When it comes to retirement, every dollar counts — especially as you get older.
Making thoughtful financial decisions can make a big difference in long-term financial security. A small, smart investment of $100 can help retirees stretch their savings, protect their future and support the retirement they’ve worked so hard to enjoy. Below is the best $100 you can spend at age 60, 65 and 70 for a secure retirement.
Also here are the fastest ways to save for retirement.
Explore Next: How Far $500,000 in Retirement Savings Plus Social Security Goes in Every State
Check Out: 9 Things the Middle Class Should Consider Downsizing To Save on Monthly Expenses
Financial planning at age 60 is often considered pre-retirement but close enough to ensure that one’s choices reflect retirement money and lifestyle goals.
Christopher Stroup, founder and president of Silicon Beach Financial, recommended consulting a fee-only financial planner to assess retirement readiness and optimize investment strategies.
“The focus is on maximizing your retirement savings, tax efficiency and Social Security timing,” Stroup said. “You can also pay for a tax projection because understanding your tax liability can save you thousands later.”
For You: 7 Things You’ll Regret Downsizing in Retirement
Melissa Musson, personal finance expert at Clearsurance, said spending $100 towards estate planning is a smart money move at this age.
“If you haven’t updated your will for a decade or more, it’s time to reevaluate your plans for your estate,” she said. “Make sure you have a power of attorney in place so that if you are unable to make decisions for yourself, someone you trust will act in your best interest.”
Experts say that older adults should check for standard retirement benefits like Medicare and Social Security.
“Do a session with a Medicare specialist,” said Yehuda Tropper, CEO of Beca Life Settlements. “Unfortunately, the system is complicated and it’s easy to miss details that could cost you a lot later if you have a major medical emergency or a chronic condition.”
Stroup said choosing the right benefits strategies can help retirees save money while avoiding costly penalties.
“Take a Social Security strategy course because delaying your benefits can wisely boost your lifetime payouts,” Stroup explained.
In addition, Musson advised older adults over 65 to use $100 to hire a professional tax preparer.
“If you’ve always filed your own taxes, have a professional do it, especially if this is the first year you’re retired,” Musson said. “Things can be drastically different on your taxes and you want to make sure you don’t end up owning money when you shouldn’t have to.”
Musson also said that, at age 65, going from being a full-time employee to retiring is a huge change that requires adjustments.
“Monitoring your assets and spending carefully for those first few years of retirement can make the difference in your money lasting throughout retirement and running out of funds too soon,” Musson added.
Musson said that at age 70, most older adults are settled into retirement.
“But you still have to monitor inflation rates and the economy to ensure you remain in a good financial position,” she said.
For example, Stroup said retirees aged 70 and older should get estate planning updates, including a legal check-up on wills, trusts and beneficiary designations.
“It’s about managing your required minimum distributions (RMDs), reducing your tax burdens and preserving your wealth for the next generation,” Stroup said. “To pay it forward, fund a Roth IRA for a grandchild because small contributions now can grow tax-free for decades.”
In addition, Musson said age 70 is a great time to spend $100 getting a car tune-up.
“Getting stranded with car trouble is no fun for anyone, regardless of age,” Musson said. “But at 70, you can’t risk being stuck in very hot or cold weather while waiting to be rescued. Keep your car running reliably by getting a tune-up.”
Stroup said that no matter their age, older adults can invest small dividends to secure retirement.
“The best investment isn’t always financial; it’s knowledge,” he said. “A small expense today on expert advice can prevent costly mistakes down the road. Retirement security isn’t just about assets; it’s about strategy.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: The Best $100 You Can Spend at Age 60, 65 and 70 for a Secure Retirement
发表回复