Who Wants To Be a Millionaire in Their 60s? 5 Moves That Actually Work — and 2 That Don't
Becoming a millionaire in your 60s isn't about finding a secret investment or making up for lost time. It's about making intentional financial moves that give savings more time to grow while protecting the wealth that's already been built.
The good news? Some decisions can make a meaningful difference over the next decade. Others may slow progress.
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Here are five moves that actually work, and two that don't.
1. Reduce Permanent Expenses
Lowering the amount retirement savings must fund can be just as powerful as growing a portfolio.
Ernest Cave III, a certified financial planner (CFP) and founder of Cave Wealth Management, said permanently reducing spending by $10,000 per year can be as powerful as adding roughly $250,000 to a retirement portfolio.
“People often focus on earning more,” Cave said. “But lowering the amount a portfolio must produce can be just as powerful.”
2. Look Beyond Stocks and Bonds
Investing beyond traditional stocks and bonds may create additional ways to grow wealth and generate income.
Daniel Gleich, board member and shareholder at Madison Trust Company, said self-directed IRAs can provide access to alternative assets such as real estate, private equity and precious metals.
For investors in their 60s, adding carefully chosen alternative assets may provide more diversification while reducing reliance on a single asset class.
3. Consider Roth Conversions
Lower-income years after retirement may offer an opportunity to move money into a Roth account and give it more time to grow tax-free.
A Roth conversion moves money from a traditional retirement account into a Roth account in exchange for paying taxes on the amount converted today, Cave said.
While a Roth conversion isn't “free money,” Cave said it can reduce future required minimum distributions, create more tax flexibility and help preserve more of a portfolio for future spending or heirs.
4. Tap Home Equity
Home equity can provide another source of retirement funding when using investment accounts would lock in market losses.
Many people in their 60s treat home equity as untouchable, even though a home equity line of credit, downsizing or a carefully structured reverse mortgage can provide additional financial flexibility, said David Kon, CEO of WealthFluent, a wealth management platform.
Using home equity strategically may allow investments to remain intact and recover during a market downturn.
5. Make Time Work for You
Coordinating major retirement decisions can help make existing wealth last longer and create more room for it to grow. That includes deciding when to retire, when to claim Social Security, how much to spend, and which accounts to draw from first.
“In your 60s, the biggest financial gains often come from avoiding expensive mistakes, not chasing extraordinary returns,” Kon said.
For some households, the plan may reveal that working one or two additional years is the strongest available move. It creates more time to save, delays portfolio withdrawals, shortens the period savings must support retirement, and may increase Social Security benefits.
Moves that Don't Really Work in Your 60s
Overpaying for Financial Advice
Financial advice has value, but Kon said high fees can erode wealth over time.
He explained that people in their 60s are often targeted with the promise of handing over portfolio management in exchange for peace of mind. The trade-off can be costly. A 1% annual fee on an $800,000 portfolio amounts to more than $8,000 each year.
Over a 20- to 30-year retirement, those fees can compound into more than $1 million in lost wealth on a moderate-sized portfolio. Kon said investors should understand what they’re paying for and whether a lower-cost financial plan may better meet their needs.
Being Too Conservative
Playing it too safe can create its own financial risks in retirement.
Kon said one of the most common mistakes people make is shifting their entire portfolio into conservative investments as soon as they retire. A healthy 65-year-old may still have a 25- to 30-year investing horizon.
Rather than abandoning growth altogether, he recommends keeping three to five years of spending in safe, liquid assets while allowing the rest of a portfolio to remain invested to help outpace inflation.
According to Kon, the right mix will depend on factors such as home equity, Social Security benefits, pensions, and other sources of guaranteed income.
The Bottom Line
Building more wealth in one's 60s can create greater financial freedom in one's 70s.
“Ten years is enough time to materially improve a retirement plan, but it is usually not enough time to safely gamble your way out of a shortfall,” Cave said.
Ultimately, the goal isn't simply to reach a number. It’s to enter one's 70s with lower fixed expenses, more tax flexibility, stronger guaranteed income, and a portfolio that isn't responsible for funding every dollar of retirement spending.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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