Financial Questions Every Woman in Her 60s and beyond Should Be Asking

Your 60s and beyond should be a time to enjoy the freedom you’ve worked so hard to earn — whether that means winding down your career, pursuing new interests, giving back to your community, or simply spending more time with family and friends. 

But this next chapter also brings important financial decisions that will shape your lifestyle, legacy, and peace of mind. Here are key questions to consider as you step into this empowering stage of life. 

“Am I financially ready for retirement — or semi-retirement?” 

You may be looking to stop work entirely, reduce your hours, or start something new — like consulting, volunteering, or even launching a small business. Either way, it’s important to make sure your income streams are aligned with your lifestyle plans. 

Questions to consider: 

• Do you know how much income you’ll need to fund the lifestyle you want? 

• Will your superannuation, investments, pension and other assets support this? 

• Have you considered how inflation, rising living costs or market volatility may impact you? 

Speak with a financial adviser about strategies for: 

• Drawing down your super tax-effectively 

• Accessing Centrelink entitlements 

• Generating income through investments or annuities 

• Creating a cash flow plan that lasts 

You may be slowing down professionally — but this is when your money needs to keep working hard. 

“Have I accounted for future healthcare and aged care costs?” 

Women not only live longer than men — they also tend to face higher health-related expenses in later life. In fact, a healthy 65-year-old woman can expect to spend up to $38,000 more on healthcare in retirement than a male counterpart. 

• Plan ahead for out-of-pocket medical expenses, especially if you’re no longer working. 

• Review your private health insurance — are your extras still right for you? 

• Consider the potential need for in-home care, respite care, or permanent aged care. 

• Familiarise yourself with government subsidies and how means testing applies. 

Download our Planning for Aged Care Guide to explore your options and prepare financially and emotionally for care later in life. 

“What if I become a widow?” 

It’s not a pleasant thought — but it is a reality that many women face. Statistically, women are nearly three times more likely to become widowed than men. 

While you can’t prepare for the emotional impact, you can ensure you’re financially secure: 

• Know where key documents and accounts are held. 

• Have joint access to important accounts and passwords. 

• Confirm that Wills, superannuation nominations and insurance policies are current. 

• Ensure powers of attorney and executors are formally appointed and updated. 

Many women experience a new sense of resilience and purpose after loss — but having your financial foundations in place can make all the difference when you need it most. 

Download Morrows’ Financial Emergency Plan Template to keep everything organised for yourself and your family. 

“Should I help my adult children — and how much is too much?” 

Many women in their 60s want to support their children or grandchildren — whether it’s helping with home deposits, university costs, or simply offering a place to live. 

While generosity is admirable, it’s essential to set clear boundaries. Questions to reflect on: 

• Can you afford to help without putting your own retirement at risk? 

• Are you enabling long-term independence or delaying it? 

• Have you had honest conversations with your children about expectations? 

You’ve worked hard to build your financial security. It’s okay to say no, or to offer support in ways that won’t compromise your future. 

For more tips, see: Supporting Adult Children Without Sacrificing Retirement 

“Is my estate plan complete and up to date?” 

If it’s been a few years — or even decades — since you reviewed your estate planning documents, now is the time. 

Make sure you have: 

• A valid Will reflecting your current wishes 

• A Power of Attorney and Medical Decision Maker in place 

• Binding death benefit nominations for your super 

• Clear instructions for your executor and family 

• A plan to minimise tax on your estate, especially for beneficiaries 

An estate plan is not just about wealth — it’s about passing on your values and supporting those you love. 

Final Thoughts 

Your 60s are about more than just retirement. They’re about living life with intention, impact and peace of mind. Whether you’re travelling, spending time with family, giving back through philanthropy, or pursuing long-held passions — this is your time. 

Let us help you make the most of it. 

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