"I just turned 60, and retirement feels way too close. What should I be doing right now?"

The next two years are crucial. Not because you need to panic, but because you have some opportunities now that disappear after 62.

"Like what?"

1. The "Catch-Up" Opportunity

The IRS lets you save extra after 50[1]:

• Extra $7,500 in your 401(k) - total $30,500
• Extra $1,000 in your IRA - total $8,000
• Extra $1,000 in your health savings account - total $4,850 (single) or $8,750 (family)

This isn't just about saving more. It's about saving more while paying less in taxes.

2. The "Social Security Preview"

Real 2024 numbers from SSA.gov[2] for someone with average earnings ($60,000/year):

• At 62: $1,500/month
• At 67: $2,200/month
• At 70: $2,728/month

That's the difference between $18,000 and $32,736 per year - for life.

3. The "Healthcare Bridge" Strategy

If you retire before 65 (Medicare age), here are the real costs:

• Average COBRA: $623/month[3]
• Average ACA Silver Plan: $496/month[4]
• HSA Contribution Limit: $4,850 single/$8,750 family[5]

"What exactly should I do in these two years?"

First 6 Months:

• Get Your Numbers Straight
• Your Guaranteed Income Gap (see below)
• Social Security estimates
• Track real spending for 3 months
• Calculate Your Guaranteed Income Gap Average monthly must-pay expenses[6]:
• Housing: $1,800
• Utilities: $300
• Healthcare: $500
• Food: $600
• Transportation: $300 Total: $3,500
• Average guaranteed monthly income[7]:
• Social Security: $1,907
• Pension (if any): Varies Your gap = Expenses minus guaranteed income

Months 7-12:

• Look at Your Income Plan According to Vanguard research[8], you need:
• 2 years of expenses in cash
• 5 years in stable investments
• The rest for long-term growth
• Check Your Safety Nets Fidelity recommends[9]:
• 3-6 months emergency cash
• Long-term care plan
• Updated life insurance

Months 13-18:

• Start Tax Planning 2024 Tax Brackets[10]:
• 12%: Up to $47,150
• 22%: $47,151-$100,525
• 24%: $100,526-$191,950
• Review Your Investments According to Morningstar's 2024 analysis[11]:
• Keep 2-3 years of expenses safe
• Don't get too conservative
• Plan for 30 years

Months 19-24:

• Finalize Your Timeline Medicare deadlines[12]:
• Initial enrollment: 3 months before 65
• General enrollment: Jan 1 - Mar 31
• Special enrollment: 8 months after work coverage
• Create Your Retirement Paycheck Monthly basics[13]:
• Social Security: $1,907 average
• Pension: If you have one
• Savings withdrawals: 4-5% yearly

"What if I'm behind?"

Three things you can do right now:

1. Max out catch-up contributions (limits above)
2. Consider working longer (each year increases Social Security 8%)[14]
3. Look at part-time work ($1,000/month = $300,000 in savings)[15]

"What should I do today?"

• This Week:
• Calculate your Guaranteed Income Gap
• Get your Social Security statement
• List account balances
• This Month:
• Track spending
• Research healthcare options
• Check catch-up contribution space
• Next Steps: Take our 2-minute quiz to:
• See where you really stand
• Get a personal action plan
• Know your next steps
• Connect with help if needed

[TAKE THE QUIZ]