April is Financial Literacy Month—a nationwide initiative to raise awareness about money management and empower individuals to make informed financial decisions. While financial literacy matters at every age, it becomes especially critical as we approach and enter retirement.
This stage of life brings wonderful perks: more free time, increased flexibility, and the chance to explore hobbies, travel, or simply embrace a slower pace. But it also introduces new financial challenges—like living on a fixed income, planning for long-term healthcare, and making the most of limited resources to ensure peace of mind in the years ahead.
Why Financial Literacy Matters at 60?
If you’re over 60, you’ve likely earned, saved, and invested for decades. But staying financially sharp isn’t just about protecting what you’ve built—it’s about adapting to the next phase. Some key financial challenges we face include:
- When to take Social Security
- Do you take Medicare Supplemental Insurance or a Medicare Advantage Plan
- What is the Medicare Donut Hole
- What do Tax-efficient withdrawals from retirement accounts look like
- Legacy and estate planning
- Protecting against fraud and financial abuse
What are some things you can do this month?
This is a perfect time of the year to spend some time and review your own financial information.
- Review your retirement income plan and talk to your financial planner
- Check your beneficiaries on IRAs, 401(k)s, and life insurance – make sure it is exactly how you want it!
- Revisit your will or trust. Remember if you moved to a different state you may need to update your Healthcare Power of Attorney
- Take time to talk about money with family—it’s one of the best gifts you can give
Resources to keep learning
Final Thoughts
Being financially literate after 60 doesn’t mean knowing everything. It means knowing the right things for this stage of life—and staying curious and proactive about the rest. Over the coming weeks, I’ll be sharing more tips and tools to help you stay financially fit.
Stay tuned, stay sharp, and let’s make April the month we all get a little smarter with our money. Take the quiz below to learn how financially literate you are!
How Financial Literate are you? Take this Quiz
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