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Important Financial Milestones for Seniors

Financial Milestones Towards Senior Retirement

When the kids were growing up and life was always a balance between work and family, time management was a constant battle. Now that you’re in - or near - retirement, your time is finally your own and in abundant supply. At this stage of the game, happiness may hinge on money management. Whether you are leaving the office behind for good, or plan to pursue a second act, there are retirement milestones to consider and prepare for. Check out these financial milestones to make sure your months and your money are an equation that adds up to a fun and fulfilling active adulthood.

Emergency Fund

In the years leading up to retirement, prioritize creating a healthy emergency fund. The last thing you need is for an unplanned expense to throw your financial stability into a tailspin. Once you’ve given up your steady paycheck, it is recommended to have three to six months’ worth of living expenses on hand to cover life’s unforeseen circumstances.

An Equation for Success: How Your Finances Should Look in Your 60s

Unfortunately, there is no absolute guarantee you won’t run short of money in retirement. That said, approaching your golden years with a solid parachute is one step toward protecting the health of your wealth. An IRA or 401 (k) worth roughly 10 times your ending salary, when combined with your social security, is a good way to ensure you will be able to cover your retirement expenses.

Understand Social Security

Though Social Security will not cover your entire nut, those benefits will certainly be a critical piece of the retirement financial puzzle. Start researching Social Security rules and options in your 50s so you will be ready to make the most of your benefits when you decide to claim them. There is no right or wrong age to file. It’s all about evaluating your personal situation to get the biggest bang for your Social Security buck.


It’s well worth your while to start navigating the Medicare maze well before it’s time to apply. Medicare covers acute care, hospital stays, and doctor visits. You will need to research supplemental insurance and prescription plans to round out your coverage. Eligibility begins at age 65 and the enrollment window starts three months before your 65th birthday and ends three months after it. FYI Even if you delay your Social Security benefits, you are still eligible for Medicare at 65.

Commit to Long-Term Care Insurance

It pays to secure long-term care insurance by the time you’re in your 60s. You never know what curve balls life will throw you, and without the right insurance, the heavy cost of long-term care can deplete resources quickly. Waiting too long to apply for long-term care insurance can result in denial or outrageous premiums.

Estate Planning

Estate planning is one financial milestone we would all rather avoid. But it is a gift that keeps on giving, not only clearly designating your wishes, but alleviating unnecessary stress on loved ones during a very difficult time. It’s important to organize your will and other necessary documents in order to guarantee the legacy you’ve worked so hard for.

It’s never too early to prepare for the future. Consider all these financial retirement milestones a framework for the retirement you’ve dreamed of.