As someone in your 60s, you likely have many years of money management experience. But your needs and wants often change with each stage of life. Preparing your finances starts with a careful look at where you are now and where you want to go.
Having a clear view of your finances can help you get ready for retirement. Whether retirement is close or still a few years away, basic budgeting tips can help you move through your 60s with more confidence.
Rethink Your Approach
According to a 2025 survey from the Employee Benefit Research Institute, only 67% of workers feel very confident about having enough money to retire comfortably.1 Are you part of this group? If not, it may be time to adjust your approach.
Start by listing your expected income sources in retirement. This may include pensions, Social Security benefits, personal savings, and rental income. Then review your monthly expenses to estimate how much you will need.
Compare these numbers to see if your income can cover your expenses. What is the gap between what you need and what you have? Writing everything down can help you see if changes are needed.
Take Control Of Your Debt
Debt can delay your retirement or make it harder to retire. The fewer obligations you carry into retirement, the longer your savings may last.
Review your finances and list all debts, including credit card balances, auto loans, home equity lines of credit, student loans, and mortgages. Add up your monthly payments, then think about ways to pay down these balances before retirement.
Working an extra year or two could help you retire debt-free. A part-time job is another option that could help you put additional funds towards your debt every month.
Consider Downsizing & Cutting Costs
As retirement approaches, your lifestyle may shift. A large home may start to feel unnecessary, and maintaining a big yard may become more work than you want. For some people in their 60s, downsizing to a smaller home can make sense.
Moving to a smaller space can lower costs such as maintenance, repairs, and utilities. The money you save can go toward retirement savings or other long-term goals.
You can also scale back in other areas. Some retirees find they do not need multiple vehicles. Others reduce spending on cable packages, cell phone plans, or subscription services.
Get Guidance When Needed
Preparing for the future can feel overwhelming, but you do not have to do it alone. A financial representative can offer guidance based on your goals and situation. Whether you want to spend retirement gardening or traveling, an advisor can help outline steps to work toward those goals.
They can review your current finances and investments to check your progress. They may also discuss estate planning options so your legacy reflects your wishes. With guidance that fits your situation, you can move forward with a clearer plan.
The Bottom Line
Budgeting in your 60s is similar to budgeting earlier in life. However, your priorities may change over time. Focusing on what matters most, cutting unnecessary expenses, and keeping your long-term goals in mind can help you prepare for what comes next.
Sources
- 2025 EBRI/Greenwald Retirement Confidence Survey. https://www.ebri.org/docs/default-source/rcs/2025-rcs/2025-rcs-release-report.pdf.
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