last year might not be the best option this year. Regularly reviewing your coverage is part of maintaining your financial stability.
The government provides free guidance. You can call 1-800-MEDICARE (or 1-877-486-2048 for TTY) to chat with a representative. Help is available 24 hours a day, 7 days a week.
You can also contact your local SHIP (State Health Insurance Assistance Program) at shiphelp.org for free one-on-one health insurance counseling.
Resolve $10,000 or more of your debt
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.4 <p>Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.</p>
Sign up for a free debt assessment here.
Budget your spending more intentionally
Budgeting becomes more important than ever now that you're on a fixed or semi-fixed income.
Figures will need to be revisited often. Thrivent recommends an annual review with your advisor to review budget and portfolio performance, or even more frequently if there's a change in income or expenses.
Some advisors advocate for monthly check-ins to track spending and adjust for inflation, and quarterly reviews for portfolio performance.
Manage cash flow instead of just income
Earlier in life, the focus was on earning. After 60, it shifts to managing withdrawals through a smart drawdown strategy.
A drawdown strategy is the plan you use to withdraw money from your retirement accounts in a way that balances income needs, taxes, and how long your savings will last.
Done well, this stretches your savings. Done poorly, it can create unnecessary taxes, deplete funds faster than expected, or impose more belt-tightening than needed.
Some common drawdown strategies to manage cash flow include the 4% rule, variable percentage withdrawal (VPW), or proportional withdrawal (PW).
Avoid debt where possible
Debt carries more weight when you no longer have regular wages. Monthly payments hammer budgets and reduce flexibility.
Without the ability to "earn your way out," debt can linger longer and cost more. Keeping obligations low helps preserve both cash flow and peace of mind.
Maintain good credit
Credit still matters after 60. It can influence insurance rates, borrowing options, and even housing opportunities.
You may not open new accounts often, but maintaining a solid credit profile keeps doors open if you need them. Think refinancing, relocating, or covering unexpected costs.
Diversify to reduce concentration risk
Diversification matters more when there's less time to recover from a downturn in a single asset or sector.
A concentrated position that worked well in your 40s can become a liability. Spreading risk helps protect against sharp, lasting declines.
This may mean adding tools not used earlier, such as annuities for guaranteed income, bonds, or TIPS (Treasury Inflation-Protected Securities) for stability, and even certain insurance products. These products can reduce reliance on market performance alone.
Keep an emergency fund intact
Unexpected expenses don't go away in retirement. While you don't need an emergency savings fund in case of job loss, there's still plenty that can go awry. Medical bills, home repairs, or family support, to name just a few, can arise without warning.
Having accessible cash prevents you from selling investments at the wrong time or taking on debt to cover short-term needs.
Earn $100 cash rewards bonus with this incredible card
The Wells Fargo Active Cash® Card (Rates and fees) has no annual fee and you can earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
Cardholders can also earn unlimited 2% cash rewards on purchases.
The best part? There's no annual fee.
Track expenses more closely
Small leaks matter more when income is capped. Subscriptions, fees, and everyday spending can sneakily creep up.
Tracking expenses is all about awareness. Knowing where your money goes helps you adjust before minor issues become major ones.
A few simple tweaks, like switching auto insurance plans and cutting unused subscriptions, can add thousands more to your yearly budget.
Keep financial documents organized
Organization matters for both personal convenience and accessibility, should others need to step in.
Accounts, passwords, policies, and key documents should be securely stored, but still easy to grab in case of an emergency. Clarity now prevents confusion later.
Similarly, make sure to keep important documents like wills and estate documents updated as life circumstances change.
Talk about money with family
Financial decisions after 60 often have ripple effects. Conversations about plans, expectations, and responsibilities can prevent misunderstandings down the line.
This includes naming a financial Power of Attorney (POA) who can manage your financial affairs should you become incapacitated.
These conversations may not feel urgent, but avoiding these discussions can create bigger issues later, including major family strife.
Bottom line
With less time to recover and more reliance on what you've already built, every decision carries more weight after 60.
Check in on your retirement readiness with your planner, or schedule an audit of your current financial state. And if you don't have a planner now, or you're feeling lukewarm about your current one, now is a great time to find an expert you jive with.
More from FinanceBuzz:
- Retire like the rich: 14 ways you could build wealth in your 50s.
- Find out if you could pay less for car insurance in just a few clicks.
- Make these 7 savvy moves when you have $1,000 in the bank.
- 14 moves seniors could benefit from but often forget about.
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