Anyone who reaches their 60s knows that financial stability becomes more crucial than ever. Retirement looms, and that means living without a steady paycheck.
The median net worth of someone in their 60s is $446,703, according to retirement plan administrator Empower. The median means half are above the number, and half below it.
If you are looking to increase your net worth and surpass that figure, here are some wealthy money moves you can make to boost your financial standing.
Get a protection plan on all your appliances
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.
Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.
For a limited time, you can get your first month free with a Single Payment home warranty plan.
Pay off debts
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Clearing debts such as credit card balances or loans should be a priority if you are looking to increase your net worth.
Debt can erode your wealth over time, so paying it off as soon as possible will free up more money for savings and investments.
Once you crush your debt, you can focus on wealth-building strategies to maximize your financial growth.
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Develop a plan with a financial advisor
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One smart move you might make in your 60s is to consult a financial advisor. They can help you assess your current financial situation and develop a strategy tailored to your goals.
A financial advisor can help guide you through tax-efficient investment strategies or estate planning, for example.
Invest at least some money in stocks and funds
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Even in your 60s, investing in stocks can be a crucial component of increasing your net worth.
While you may want to shift to a more conservative portfolio, keeping a portion of your investments in stocks offers the potential for your money to grow faster than it would in a high-yield savings account, for example.
Don't retire early
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Although it might be tempting, retiring early can limit your ability to grow your net worth.
Working longer allows you to continue to earn income so you can both delay drawing on retirement accounts and boost your Social Security benefits.
By staying in the workforce a bit longer, you give yourself more time to accumulate wealth so you can maintain financial security in your golden years.
Aim for promotions at work
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Even in your 60s, it's possible to aim for promotions or seek higher-paying positions. Negotiate raises or try to move into more senior roles so you can significantly increase your income.
Climbing the career ladder later in life can result in a higher salary and larger retirement contributions, which directly impacts your net worth.
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Cut back on your spending
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Reducing unnecessary spending is a straightforward way to increase your net worth. Small changes — such as cutting back on dining out, unnecessary subscriptions, and luxury items — can free up money that you can invest or save for retirement.
Being mindful of spending habits allows you to keep more money working for you.
Consider downsizing your home
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As you enter your 60s, it might be time to think about downsizing your home. A smaller, less expensive house can significantly lower your mortgage, insurance, and maintenance costs. That frees up more money to invest for your retirement.
Downsizing is a practical way to reduce expenses so you can boost your net worth.
Don't spend money on fancy cars
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Buying expensive cars can drain your savings and hurt your net worth. Cars are depreciating assets, meaning they lose value over time.
By opting for a reliable, affordable vehicle instead of a luxury model, you can save more money for investments that grow in value.
Seek out modest entertainment and vacation options
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In your 60s, it's important to be mindful of entertainment and vacation spending. Opt for modest options — like local trips or discounted travel — rather than extravagant vacations.
These small adjustments let you keep more money in your accounts, allowing you to prioritize long-term financial stability over short-term indulgences.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $15 the first year with auto-renewal.
Pick up an extra job or side hustle
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If you have the time and skills, picking up a side hustle or part-time job is a great way to make extra money on the side and grow your net worth.
This additional stream of income can go directly into savings, investments, or paying down debt, allowing you to improve your financial standing more quickly.
Bottom line
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Boosting your net worth in your 60s is within your control if you make the right millionaire moves. By following these steps, you can start investing strategically and set yourself up for long-term financial success.
Consider these steps as part of a retirement plan that helps you reach financial goals so you can enjoy your golden years stress-free.
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