In your late 60s, the most important thing to focus on is making sure you have enough retirement savings to support your desired lifestyle in retirement and to protect your assets for your heirs. Here are some specific things to focus on:
- Review your retirement plan: Evaluate your current retirement plan and make any necessary adjustments. You may need to adjust your investment strategy or consider delaying retirement to save more.
- Evaluate your retirement income sources: Review your retirement income sources, such as Social Security, pensions, and other investments, and evaluate whether they will be enough to support your desired lifestyle in retirement.
- Develop a retirement income strategy: Develop a strategy for generating income in retirement, including how you will draw down your retirement savings and any other sources of income, such as rental income or part-time work.
- Consider long-term care insurance: Evaluate your need for long-term care insurance, which can help cover the costs of medical care and assistance with daily activities as you age.
- Review your estate plan: Review your estate plan and ensure that your assets are protected and distributed according to your wishes. This may include updating your will, setting up a trust, or gifting assets to heirs.
- Protect your assets: Protect your assets by working with a financial advisor and/or estate planning attorney to develop strategies to minimize taxes, avoid probate, and protect your assets from creditors.
By focusing on these areas in your late 60s, you can ensure that you have enough retirement savings to support your desired lifestyle in retirement and protect your assets for your heirs.
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