Five Financial Priorities for Women in Their 60s

Here are the five financial priorities for women in their 60s that nobody talks about until it's too late. I'm Tyler, a former financial advisor and portfolio manager. I make financial content for free so you don't have to pay for it.

1. Calculate Your Life Expectancy

Women, on average, live two to three years longer than men. This means your money needs to last longer. Know that planning for our retirement isn't the same as planning for your retirement.

2. Coordinate Social Security with Your Spouse

If you're married, the higher earner should usually delay until 70 to maximize the survivor benefit, which is statistically your ultimate benefit.

3. Get Your Own Financial Team in Place

Before you're a widow, ensure you have a financial team in place. 70% of women will be solely responsible for their finances at some point, and 90% will be widows. Yet statistically, most women in their 50s and 60s still don't have login credentials to their own accounts. If your spouse handles the money, you're one heart attack away from financial chaos.

4. Figure Out Long-Term Care or Self-Insure Intentionally

The average cost of a nursing home is $108,000 a year, and a private room can reach $120,000 a year. Buy long-term care insurance in your 60s before becoming uninsurable, or set aside $200,000 to $300,000 to invest specifically for health purposes.

5. Build Your Own FU Money Fund

Keep 12 to 24 months of living expenses in your name in a taxable brokerage or a high-yield savings account, not joint. Divorce, widowhood, and sudden health crises happen quickly. When they do, liquidity in your own name is necessary, not optional.

Conclusion

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