Your Guide To Financial Planning For Every Stage Of Later Life

Financial planning goes beyond just thinking about retirement, it’s also about what happens afterward.

From your early 60s to your 80s and beyond, each stage of later life presents fresh opportunities, challenges, and choices. Whether you’re gearing up for retirement, have just taken the plunge, or are well into your golden years, your financial priorities shift over time.

This guide takes you through each phase, providing personalized advice to help you plan, protect, and adjust as needed. And as your trusted partner in Sun City and Sun City West, Sun Canyon Bank is here to ensure you navigate every step with clarity and confidence.

Jump to your current stage of life:

Preparing For Retirement (Late 50s to Early 60s)
Transitioning Into Retirement (Mid 60s)
Navigating Early Retirement (Late 60s to Early 70s)
Planning For Longevity (Mid 70s to 80s+)
Final Considerations For Peace Of Mind
You Deserve Financial Clarity At Every Stage

Stage One: Preparing For Retirement (Late 50s To Early 60s)

This is the time to lay the groundwork for your future lifestyle. With a few smart moves now, you’ll enter retirement in a much stronger position.

Financial Tips:

Max out your retirement contributions - Contribute as much as possible to your 401(k), IRA, or other accounts.
Tackle high-interest debt - The less you owe, the more freedom you’ll have.
Start estimating your retirement expenses - Consider health care, travel, and long-term housing needs.
Review your Social Security benefits. Use the SSA estimator to see what to expect.

Sun Canyon Bank Tip:

Open a high-yield savings account or Money Market Account¹ to build a flexible “retirement runway” fund for things like home updates or early travel plans.

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Stage Two: Transitioning Into Retirement (Mid 60s)

As you approach your retirement date or begin the transition, it’s time to start shifting your financial habits.

Financial Tips:

Set up a retirement income plan - Work with a banker or advisor to map out how income will flow from Social Security, pensions, or savings.
Create a “practice budget” - Try living on your projected retirement income before you stop working.
Decide when to start taking Social Security - The age you choose will impact your monthly benefit.
Review Medicare options - Make sure you understand your coverage before enrollment.

Sun Canyon Bank Tip:

Consider opening a dedicated retirement checking account to keep income and spending organized — and separate from your everyday accounts.

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Stage Three: Navigating Early Retirement (Late 60s To Early 70s)

Now that you’re officially retired, your focus should shift to maintaining your lifestyle while protecting your savings.

Financial Tips:

Monitor your withdrawal rate - A 4% annual withdrawal rate is a common guideline, but your needs may vary.
Track your spending carefully - Make small adjustments as needed to stay on course.
Watch your tax strategy - Work with a professional to avoid jumping into higher tax brackets.
Explore part-time or passion income - Hobbies or consulting can bring in extra income without the pressure.

Want to learn more about starting a business after retiring? Read our blog: Starting A Small Business In Retirement: Seven Smart Tips For Arizona Retirees

Not sure whether a CD or Money Market Account is right for you? Check out our quick comparison table and guide to choosing the right option: How CDs & Money Market Accounts Can Help Arizona Retirees Save In Retirement

Sun Canyon Bank Tip:

Use short-term CDs or a laddering strategy to earn interest while keeping money available for future plans.

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Stage Four: Planning For Longevity (Mid 70s To 80s+)

At this stage, it’s about preserving what you’ve built — and simplifying wherever possible.

Financial Tips:

Consolidate accounts - This can help reduce paperwork and simplify estate planning.
Review your estate documents - Make sure wills, powers of attorney, and beneficiaries are up to date.
Stay on top of health care - Evaluate supplemental plans and long-term care options as your needs evolve.
Begin Required Minimum Distributions (RMDs) - At age 73, RMDs are required from certain retirement accounts.

Sun Canyon Bank Tip:

Set up automatic deposits and transfers to streamline income and expenses, so you can focus on what matters most. Our local team can help you manage this securely and efficiently.

Stage Five: Final Considerations For Peace Of Mind

Planning for the unexpected — and making sure your affairs are in order — can bring you and your family comfort and clarity.

Financial Tips:

Create an “in-case-of-emergency” folder - Include account details, contacts, insurance, and legal documents.
Discuss account access with a loved one - Consider adding a trusted contact or setting up a joint account.
Look into funeral or legacy planning - It’s a personal topic, but one that can bring peace of mind.

Sun Canyon Bank Tip:

Ask your local banker about options like payable-on-death designations or trusted contact forms — they’re simple to set up and can protect your interests.

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You Deserve Financial Clarity At Every Stage

Later life brings different priorities, but one thing remains the same: your financial well-being matters.

No matter your age or situation, thoughtful planning can help you live with freedom, purpose, and peace of mind. Visit your neighborhood Sun Canyon Bank branch in Sun City or Sun City West, or schedule a financial check-in.

We’ll help you build a plan for the years ahead and enjoy every step of the journey.

Disclosures

¹Minimum of $2,500 to open account and earn interest. Tiers for Sun Canyon Gold Money Market include $2,500 -$99,999.99; $100,000+. Money market rates are subject to change, fees may reduce earnings. Withdrawal limitations apply.