Financial planning, at any age, requires consideration of certain parameters.
We may call them planning variables.
The important variables that one should account for are-

• Age of the investor
• Risk appetite of the investor
• Planning objective
• Available investment instruments to serve the purpose
• Required amount of investment
• Associated cost
• Risk profile of the instrument
• Expected return

The information, so garnered, will help to identify the demographic and financial profiling of the investor.
The later will lay the fabric of the rationale for choosing an investment vehicle for an investor.
Let us, look at the issues, a sexagenarian should keep in mind while working out his financial planning-

1. The age is a demographic variable.
   This has a considerable impact on any financial planning.
   The financial planning of a youngster will not be akin to that of a person, on the verge of retirement.
   With changing age, change the needs.
   At 60s, one may prioritize health and security.
   At the age of 60, one should not ideally invest in risky assets.
   
2. Try to reduce liabilities by paying off his home loan, auto loan, education loan, etc.
   This will help him to reduce the burden of paying regular interests.
   
3. Invest in conservative assets like fixed annuities, trust deeds, etc.
   
4. A Fixed principal invest will guarantee the safety of your life long savings and will generate a moderate source of income for you.
   
5. If possible, consider either of 403 (b) or 401k plans to gain a tax advantage.
   
6. Instead of spending or saving too much money for health care, you may consider taking a supplemental insurance, health insurance, etc.
   
7. Make sure that you consider your cost of living after retirement.
   You may consider shifting your residence to outskirt to save a bit more on the cost of living.
   
8. Try to minimize tax liability on account of the huge money flow in the same year.
   Consult an expert to reduce your tax liability on account of property and assets.
   
9. While investing, keep in mind that security of money is more important than the yield.
   Hence, at this age, consider only the investment options that prioritize security of money invested.
   
10. Maintain proper accounts, and do not delay in filing documents for any social/ health care benefits.
    

Investment options:

• Invest in debt instruments
• Government bonds
• Municipal bonds
• Certificate of deposit
• Money market instruments
• Debt funds
• Fixed deposit
• Put some money in savings bank account and recurring deposit