3 Retirement Planning Mistakes to Avoid in Your 60s

Once you reach your 60s, retirement may be right around the corner. And that's certainly something to look forward to.

However, your 60s aren't the time to grow complacent when it comes to retirement planning. Rather, you should use your final years in the workforce to make strategic decisions that set you up for a comfortable lifestyle afterward.

With that in mind, here are three retirement planning mistakes you'll want to avoid during your 60s at all costs.

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1. Not continuing to fund your IRA or 401(k)

You may have spent much of your career funding a retirement plan consistently. That's something you should continue doing in your 60s.

You might assume that any new money you put into your IRA or 401(k) won't have a lot of time to grow, so it's not worth making those contributions. But remember, the money you have invested in an IRA or 401(k) plan continues growing during retirement. So the more you're able to contribute, the better.

Remember, too, that with a traditional retirement account, your money goes in tax-free. So, even if you have a nice IRA or 401(k) balance already, continuing to make contributions could shield a portion of your income from taxes.

And if you decide that it makes more sense to save in a Roth IRA or 401(k), continuing to make contributions means getting to grow even more money in a tax-free manner. It's hard to argue with that.

2. Assuming it's too late to buy long-term-care insurance

Medicare might cover a lot of your healthcare needs once you retire. But one thing it won't pay for is long-term care. And the costs there could be astronomical, especially if you end up needing that care for a lengthy period of time.

Buying long-term-care insurance is a great way to defray some of the costs you might incur, such as needing a home health aide or nursing home stay. And generally speaking, it's a good idea to shop for long-term care insurance in your 50s, when you may be eligible for a more competitive premium rate based on the state of your health.

But that doesn't mean you won't qualify for long-term care insurance in your 60s. So if you missed the boat in your 50s and are interested in having it, don't assume it's too late. Instead, shop around to see what options may be on the table.

3. Rushing into Social Security once benefits become available

Once you turn 62, you're able to sign up to start receiving Social Security. But that doesn't mean it's a good idea to claim those benefits as soon as they become available to you.

If your full retirement age for Social Security is 67 and you file for benefits at 62, you'll reduce your monthly payments by roughly 30% -- for life. And that hit to your monthly benefits might end up being more detrimental than expected.

It may be that you're planning to get most of your retirement income from your personal savings. But if you end up with unexpected costs, you could end up draining your IRA or 401(k) prematurely, leading to a situation where you become very reliant on Social Security later in life. At that point, reduced benefits could become a serious problem.

This isn't to say that claiming Social Security early is always a bad idea. The key, however, is not to rush into it. Consider your savings, health, and income needs when making your filing decision.

The right moves in your 60s could lead the way to the fulfilling retirement you deserve. Aim to avoid these big mistakes so you don't end up kicking yourself after the fact.

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