Own Your Wealth + Health in Your 50s and 60s

Why It Matters:

  • No matter how busy you get, it’s important to look after your finances and your health.
  • Depending on your age, there are different areas that will need your attention.
  • Use this article to help guide your financial and physical wellness in your 50s and 60s.

Transamerica tkc.profilePicture Written by: Transamerica | Transamerica
May 11, 2020

3-4 Min readClock Icon

As we age, some considerations become more important than others. But your Wealth + HealthSM is relevant at every age because the two are always connected. And who doesn’t want to live a long, healthy life with the financial means to fund it?

We hope you’ll find this article useful in supporting your bank account and your body during your 50s, 60s and beyond. Know someone in their 30s or 40s who could use some tips? Have them check out our previous article.

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Wealth + Health in your 50s

It’s most likely your goal is to retire at some point during your 60s. It might be helpful to look at choices in your 50s as essential preparation for your ideal retirement when you reach decade six.

Share the wealth planning

If you’re married with kids, you and your spouse have probably been busy bees these last ten years. In order to make it all happen, you’ve likely divided up the work. One of you cooks dinner and helps with homework, while the other does the laundry and packs the lunches. But if only one of you has been doing the financial planning until now, it’s probably a good time for both of you to get on board.

Why? Financial planning can be tricky. You’re going to need all the help you can get to make the right choices for your family. It also affects both parties. You need to make sure you and your spouse are on the same page about the choices it might take to prepare for retirement.

Help the survivor

Though it’s no picnic to think about, more than likely, one of you will outlive the other. And if that person thinks an IRA is some sort of baseball statistic, it could lead to poor financial decisions that open your family up to financial risk.

Gray divorce

In another no-picnic scenario, divorce among older populations has been on the rise. Both spouses could use a certain amount of financial acuity and knowledge about their situation to avoid financial harm in a divorce settlement.

Get your mental workout

Entering your fifth decade often means more noticeable signs of aging and a higher risk for disease including Alzheimer’s and other dementias. These scenarios can force seniors into expensive long term care and have an impact on the emotional health of a family. There is no cure for Alzheimer’s, but there are things you can do to help prevent cognitive decline and cut your risk.

Watch your waist and your budget

As you age, your metabolism slows and your body starts naturally replacing muscle with fat. Don’t worry too much. This change is essentially par for the biological course. But too much weight gain can lead to obesity, raising your risk for diabetes, cancer, heart disease, and poor mental health. With years of hard work saving and making solid financial moves, it makes sense to pay serious attention to your weight during your 50s — if at least out of duty to your wallet.

Get strong

Experts recommend continuing to stay active throughout your 50s and beyond, as well as adding strength training as the bedrock of your routine. This doesn’t have to mean lifting weights in a gym. Simply add resistance to movements, or simply work against gravity during your day. No weights or bands at home? You can do a full-body workout with push-ups, sit-ups, squats and lunges. And remember, the American Heart Association recommends 150 minutes of moderate-intensity exercise per week — brisk walking can fill the bill.1

Experiment with a new budget

And while you may be earning more than ever at work, depending on your situation, it’s not a bad idea to start being a little more fastidious with where and how you spend your money. To help ensure a comfortable retirement — one where you spend money on the things that make you happiest — you can start learning the habit of budgeting in the areas in your life that aren’t as important to you. The classic example would be: Opting to make coffee at home instead of mindlessly grabbing that $4 cup on the way to work. These kinds of trade-offs are the oil that keeps the retirement machine running. If you start good budget habits now, it might help reduce the sticker shock of retirement on a fixed income later.

Grow some healthy habits

One activity that could help you reap multiple health benefits is gardening. According to the Centers for Disease Control and Prevention (CDC), you can burn about 330 calories doing one hour of light gardening and yard work. In addition, it can lower blood pressure, help you eat healthier, relieve stress, and boost your mood.2

Catch up and consolidate

If you chose to divert some of your retirement money toward saving for your kids’ college tuition, or other expenses and debts, your 50s are a chance to catch back up. In 2020, The IRS allows anyone over the age of 50 to contribute up to $6,500 of extra cash toward their retirement.

And if you or your spouse changed jobs, or switched retirement accounts along the way, your 50s are a good time to consolidate everything into one easy-to-manage place. Doing this can limit your fees and paperwork. It also makes it easier to update your beneficiaries.

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Wealth + Health in your 60s

Ah … your 60s. Hopefully, retirement isn’t just on the horizon, it’s pretty much right outside your window. Now’s the time to decide on Social Security and Medicare, and work to keep up all the healthy financial and physical habits you’ve been practicing over the years.

Maximize your Social Security

One of your biggest financial decisions will come early on in the decade: Whether to take Social Security benefits early (at 62) or wait to get them on time (67 for those born in 1960 or later). Some people choose to take them early, either out of monetary necessity or due to health concerns for the future. But taking your benefits early comes with a hefty penalty — a 25% deduction in benefits every month. On the flip side, if you wait, you get income-increasing credits of 8% every year until 70.

This important decision should be made along with your spouse and with the help of a trusted financial planner. For a simple but comprehensive look at Social Security-maximizing strategies, check out this Knowledge Place article.

Understand your Medicare options

As with Social Security benefits, there’s a lot of confusing and difficult terrain in navigating Medicare. You should work with your spouse and trusted financial professional to make your Medicare decisions. Here are some of the highlights.

You can apply for Medicare up to three months before you turn 65. The enrollment period lasts seven months — the three months before turning 65, the month you turn 65, and the three months after.

It’s important to pay close attention to the government’s enrollment periods and rules in order to avoid a gap in your coverage, a late enrollment fee, or a penalty. For example, if you aren’t enrolled in an employer sponsored health plan, and you don’t sign up for Medicare Part B, you could be penalized.

It’s also important to understand that Medicare does not cover long term care should you need to live in a long term care facility. According to the U.S. Department of Health and Human Services, 70% of people who reach age 65 can expect to use some form of long term care in their lives.3 You may want to talk with your spouse and financial professional about long term care insurance to prepare for that possibility.

Keep on keeping on

You’ve spent your whole life working hard — in your career, at home, in your relationships, and on your physical, mental, and financial health. Of course, everyone should have the chance to take it easy as they reach their 60s and retirement, but don’t forget to keep an eye towards the future. According to the Social Security Administration, on average, a man and woman who reach age 65 in 2020 can expect to live to 84 and 86.5 years, respectively. And one out of three 65-year-olds today will live past the age of 90.4 Which begs the question: Is 60 the new 30?

Things to Consider:

  • Use this article to inform your financial and physical decisions in different stages of life.
  • Don’t forget to consult with trusted professionals about your wealth and your health.
  • Invest in lifelong habits that contribute to the well-being of your body and your bank account.

1 “Your Balance And Mobility After 50,” AARP, April 2019

2 “7 Benefits Of Gardening That Prove It Helps Your Mind And Body,” Good Housekeeping, April 2019

3 "Caregiver Resources & Long-Term Care," U.S. Department of Health & Human Services, August 2019

4 “Benefits Planner/Life Expectancy,” ssa.gov, accessed May 2020

Neither Transamerica nor its agents or representatives may provide tax, investment or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.



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