What financial goals should over 60s be making?

It's important for individuals of all ages to set financial goals, and this can be especially important for those over 60 as they may be nearing or entering retirement. Financial goals can be an important part of achieving financial stability and security, and can support individuals to make the most of their financial resources.

Some financial goals that may be relevant for those in this age group include:

1. Ensuring that you have a plan in place for retirement. This includes setting aside sufficient money to support your desired lifestyle during retirement. This may involve contributing to superannuation and/or taking into account your Age Pension benefits, whilst identifying your capital longevity.

2. Paying outstanding debts, such as mortgages, credit cards, personal loans, car loans, to reduce the burden of debt in retirement

3. Building an emergency fund to help you weather unexpected expenses, such as medical bills or home repairs.

4. In this economic environment, it is important to understand how you can protect yourself and your retirement savings against inflation. Some of these strategies include; avoid holding too much cash, re-evaluate your portfolio, explore physical assets, look into inflation linked investments, and revisiting your budget.

5. Plan beyond finances/ wealth. Setting goals (not just financial) can support many over 60 with the physiological side of retiring by providing:

- Purpose

- Control

- Confidence

- Emotional experience

Many of these are also intertwined into financial security and financial goals, however consider all factors that drive happiness is important.

6. Planning for aged care, whether this is in-home assistance or assisted living (if/when necessary)

7. Understanding the legacy you are creating and leaving to your loved ones.

This includes considering the taxation consequences of your investments, assets and establishing a will and power of attorney to ensure that your assets are distributed as per your wishes (and potentially stop any family fights over money).

It is also a good idea to review your financial plan periodically and make any necessary adjustments as your goals, health and circumstances change. It may be helpful to work with a financial planner to help you achieve your financial goals.

Meet The Author

Matthew McCabe

Matthew McCabe is an expert financial planner who has been in the financial services industry for over 18 years. He specialises in supporting everyday Australians retire on their terms by making the complex seem simple.

Matthew is the founder of Newcastle Advisors, an organisation that is dedicated to empowering individuals through financial literacy and education, to ensure Australians have the tools and information to make an informed decision about their financial future.

Matthew has also been a finance expert contributor to the Newcastle Herald, Channel 7 News, Canberra Times, Starts at 60 and Hunter Headline.