60 Financial Goals To Achieve Before You Turn 60

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Setting financial goals can help you establish good money habits. While short-term goals can get you started, long-term goals lead to wealth. 

Having a good grasp of your finances gets more important as you get older and move closer to retirement. Even if you plan to work forever, it’s possible that you may no longer be able to work due to a physical or medical condition. That’s why it is good to stockpile money and make smart decisions now instead of playing catch-up a few years later.

These are some of the financial goals you should achieve before you turn 60.

Financial Goals Around Debt

1. Have no credit card debt

2. Pay off your mortgage

3. Make sure you never spend more than you earn each month

4. Pay off any personal loans and auto loans

5. Put yourself in a position where you no longer need to take out debt

Financial Goals Around Investing

6. Your net worth should be at least 25 times your annual salary

7. Invest at least 10% of your paycheck and gradually increase this number

8. Invest in a diversified portfolio that includes stocks in various sectors. A few ETFs are sufficient.

9. Invest enough money in your children’s 529 to cover college tuition. You can start with $100 per month.

10. Have one investment that you have held for at least one decade to avoid emotional investing.

Financial Goals Around Income Growth

11. Invest in career skills that allow you to double your income over time

12. Start a small business or a side hustle and commit to it for at least one year

13. Learn negotiating skills and ask for a raise at least three times before you turn 60

14. Continue applying for new jobs so you can job hop if needed and create more leverage in negotiations

15. Create a retirement plan so you know when to retire or switch to part-time work

Financial Goals Around Risk Management

16. Have an emergency fund that can cover at least one year of living expenses

17. Diversify your investments across multiple sectors

18. Gradually move some capital out of high-risk assets and put them into stable, low-risk assets

19. Invest in assets that generate cash flow

20. Don’t log into your stock portfolio for one week and monitor how you feel about your investments

Financial Goals Around Home Maintenance

21. Renovate your home

22. Update your appliances

23. Allocate money for home maintenance projects in a separate savings account

24. Update major parts of the home, like the roof and HVAC system, before retiring

25. Consider a good home warranty

Financial Goals Around Credit Building

26. Ensure you use auto payments to avoid any late payments

27. Pay off all of your debt to boost your credit utilization ratio

28. Avoid taking out new debt when you get older

29. Keep your old accounts open

30. Create a budget that keeps you on track

Financial Goals Around Mindset

31. Commit to staying disciplined for your financial success for many years

32. Track your expenses every month

33. Stop impulsive spending by deciding how you will spend your money

34. Avoid negative self-talk when it comes to finances and life in general

35. Establish why you want to outperform others and make more money and, if needed, periodically adjust this purpose as your life changes

Financial Goals Around Retirement Accounts

36. Max out the contributions to your 401(k) and IRA plans, including catch-up contributions

37. Strategize how you will withdraw funds from your retirement accounts to minimize the tax impact

38. Create an IRA in addition to your employer’s 401(k) plan

39. Create a solo 401(k) if you are a business owner who doesn’t have employees

40. Review your portfolio each year to ensure it aligns with your risk tolerance and long-term goals

Financial Goals Around Spending

41. Determine which expense categories matter the most to you

42. Ruthlessly cut out expenses that do not align with spending categories that do not increase the happiness of you or your loved ones

43. Live below your means

44. Spend what is left over after investing and saving instead of saving what’s left over after you spend money

45. Don’t feel guilty about buying something that has a meaningful, long-term positive impact on your life

Financial Goals Around Estate Planning

46. Create a will

47. Speak with a professional about estate planning

48. Establish trusts to avoid probate

49. Determine your power of attorney

50. Choose your beneficiaries

Financial Goals Around Banking

51. Put your extra money in a high-yield savings account that has a 3.00% APY or higher

52. Comparing banking apps to determine which one builds your wealth the most

53. Review your bank’s resources and make sure you are maximizing them

54. Set up automations like AutoPay and auto-invest

55. Streamline your finances so you can easily access your investments, bank accounts and other financial products

Financial Goals Around Insurance

56. Review your policies to ensure you have enough coverage

57. Check your policies to see which ones still make sense for your financial profile

58. Get good health insurance

59. Determine which assets you want to protect the most

60. Protect your loved ones with a good insurance policy

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