6 Financial Mistakes to Avoid in Your 60s

Financial mistakes can happen at any age, but they can have a particularly significant impact in your 60s. In this episode, Wade discusses six critical financial mistakes that individuals often make during this pivotal decade. Understanding and avoiding these pitfalls can make the difference between a secure retirement and a financially precarious future.

There are numerous financial missteps that can occur as you prepare for retirement, which is why it’s so beneficial to work with an advisor. We can help you develop a customized plan that aligns with your goals and helps you avoid these common pitfalls.

We’ll also spend some time on the Rembrandt painting Parable of the Rich Fool and the parable from the Gospel of Luke. There’s a great financial lesson within this story and we’ll discuss it today.

Here’s some of what we discuss and we believe in this episode:

• Many individuals rely on hope rather than building an actual plan.
• Don’t enter retirement without knowing what your expenses are going to be.
• Taking on more risk than you need to rather than shifting your mindset to protecting what you’ve built.
• Delaying your Social Security might get you the largest benefit, but is that going to be your best strategy?
• While it’s natural to want to be conservative with your investments as you age, having a portion of your portfolio in growth-oriented assets might help combat inflation.

Check out Parable of the Rich Fool: https://en.wikipedia.org/wiki/Parable_of_the_Rich_Fool

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.