Mosaic Financial

Your 60s are often when retirement planning starts turning into real retirement decisions. This can be an exciting stage, but there are also a lot of details to coordinate before work changes or stops.

A few areas to think through:

• Decide when you may begin withdrawing from retirement accounts
• Consider whether rolling over a 401(k) balance into an IRA at retirement may make sense
• Review when you can receive your full Social Security benefit
• Review your Medicare options and determine if you want or need additional coverage
• Review mortgage and consumer debt, if applicable

A little clarity before retirement can make the next chapter feel more organized, flexible, and intentional.

Combining finances with a partner is a big step. Before you merge the accounts, make sure you have a conversation about your money goals.

• What does each person want financially in the next 1, 5, and 10 years?
• How do you each feel about spending, saving, and debt?
• Will you split expenses equally or proportionally to income?
• What financial habits are you each bringing into the relationship?

Shared finances work best when they're built on shared expectations. Get the conversation started before you get the joint account.

Your 50s are often when retirement starts to feel less like a distant idea and more like something on the horizon. That doesn’t mean every detail has to be figured out, but it can be a good time to get clearer on where things stand.

A few areas to revisit:

• Evaluate your potential sources of retirement income, including how much to expect from each source and when
• Max out retirement contributions in your employer-sponsored retirement account and IRA
• Revisit retirement savings goals to make sure they still make sense
• Check that your estate plan is up to date
• Confirm executors and guardians are still properly chosen
• Consider contributing to an HSA to help save for current and future healthcare costs

Your 50s can be a powerful decade for turning retirement questions into a more detailed plan.

June 30 marks the halfway point of the year, and that makes it the perfect time for a financial check-in. 📅

• How are your investments performing?
• Has your net worth grown since January?
• Are you on track to hit the goals you set at the start of the year?

A mid-year review doesn't have to be complicated. Even a quick look at your portfolio, your savings rate, and your progress toward major goals can give you a clear sense of where you stand and what adjustments, if any, need to be made before December 31.

The second half of the year is full of opportunity. The question is whether you're positioned to make the most of it.
Need a hand with your mid-year review? Let's chat.