If you going to be 60 years age in the next few years, you must get yourself ready for retirement and also get all the financial tools which are required for your retirement. You must acquire the important financial instruments that you may find difficult to get after reaching the age of 60. Here are a few important financial things that people must do before they turn 60.

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Assess Your Retirement Corpus

Though this is not for the last-minute preparation as it requires a long-term approach, you may check if there are any shortfalls in your retirement corpus and try to accumulate as much as you can before your last working day. Ideally, you should start accumulating money for your retirement from the start of your career. However, a review before your retirement can help you identify the shortfall if any and find the way to overcome it.

Get An Adequate Health Insurance Cover

It can get more and more difficult to get a health policy as you get older. So, you should try to get health insurance at an early age. Before you reach the age of 60, you should check if you require enhancement in the cover size or if you need to port your health policy to another company for better features. After retirement, you may find it difficult to port the policy or enhance the size of your insurance policy.

Pay Off All The Debts

Try to pay off all your debts before you turn 60. Usually, retirees prefer to invest in low-risk investments due to their low-risk appetite and therefore the return on investment is often much lower than the interest they may have to pay on most of the loans. So, if there is an outstanding loan at the time of retirement, it is better to use the available corpus to repay it compared to using the return on retirement corpus for repaying such a loan at a later stage.

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Set Your Financial Priorities

You must set your retirement financial priorities in advance before you enter the retirement period. Check out your retirement goals and the size of your retirement corpus and accordingly set all your retirement priorities. Setting retirement priorities can help you in avoiding unnecessary expenses and you’ll be able to utilize your corpus with greater effectiveness.

Get A Credit Card

Credit cards can be highly useful for retirees as a short-term credit tool and as a spending instrument. In the absence of a regular income from work, retirees may find it difficult to get new credit cards, so it’s better to get the credit card before retirement. Depending on your income and credit score you can get a good credit limit on your card in comparison to credit cards that you may get after retirement.

With proper planning and a proactive financial approach, you can easily avoid mistakes when you are getting close to the age of 60 and secure a good retirement life later on.

The author is an independent financial journalist.