The decade of your 60s may be the one where you will make the most crucial financial decisions than any other decade. We're helping today with the most important decisions you will face in your 60s during this episode of the Wise Money Show. Season 7 Episode 42 Have a question for the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at Be sure to stay up to date by following us! Facebook - Instagram - Twitter - Want more Wise Money™? Read our blog! Listen on Podcast: Subscribe on YouTube: Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results. Intro: (0:00) Segment 1: (0:11) Break 1: (9:28) Segment 2: (12:01) Break 2: (21:15) Segment 3: (22:55) Break 3: (32:13) Segment 4 (33:51) Outro: (46:49)...(read more)
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As you enter your sixth decade of life, your financial priorities and goals may be changing. You may be looking forward to retirement or already retired, and you may be wanting to focus on building wealth, protecting your assets, and leaving a legacy for your loved ones. Whatever your goals may be, financial planning is critical to achieving them. Here are some important steps to take when creating a financial plan in your 60s: 1. Define your retirement goals: Decide what type of retirement lifestyle you want to lead, and estimate how much money you will need to achieve that lifestyle. Taking into account factors such as inflation, healthcare costs, and potential long-term care needs, create a retirement plan that outlines how much you need to save annually to meet your financial goals. 2. Determine your risk tolerance: As you approach retirement, your investment strategy should lean more towards income-producing assets with less risk. Work with a financial advisor to determine your risk tolerance and determine the appropriate asset allocation for your portfolio. 3. Review your estate plan: Make sure you have a will, a durable power of attorney, and a healthcare proxy in place. Review and update beneficiary designations on all financial accounts, and consider establishing a trust to protect assets and ensure they are distributed according to your wishes. 4. Maximize your retirement savings: Maximize contributions to your 401(k) or IRA, catch up on contributions if you have not been contributing enough, and consider opening a Health Savings Account (HSA) to save for healthcare expenses in retirement. 5. Protect your assets: Review all insurance policies, including life, disability, long-term care, and liability. Consider purchasing a long-term care insurance policy to protect against the high costs of extended care. 6. Consider social security: Determine the best age to claim social security benefits based on your financial plan. Delaying benefits can increase your monthly payments significantly, but claiming early may be necessary for financial reasons. Financial planning is essential in your 60s, as it can help you reach your retirement goals and secure your financial future. Working with a professional financial advisor can help you make informed decisions and create a plan tailored to your needs and goals. With proper planning, you can enjoy your retirement years with peace of mind knowing that your finances are in order. https://inflationprotection.org/planning-your-finances-during-your-60s/?feed_id=90364&_unique_id=64441d9fb7cb8 #Inflation #Retirement #GoldIRA #Wealth #Investing #financial #financialplanninginyour60s #korhorn #retirementplanning #retirementplanning2022 #retirementplanningat60 #retirementplanningat65 #wisemoneyshow #SpousalIRA #financial #financialplanninginyour60s #korhorn #retirementplanning #retirementplanning2022 #retirementplanningat60 #retirementplanningat65 #wisemoneyshow
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