Consolidate bank accounts and investments
By the time you reach your 60s, you may have multiple savings accounts, FDs, mutual funds, and retirement schemes across different institutions. Consolidating them helps you track your portfolio easily, avoid missed renewals, and cut unnecessary maintenance charges.
Close unused credit cards and idle accounts
Unused credit cards and dormant accounts can attract hidden fees and complicate your finances. Close products you no longer need to reduce risk of fraud, simplify tax filing, and make estate settlement easier for your family.
Adjust portfolio for capital protection
In your 60s, wealth preservation should take priority over aggressive growth. Gradually move funds from high-risk equities to more stable options like debt mutual funds, fixed deposits, or senior citizens’ savings schemes to ensure steady income.
Automate bills and regular income transfers
Set up standing instructions for electricity, water, phone bills, insurance premiums, and systematic withdrawals from retirement funds. Automation reduces the chances of missed payments and makes financial management stress-free.
Update will, nominations, and key documents
Ensure your will is current, nominations are correct across all accounts, and important financial records are stored in an accessible place. Clear documentation can prevent disputes and make the transfer of assets smoother for your heirs.
