Retiring Soon? 3 Costly Mistakes People Make in Their Early 60s (And How to Avoid Them)

Once you reach your early 60s, you're in a window of time where the moves you make will drastically shape the next 30 or 40 years of your financial life and taxes. The right decisions can put you in a great position for retirement but the wrong decisions can leave you playing catch-up. In this video, we're going to walk you through the three most common (and costly) mistakes people make during this pivotal stage and tell you how to avoid them.

With rising costs for goods and services, it's vital to factor inflation into your financial strategy. Our retirement chart of the week provides insights into historical inflation rates, emphasizing the importance of having your investments structured for growth to maintain your lifestyle in retirement.

We'll close out the show with a listener question regarding how to manage a lump sum inheritance. The advice is simple: take your time to evaluate your options.

Here's some of what we discuss in this episode:

📉 Going too conservative too soon can kill long-term growth

🧾 Use tax strategies before RMDs and Medicare hit

🧠 Retirement age should be based on planning—not assumptions

💰 Inheritances require calm thinking and smart allocation strategy

 

Check out the chart we discussed: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/

 

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