Donald Dirren recently explained the important retirement steps to take in your 60s.
PHOENIX, AZ / / Full retirement age (FRA) in the United States is 66 years. That means many Americans are thinking heavily about retirement during their 60s. Donald Dirren is a financial advisor with decades of experience in the industry. He recently discussed several steps that should be taken in your 60s to prepare for retirement.
“One of the most important parts of planning for retirement is planning for the activities you want to enjoy,” Donald Dirren said. “Some people want to travel the world while others want to stay close to home with friends and family. Different lifestyles cost different amounts of money, so you’ll need to be prepared.”
Mr. Dirren also explained the importance of maximizing your social security benefits. He expressed the importance of meeting with a financial planner highly qualified in retirement preparation. This professional can ensure you’re taking advantage of all possible social security benefits.
“Many people reaching retirement insist on filing for their benefits themselves, but that can greatly lower the amount they receive,” Donald Dirren said. “There are many tips and tricks to reaching the maximum Social Security benefits that someone who does not work in the field likely doesn’t know.”
Dirren also explained that a financial advisor can also help you create a retirement budget during your 60s or even much earlier. This budget will include your expected income from Social Security and other sources as well as the expenses you’ll likely incur, such as mortgage payments, vehicle payments, and other common expenses.
“You’ll likely realize there’s some debt you can pay off before retirement,” Donald Dirren said. “Maybe there are some credit cards you’ve been putting off or some final payments on a vehicle. Paying off as many debts as is comfortably possible can relieve a lot of stress in your retirement years.”
Again, Donald suggested that those who are not the most financially savvy should consult with an advisor before paying debts or consolidating loans. An advisor can help you determine which debts can be paid now, and which you may want to pay at a later date.
Finally, Dirren explained the importance of always leaving room for curveballs.
“Hiccups are bound to happen in life, so you’ll need to be prepared financially for them in retirement,” Donald concluded. “Work with your financial advisor to create a retirement plan for your 60s that ticks most of your desired boxes but leaves plenty of room for life’s curveballs along the way.”