Retirement is something many Americans plan decades for in hopes of achieving. Sadly, only 40% of Americans aged 61 to 65 are ready for retirement, according to a recent report from Vanguard. The rest of the people in their 60s will largely depend on Social Security to make ends meet in retirement. Falling short of financial security in your 60s is concerning, but there’s often still time to recover. Here are four ways to get on track for retirement if you’re in your 60s. Also see 50 habits that will pr ...

Core Insights - Many older Americans are reconsidering retirement due to financial uncertainties, with some opting to "unretire" to ensure financial stability [1][2][5] Group 1: Financial Concerns - A significant number of older Americans live paycheck to paycheck, with many lacking sufficient savings or pension plans, leading to a reluctance to retire [2] - Surveys indicate that nearly two-thirds of Americans fear they may need to return to work, while only 58% believe their savings will last through retirement [5] - The US Bank's 2025 Wealth Report highlights that 37% of working adults are actively preparing for retirement, but many still express concerns about their financial readiness [9] Group 2: Employment Trends - The labor force participation rate for Americans aged 75 and older is projected to grow by over 96% by 2030, indicating a trend of older individuals remaining in the workforce [6] - A ResumeBuilder.com survey found that nearly one in eight older Americans plan to rejoin the workforce in 2026 or have already done so, with over a third not planning to retire until the next decade [4] - The unretirement rate has declined from 3.2% in late 2018 to 1.9% by mid-2024, suggesting challenges for older workers re-entering the labor market [6] Group 3: Social Security and Healthcare Concerns - Over a quarter of older workers express anxiety about potential changes to Social Security, while a fifth are concerned about Medicare changes [12] - High living costs and inflation have prompted many older Americans to continue working, with 54% citing these factors as reasons for remaining in the workforce [11] Group 4: Attitudes Towards Work - Many older Americans find fulfillment and purpose in work, with some stating they would continue working even if financially secure [14] - Experts emphasize that returning to work should not be viewed negatively, as it can have cognitive and mental health benefits [15] - There is a call for more robust employment opportunities and support for older Americans to ensure they can work without facing discrimination [17][18]

A lot of retirement planning is focused on maximizing the size of your nest egg. Theoretically, the more money you have saved up, the more comfortable your golden years are likely to be. In January 2025, 4,626 U.S. adults aged 18 or older told Northwestern Mutual they believe the ideal amount to retire comfortably is $1.26 million. (1) Another commonly cited benchmark is Fidelity’s income multiple guideline, which recommends aiming to have 10 times your annual salary put aside by the time you’re 67 year ...

Sound retirement planning depends on your ability to accurately project your spending after your career comes to an end. However, even the best-laid plans can fall apart if they leave the door open for unpleasant financial surprises — one big one, in particular. The following analysis outlines how much the average retiree spends every month and reveals a potentially massive, but often underestimated expense that can sneak up on seniors, forcing them to revise their spending plans, restrict their budgets a ...

Core Insights - Retirement can present unexpected challenges, such as market downturns or unforeseen personal events, which require careful planning and preparation [1] Group 1: Supporting Adult Children - Financial support to adult children can jeopardize personal retirement plans, necessitating a balance between generosity and financial security [2][3] - Retirees should consider how to manage requests for financial assistance from adult children to ensure their own retirement stability [4] Group 2: Market Downturns - The 4% rule for retirement withdrawals may not be suitable for everyone, especially during market downturns early in retirement [5][6] - Flexibility in withdrawal rates is essential, particularly if retirees face a market decline shortly after retiring [7] - Strategies to mitigate sequence of returns risk include maintaining a cash buffer for at least two years of expenses or adjusting living standards during downturns [8] Group 3: Estate Planning - Delaying estate planning can lead to complications and increased costs for surviving family members, highlighting the importance of proactive discussions about wills and beneficiaries [9][11] - Engaging with legal and financial professionals early can help ensure that loved ones are prepared for estate matters, reducing stress during difficult times [12]

Core Insights - Planning for retirement is essential to ensure a comfortable future, as emphasized by finance expert Suze Orman Group 1: Importance of Early Saving - Starting to save early and consistently allows individuals to benefit from compound interest, which accelerates savings growth over time [3][4] Group 2: Understanding Retirement Needs - It is crucial to calculate retirement expenses, including healthcare, housing, and lifestyle costs, to avoid running out of money during retirement. A recommended withdrawal rate is 4% per year [5] Group 3: Maximizing Retirement Contributions - Individuals should aim to maximize contributions to retirement accounts, such as IRAs, which offer tax-free growth or tax-deferred benefits [6]

