Maximizing Your 401(k) Money at Age 60 for a Secure Retirement
Retirement Planning: Expert Guide for 401(k) at Age 60
If you're 60 years old, you're coming down the home stretch of your career and your retirement savings journey. Full Social Security retirement age for people born in 1964 (age 60 in 2024) is 67, so your retirement is not just a faraway dream; it's a serious reality. And ideally you've been saving some serious money in your 401(k).
Investing Strategies
- Use target date funds to manage risks and boost long-term gains.
- Allocate a healthy percentage of stocks in your portfolio.
- Consider building a portfolio with low-cost index funds for diversification.
Professional Advice
- Talk with a financial advisor to tailor your plan to your goals and risk tolerance.
- Consider working with a fiduciary advisor for unbiased guidance.
- Explore personalized advice options from firms like Betterment, Charles Schwab, and Vanguard.
As a 60-year-old, your retirement is getting closer -- but you still have some good years ahead to save, invest, and earn returns. Try to maximize your investment growth with a healthy dollop of stocks. Keep buying stocks to make the most of your money, and consider meeting with a fiduciary advisor for unbiased, professional advice on your retirement plans.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.