8 Things To Stop Doing After 60, According To Kevin Lum
Written by
Terence Loose
Edited by
Amen Oyiboke
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Kevin Lum, a certified financial planner (CFP), is also a popular YouTuber who spins out financial and life advice on how to retire wealthier, and, more importantly, happier.
In a recent YouTube video, he listed eight things every person close to or in retirement should stop doing immediately. How many apply to you?
Stop Thinking About Money All the Time
Whether you have a lot of it or not, money should not occupy the majority of your thoughts, said Lum. And that’s coming from a financial planner.
“The people who think about money nonstop are usually the least happy people I meet,” said Lum.
There’s nothing wrong with valuing money. You should know your numbers and make sure you’re on the right track for your retirement goals, he said. But once you know these things, stop obsessing and enjoy life. After all, that’s why you’re saving and planning in the first place.
Stop Using Money as a Scoreboard
Instead of using money as a scoreboard, Lum suggests using it as a tool. He explained that when investments go up, we feel like we’re winning; when they go down, we feel like we’re losing.
The problem, he said, is that the “money scoreboard” never tells you when you’ve won. You make a million, you want two; you make two, and the goalposts move again. Rather than viewing money as a score, Lum advises seeing it as a tool to do the things you want to do. In retirement, your savings will — and should — go down, because you’re spending the money you worked so hard to save.
Stop Saving Blindly
As a CFP and retirement planning advocate, Lum strongly believes in saving. But he said that if you’ve already “won the retirement game,” meaning you have sufficient savings, continuing to save the same way you did when you were younger can have downsides.
For instance, he said, it could cause you to work longer than you need to or avoid spending money on things you want or need. If that’s you, he advises “moving from maximum accumulation to purposeful decumulation.” That is, spend your money intentionally on the important things in your life, like family, friends and experiences.
Stop Buying Things, Buy Time and Independence
You’ll of course need to buy some things. But, Lum said, when you buy stuff, you’re voting for a life of maintaining stuff. “Cleaning it, insuring it, storing it, worrying about it, working to afford more of it,” he said.
Conversely, when you vote for time and independence, you’re buying freedom, options and flexibility. Ask yourself which sounds better.
Stop Taking Your Health for Granted
“Your most valuable asset is not your portfolio — it’s your health,” Lum said. He added that he’s seen people with millions of dollars become financially irrelevant overnight after a health event. Meanwhile, he’s seen people with modest portfolios live deeply happy lives because they have their health and energy.
At 60, Lum noted, you’re not too old to get in shape — but you are too old to put it off. If you’ve been delaying, he said, it’s time to stop and protect your most important asset.
Stop Pretending To Be Someone You’re Not
Faking an image costs you more than you might think.
“Any time you buy something to keep up an image that isn’t really you, you’re paying a money tax, a stress tax, a time tax, a freedom tax, and, honestly, an authenticity tax,” Lum said. He told the story of a client who bought a Lamborghini.
One night, the man told Lum a secret: he absolutely hated the car. He found it loud and uncomfortable and he was terrified of scratching it. The lesson: be true to yourself. If you want an old truck, buy an old truck. Retirement, Lum said, is your chance to stop performing and start living.
Stop Trying To Time the Market
Timing the market is famously a fool’s errand. Lum said timing the market isn’t what you should concentrate on. Instead, you need a plan for multiple market conditions, including such things as cash for short-term spending, high-quality bonds for stability, and stocks for long-term growth.
But timing the fluctuations of the market is not a good plan for happiness. “The happiest retirees are not the ones who guessed the market right. They’re the ones who had a process and stuck to it.”
Stop Putting Off Experiences With Loved Ones
Quoting a writer, Sahil Bloom (“The 5 Types of Wealth,” 2025), Lum pointed out that by the time your kids are 18, you’ve spent about 95% of the time you’ll ever get to spend with them. They move out, have their own busy lives, possibly move to a new state — You get the idea.
Lum said that when you see it that way, it changes how you want to spend not only your time, but your money. Here’s what Lum said he sees from clients who get this right. “They start treating experiences like investments, not expenses,” he said. While money can’t buy more time, it can buy a plane ticket to see a loved one while you still can.
More From GOBankingRates