Core Insights - The article emphasizes the importance of evaluating financial readiness before retirement, particularly for those planning to retire in 2026, and suggests that relying solely on Social Security may not be sufficient for a comfortable retirement [1]. Financial Overview - The average monthly Social Security benefit for retired workers was $2,013.32 as of November 2025, which translates to approximately $24,000 annually. This amount is expected to increase slightly due to a 2.8% cost-of-living adjustment (COLA) in 2026 [3][5]. - Medicare Part B premiums are projected to rise to $202.90 per month in 2026, which will be deducted from Social Security benefits, potentially reducing the net income available to retirees [4]. Retirement Planning Strategies - The article suggests that individuals relying solely on Social Security should consider delaying retirement to build additional savings, such as contributing to an IRA or 401(k), which can provide financial flexibility [6]. - Even a modest contribution, such as $12,000 into an IRA over two additional working years, can help cover unexpected expenses during retirement, thereby enhancing financial security [7][9]. - The article highlights the potential struggles retirees may face if they depend exclusively on Social Security, advocating for supplementary income sources, including part-time or gig work, to improve overall financial stability [8].

Delmaine Donson/ Getty Images Key Takeaways Most Americans retire earlier than expected, with health issues and job loss being the main drivers of unplanned early exits. Experts recommend that people in their 40s and 50s plan by looking at best and worst case retirement scenarios and consider whether they can continue to work in their current jobs. Catch-up contributions to 401(k)s and IRAs can help boost savings, but planning on working longer is a risky retirement strategy given that many people re ...

Core Investment Strategy - The primary focus for retirees should be on generating reliable cash flow through dividends rather than on fluctuating portfolio values, which can lead to panic during market downturns [3][4][5] - An income-first approach is becoming increasingly popular among retirees, allowing them to maintain a stable financial lifestyle and cover living expenses without frequent principal withdrawals [4][5] Benefits of Dividend Income - Dividend income helps retirees avoid the pitfalls of traditional withdrawal strategies, which can force them to sell assets at lower prices during market declines [7][9] - This strategy allows retirees to keep their principal intact while still receiving cash distributions to cover expenses, thus positioning their investments for recovery when markets stabilize [9] Recommended Dividend Stocks and Funds - Procter & Gamble (NYSE:PG) is highlighted for its stability, with an annual dividend payment of approximately $4.23 and a history of 69 years of dividend growth [11] - Enterprise Product Partners (NYSE:EPD) offers a high yield of 6.81% with an annual dividend payout of $2.18, benefiting from its energy infrastructure operations [12] - Rexford Industrial Realty (NYSE:REXR) combines income and capital appreciation with a dividend yield of 4.18% and a strong growth record [13] - The Vanguard International High Dividend Yield ETF (NASDAQ:VYMI) provides international exposure with a yield of 3.75%, capturing income from global markets [14] Cash as a Safety Net - Maintaining liquid cash reserves is essential for retirees, serving as a safety net for unexpected expenses while allowing investments to grow or recover during market fluctuations [15]

Core Insights - Early retirement planning involves complex variables such as healthcare costs, portfolio returns, and withdrawal rates [2][4] - The 4% rule is a common guideline suggesting that retirees can withdraw 4% of their savings annually, adjusted for inflation, for at least 30 years [3][8] - Estimating future expenses, particularly healthcare, is crucial as early retirees must cover private health insurance before Medicare eligibility at age 65 [4][5] Financial Projections - A hypothetical scenario shows that with $550,000 in an IRA and $110,000 in a 401(k), the total retirement savings could grow to approximately $976,961 in 10 years, assuming a 4% annual return [7] - Applying the 4% rule to the projected portfolio suggests a first-year withdrawal of $39,078, which would be reduced to $35,171 due to penalties for early withdrawals [8] - To maintain a comfortable lifestyle, retirees should aim to replace 70% to 90% of their pre-retirement income, which for a median salary of $63,544 translates to a target income of $44,481, leaving a shortfall of $9,310 if only $35,171 is withdrawn [9]