The 4 best investments Aussies in their 60s can make

Here are some of the ways you can make your money work for you in your 60s.

Key points
  • For many, their 60s is the final decade in which they'll take part in the rat race
  • That means it can be a great time to consider investing habits 
  • Having a concrete and thorough retirement plan and investing wisely is key to greater financial peace 

For most Aussies, their 60s is the time their investments begin to pay off, setting them up for their best second life.

If you're in, or approaching, your sixth decade, you're likely eyeing the retirement horizon, looking forward to putting career stresses behind you and gearing up for a life of relaxation or adventure.

So, what could be the best investments for these exciting years? Here are four investment ideas I think could be worthwhile for Aussies in their 60s.

Of course, all advice is general in nature and doesn't consider your individual circumstances.

a woman explaining information to an elderly couple about finance

Image source: Getty Images

4 of the best investment options for Aussies in their 60s

Time to contemplate

It mightn't initially sound like a winning investment, but I think setting aside the time to consider the future – in other words, intentional retirement planning – could pay dividends.

Many people might benefit from seeking professional advice here – an investment in itself.

Others might choose to set aside a chunk of time, brew a few cups of tea, and really contemplate what they want out of retirement. From there, it would likely pay to work out how much your vision could cost and how you might afford it.

You never know, the answers to such questions might reveal a few last-minute financial changes that could ensure a more rewarding retirement.

ASX shares

As a fan of ASX investing, I think snapping up the right shares could prove a winning investment for Aussies in their 60s.

Those approaching retirement might turn to ASX blue chip stocks that pay dividends. Such shares can provide passive income while offering lesser risk than, say, buying growth stocks.

Not to mention, a sizeable ASX portfolio could see one can employing the 4% rule through their retirement to bolster their cash balance.

Risk management

But that's not to say ASX shares should be a person's only investment. Diversification is a simple way to reduce the risks associated with investing.

I would suggest an Aussie in their 60s consider spreading their wealth over cash, bonds, stocks, or even property, to name a few investment options.

Further, buying shares in various companies operating in various sectors can also diversify your investment portfolio.

Superannuation

Finally, if you're in your 60s and haven't yet retired, or if you find yourself with a lump sum of cash, it might be a good time to bolster your superannuation balance.

Doing so can have some notable tax benefits and could contribute to your future financial health.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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