Are you an adviser? Go to Unbiased Pro

How to invest in your 60s

4 mins read
by Unbiased Team
Last updated Monday, March 4, 2024

Your 60s are a good time to invest and set your finances up for retirement.

From paying down any outstanding debts to growing your retirement savings, investing can be a great decision.

But what should you be investing in, and what should your financial priorities be?  

Here’s our guide to everything you need to know about investing in your 60s. 

Why should you invest in your 60s?

With retirement just around the corner, it’s time to start thinking about getting your finances in order.

Whether you’ve already planned out your retirement funds or are still building them, making the right investments can provide you with healthier funds in a few years.  

When you invest, your investments can rise in value, but this is not guaranteed.

Over time, the returns from your investments grow, boosting your funds.

In practice, this means the sooner you invest, the more time you have for your investments to grow.  

If you are planning to invest in your 60s, you should be considering lower-risk investments and the impact of compound interest can still help you grow your savings. 

Deciding your financial priorities 

Investing is one of many options you could pursue in your 60s and can help you ensure your finances are in good health, but it is far from the only way to make your financial future a reality.  

1. Clear outstanding debt 

Paying off any outstanding debts is vital.

Starting with any high-interest loans or debts, consider paying down as many as possible, so you have more money for your retirement funds. 

2. Achieve your financial goals 

If you have any financial goals, such as paying off a mortgage, now is a good time to prioritise them.  

Whatever your plans are for retirement, your pension funds may not match your income as a working individual.

This could mean that any financial goals you haven’t yet achieved may be harder to do once you are retired.  

3. Top up your pension pots 

Finally, one of the most important things you can do is to pay more into your pension.  

With not long to go you can access your state pension, any shortfall in your pension income can impact your retirement planning and may mean you aren’t able to fully retire yet.  

If you are unhappy with how much you have in your pensions, consider upping these contributions.

Try our pension calculator.

What should you invest in? 

If you’re finding that you don’t quite have the savings you hoped for, you may be tempted to invest your money into slightly riskier investments. 

However, this is more likely to put your hard-earned savings at risk if you’re not planning to invest in the long term.  

Instead, make sure that you’re topping up your pension pots. 

And, if you are looking to make investments, consider lower-risk options, such as: 

1. Bonds 

As you get older, it’s important to ensure you have a steady income.

Bonds are among the safest investments you can make, and though they won’t create significant returns, they will return your principal investment with some interest. 

There are many different types of bonds, but if you choose to buy fixed-rate bonds, you’ll be locking your cash away until the bond matures, so make sure you still have some funds at your disposal.  

2. Funds 

Investing some money into a fund could be an easy way of adding passive income to your portfolio

Although you’ll pay to invest in a fund, having it track specific markets means you can benefit from this without high risk.  

Consider an investment platform 

If you’re looking to invest, there are various online platforms, including those which allow investments from as little as £25 a month.

Others offer access to thousands of bonds and shares, and some allow you to invest both in the UK and abroad with minimal fees. 

Investing before retirement 

Investing as you approach retirement can be tricky.  

While sometimes the best thing you can do with your money is pay down outstanding debts, top up your pension funds or invest in fixed-rate bonds, there are many ways of investing your money. 

To get advice based on your personal circumstances, speak to a dedicated financial adviser, which you can find on Unbiased.

See also:

Investing in your 20s

Investing in your 30s

Investing in your 40s

Investing in your 50s

Get financial advice
We’ll find a professional perfectly matched to your needs. Getting started is easy, fast and free.
Find a financial adviser
Unbiased Team
Our team of writers, who have decades of experience writing about personal finance, including investing, retirement and pensions, are here to help you find out what you must know about life’s biggest financial decisions.