As you approach 60 years old, the transition to retirement may come sooner than you expect. Workers report that they plan to retire at age 65, although the median retirement age is 62. Some lose their jobs before they’re ready to leave, while a large number — around 30% — cite health issues as the reason for early retirement. But you can be prepared for whatever the future has in store for you when you meet financial milestones and get recommended health screenings by age 60.
Saving six to 11 times your annual salary should be among your financial goals by age 60. If you have yet to achieve an amount in this range, you can make up the difference. Just as important, you can protect your savings. Aim to achieve these financial milestones by age 60 for a safety net in retirement.
If you devoted your money to buying a house or raising children in your 30s and 40s, you may have taken your foot off the gas pedal for retirement saving. Your 50s are a great time to make up for that with “catch-up contributions” to any retirement account that allows them, including a traditional or Roth IRA, 401(k), or 403(b).
A catch-up contribution is an extra amount you can invest on top of your annual contribution. Total contributions allowed vary by savings plan. The amounts may also change year to year, so you’ll want to check IRS guidelines to know what you can invest.
Once you turn 55, you’re eligible to make an additional contribution of $1,000 to your health savings account (HSA) each year. An HSA offers tax benefits and is an excellent way to save money for health care needs until you join Medicare. Once you have Medicare, you can no longer make contributions to your HSA. However, you can still use the funds that have rolled over each year, making your HSA another source for retirement savings.
A common mistake in retirement planning is failing to plan for the unexpected, such as for medical issues. With medical debt in seniors on the rise, retirement savings can be at risk. One way to prepare is with Short-term Care insurance.
Your 50s are a suitable time to evaluate Short-term Care insurance. This is likely before you need coverage, but it’s when you may have overall good health and qualify for a lower premium. Short-term Care insurance fills the gaps where Medicare plans fall short. They provide supplemental coverage when you need less than 12 months of extended care in your home or in a skilled nursing facility. In turn, they help protect your retirement savings from out-of-pocket medical costs.
When you reach 59 1/2 years old, you have a few choices. You can access your retirement accounts and not incur the 10% withdrawal penalty. If you’ve opted for early retirement, this gives you access to some funds since you’re not eligible for Social Security benefits yet.
If you’re still working, this age milestone might be the time to evaluate other ways to invest your money. For example, with the guidance from a financial advisor, you may choose to roll over your 401(k) to get a better return.
By now, you’ve likely established a relationship with a primary care physician and make yearly visits to his or her office. It’s important that you maintain your annual checkups during this decade to discuss any changes you’re experiencing and to monitor your risks for diabetes, heart disease, and other concerns. These appointments also ensure you know about recommended vaccines and meet other necessary health screening guidelines by age 60, all with the goal to help ensure your ability to enjoy retirement.
Please note that some medical tests recommended at age 60 and younger are the same for all people, while others will be based on your gender.
Almost 27 million people ages 50 and up are experiencing hearing loss. That makes it a smart idea to get a baseline hearing test before 50 years old and to check your hearing regularly thereafter.
Your inability to hear well may make it hard to work or socialize and can lead to mental health issues, cognitive decline, and safety concerns. Your primary care physician may be able to recommend an audiologist or ENT to address your hearing needs.
If you’ve had chickenpox before, you carry the varicella-zoster virus in your body. As you grow older and your immune system weakens, the virus can reactivate as shingles — a painful red rash that turns into blisters. That’s why it’s recommended that adults aged 50 and up get two doses of the shingles vaccine — spaced two to six months apart. Once you get this vaccine, you may need another dose only for one of two reasons:
If you’ve yet to receive — or are unsure if you’ve received — a pneumococcal vaccine, the Centers for Disease Control and Prevention (CDC) now recommend getting one at age 50. It can help protect against your growing risk for pneumonia, meningitis, and blood infections, among other illnesses. Multiple pneumococcal vaccines are available, and your physician can direct you to the best one for you.
Do you smoke or have a history of smoking? If so, you may need to begin annual lung cancer screenings at the age of 50. This applies to you if you smoked a pack of cigarettes a day for 20 years, whether currently or if you quit within the past 15 years. The screening should continue until you turn 81 years old or have been smoke-free for 15 years. It’s conducted by low-dose computed tomography (CT).
If you’re a woman age 50 or older, you may have been getting mammograms for breast cancer screening for years, and if so, keep going. If not, it’s not too late to start getting them since all women are recommended to have an annual mammogram until 54 years old for early detection of breast cancer. Once you turn 55, you may choose to continue annual mammograms or have them every other year.
Females should continue to get a cervical cancer screening, too, through your 50s and into your 60s. Depending on your physician’s practices, you may have a pap smear test every three years or a pap smear test with HPV test every five years. You may be able to cease having these exams at the age of 65 with your doctor’s approval.
Men who are considered high risk for prostate cancer should have already had a prostate exam or discussed your risk with your doctor while in your 40s. But if you have an average risk and are age 50 or older, you should now talk with your physician about available testing options.
People ages 50 and older are considered to be at increased risk for complications from a coronavirus infection. Moderna, Pfizer-BioNTech, and Novavax provide the primary COVID-19 series and boosters.
If you’re age 50 or older and are at an elevated risk of contracting Hepatitis A or B, you should consider being vaccinated. Risks of Hepatitis A infection include traveling to countries where Hepatitis A is common, having close contact with an infected person, or using recreational drugs.
Hepatitis B risks include having a job that exposes you to human blood or other bodily fluids, sharing anything from a needle to a toothbrush with an infected person, being on kidney dialysis, traveling to countries where Hepatitis B is common, or having HIV.
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