Turning sixty can be a time of liberation, reflection, and renewal. It can also bring with it a fresh set of financial questions. For many, the focus begins to shift away from building wealth and more towards protecting it, drawing from it wisely, and making it last. Retirement may already have begun or be just around the corner. Incomes may change, responsibilities may shift, and priorities often evolve. What remains constant is the need for financial awareness and planning. 

One of the most immediate concerns for many people in their sixties is the transition from earning a regular wage to relying on pensions, savings, or other forms of income. The State Pension in the UK is a cornerstone of retirement planning, but it is rarely enough to support the kind of lifestyle many people hope for in later life. Ensuring you understand what you are entitled to, when you can claim it, and how it integrates with other pensions or investments is essential. The government’s website provides a State Pension forecast service which can be invaluable in this regard. 

Alongside the State Pension, many will have defined contribution or defined benefit workplace pensions. The shift over recent decades from the latter to the former means that individuals now bear more of the responsibility for managing their retirement pots. Knowing when and how to draw down from a pension can be complicated. Take too much too soon and you may struggle later. Take too little and you may miss out on enjoying the freedom these years can bring. 

For some, sixty is not a time to stop working altogether, but to reduce hours or change direction. A growing number of people in their sixties are choosing so-called portfolio careers, blending part-time work, consulting, or volunteering. Others take on new ventures entirely, setting up businesses or exploring creative pursuits that can also bring in income. The financial benefit is obvious, but just as important is the sense of purpose and engagement these activities offer. 

Debt is another issue that should not be ignored. Ideally, by sixty, mortgages and other loans are under control or even fully repaid. But that is not always the case. According to the Financial Conduct Authority, there has been a noticeable increase in older adults carrying unsecured debt into retirement. Managing this sensibly is vital. High interest borrowing can eat into fixed incomes quickly. Seeking advice before problems arise is always better than waiting until options are limited. 

It is also a time to think carefully about later life planning. That includes making or updating a will, considering powers of attorney, and understanding inheritance tax. These are not always easy conversations, but they provide reassurance and clarity for everyone involved. Financial planning is not just about numbers. It is also about values, legacy, and peace of mind. 

Then there is the question of care. While we all hope to remain healthy and independent, it is wise to be prepared. The costs of care, whether in your own home or in a residential setting, can be significant. Planning ahead where possible, understanding what support might be available, and factoring in the potential need for care into your financial thinking can help to reduce stress in the years to come. 

There is also much to be optimistic about. People in their sixties today are often healthier and more active than previous generations. Life expectancy has increased, and many have time and energy to pursue interests, travel, and stay involved in their communities. Financially, that means planning for a longer life, but also for a richer one in every sense of the word. 

Professional financial advice can be extremely valuable at this stage of life. An independent adviser can help review your position, set realistic goals, and ensure you are making the most of available resources. Equally important is talking openly with family members about your plans and intentions. Transparency now can prevent misunderstandings later. 

At TurningSixty, we are not here to tell you how to spend your money, but we do believe that thoughtful financial planning helps us live more fully, with less worry and more confidence. Whether you are preparing for retirement, adjusting to life after work, or simply looking to make your money go further, it is never too late to take stock and plan ahead. 

Because while money might not be everything, financial peace of mind makes a very good foundation for everything else. 

Sources

The rising trend of debt among older borrowers Financial Conduct Authority
Check your State Pension forecast GOV UK
Retirement planning and pension guidance MoneyHelper
Help choosing a financial advisor unbiased