I'm 61 With $1.6 Million. What New Year's Resolutions Can Help Me Retire by the End of 2026?
Here are six tips from professional financial planners to help you retire in the new year.
Question: I'm 61 with $1.6 million. What New Year's resolutions can help me retire by the end of 2026?
Answer: The start of a new year is typically a good time for self-reflection. And it can be an especially good time to do some goal-setting if you're gearing up for retirement in the not-so-distant future.
If you're 61 with $1.6 million saved and are making plans to retire by the end of 2026, you may have some pretty lofty goals for the upcoming year. Here are some resolutions you may want to focus on as you begin that final retirement countdown. Here are tips from financial professionals.
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1. Figure out how you want to live in retirement
In the course of last-minute retirement planning, many people tend to focus on how much money they have. Frank Davis, president at New Era Financial, says there's more to it than that.
"Retirement planning should begin with determining what lifestyle you’ll live in retirement," he says. "You need to figure out where you want to plant your retirement roots, how often you want to travel, how frequently you’ll eat out, and whether you want to give monetarily to family or charities. Once you determine how you want to live in retirement, you’ll be able to come up with how much monthly income you’ll need to be successful."
2. Aim to shed remaining debt
Credit card debt is often seen as a younger person's problem. But Experian reports that in 2025, baby boomers carried an average credit card balance of $6,795.
If you're nearing the end of your career and still have credit card debt, Davis recommends using the upcoming year to rid yourself of it for good.
"High-interest credit card balances in retirement can be one of the biggest threats to financial stability,' he says. "Be sure to eliminate most of the high-interest debt before your paychecks stop."
Of course, if you're able to eliminate your debt completely, that'll be one less expense to factor into your retirement budget. But if you aren't in a position to, say, pay off your mortgage before retirement, at least try to get rid of debt that's more costly from an interest-rate standpoint.
3. Get a clear handle on your savings and investments
Your final months in the workforce are a good opportunity to assess your savings and see if any more work needs to be done. Cheryl Evans, director of the Financial Security Program at the Center for Financial Markets at Milken Institute, says that even with a nice amount of savings already, you should make this a focus in 2026.
"With a strong nest egg at 61, [2026 is] an ideal window to tighten your plan. That starts with maximizing savings while you’re still working and taking a hard look at what your retirement lifestyle will actually cost," she says.
Evans also recommends gradually reducing risk in your portfolio over the next year.
"Shifting more of your portfolio into lower-volatility assets like high-quality bonds or CDs can help protect what you’ve built and make your income stream more predictable once you stop working," she says.
4. Create a health care plan
If you'll only be 62 by the time you retire, you need a plan for health care, says Evans. The upcoming year is an opportunity to research your options and figure out how to bridge the gap until Medicare kicks in at 65.
Even if you have a decent amount of money saved, health insurance premiums could eat away at your $1.6 million more quickly than you'd expect. That's especially true if Congress does not extend premium subsidies for health care plans offered on the Affordable Care Act (ACA) marketplace. For example, a 60-year-old couple with an annual income of $85,000 paid an average of $7,225 for ACA Marketplace insurance in 2025, according to the Center on Budget and Policy Priorities. Without subsidies, that same couple's premium in 2026 would be $31,762, an increase of 340%.
If you are covered by a spouse's plan, you should still account for the rising cost of health care. Plan to spend a good chunk of time finding affordable coverage.
Evans also says now's the time to have a plan for long-term care.
"Whether through insurance or dedicated savings, you’ll want a plan to pay for services such as in-home nursing support, rehabilitation, or residential care, should you need it later in life. These costs can be substantial, and preparing for them up front can prevent financial strain down the road," she says.
5. Put some tax strategies in place
Taxes can be a major pain point for retirees, so in the coming year, Davis says, it's smart to develop a strategy to mitigate them in retirement.
"Meeting with a professional to plan your retirement income and tax strategy is crucial," he says. "Review how to allocate your withdrawals so you can control your taxes in retirement. This might mean looking into Roth conversions before RMDs begin."
6. Make physical activity part of your regular schedule
Once you retire, your whole routine changes. And some of the physical activity that happened naturally while you were working may fall by the wayside once you're no longer employed. That's why Davis recommends establishing an exercise routine now.
"Join your local gym or local community groups," he suggests, so that you get used to having classes or meetups on your schedule. As a bonus, David says group fitness classes help you stay socially engaged.
"No matter what you choose to do, remember that social engagement improves mood, purpose, and even physical health," he says.
Evans also thinks it's important to make fitness a priority.
"I encourage people to think of strength, mobility, and nutrition as long-term investments," she says. "What you eat, how much you move, and whether you maintain muscle mass through resistance training have a direct impact on your quality of life and your health care costs over time."
7. Keep up with preventive care
Your early 60s are not the time to let health matters fester. One final pledge for 2026 should be to keep up with your preventive care, Davis insists.
"Preventive care is much cheaper and far more effective than reactive care," Davis says. "Go for your annual physical and be sure to go for the preventative tests your physician recommends. Most of these preventative tests are no charge, and they can be the difference between catching something while it is simple and easy to correct or a major illness that could have detrimental effects on your life."
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