Joe's Money Guide

6 Smart Investment Moves I Made After 60

The best decisions of my life as a 60-year-old.

  • Cyra Sanchez
  • 3 min read
6 Smart Investment Moves I Made After 60
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I went with lower-risk investments, diversification and passive income. I scheduled regular financial check-ins to keep me on track. Wells said these prudent decisions helped lead to a secure and happy retirement.

1. Maximized Retirement Account Contributions

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Knowing time was running out on my peak earning years, I stuffed as much as I could into my IRA accounts. Not only did this help to build my nest egg for retirement, it allowed me to take advantage of some great tax benefits. Now by maximizing these contributions, I set myself up for a better retirement.

2. Adjusted My Investment Portfolio for Stability

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Realizing that my risk tolerance had changed, I adjusted my portfolio so that I had a greater percentage of bonds and cash reserves. This change was intended to help preserve my assets from market fluctuations and still give growth opportunities. Putting stability ahead of aggressive growth kept my capital intact as retirement approached.

3. Explored High-Return, Low-Risk Investment Options

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Wanting to earn more money but not willing to risk of losing money, I poured all my funds into high-yield savings accounts and certificates of deposit (CDs). These instruments provided superior returns relative to traditional savings accounts, with low risk. This strategy gave me a dependable income stream to finance my retirement lifestyle.

4. Considered Downsizing to Reduce Expenses

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Confronting the reality of a static income, I considered the advantages of downsizing into a smaller house. Moving to a smaller house lowered my housing costs. I pay less for maintenance and property taxes, leaving more money for all of my other priorities. It freed up extra funds that I poured into experiences and investments that enriched my retirement years.

5. Secured Long-Term Care Insurance

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Recognizing that we may face health-related expenses in the future, I purchased long-term care insurance. This policy gave me peace of mind, knowing that I was insured for services like nursing care or assisted living if something went wrong. Scheduling the procedure in advance might save my savings from bleeding out because of unexpected medical bills.

6. Delayed Social Security Benefits to Increase Future Payouts

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I also planned to maximize my Social Security payments by not taking Social Security until after the earliest eligibility age. Every year I waited would earn me a higher benefit, which would translate into a bigger paycheck later in life. This decision provided a more secure financial footing for my retirement in later years.

Written by: Cyra Sanchez

Cyra, known as Cy, discovered her love for writing as a teenager, crafting fanfics on Wattpad inspired by her favorite anime. In 2019, she changed career paths to follow her passion for art and storytelling, and she’s been a content writer for global clients ever since. In her free time, Cy works on a dark fantasy novel she hopes to self-publish, writes poetry, plays video games, and brings her characters to life through digital painting. A fan of Game of Thrones and anime, she’s always inspired by rich, imaginative worlds.

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