Sep 12, 2025
Most retirement advice is geared to younger savers — but what if you're already in your 70s and still unsure if you're ready to stop working?
Imagine Jake, 75, a part-time consultant who’s bringing in $10,000 a month from Social Security, renting two properties and has $500,000 parked in a 401(k) along with some certificates of deposit (CDs) and annuities.
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He may look secure on paper, but he feels uneasy about his future. He’s still juggling $7,000 worth of monthly expenses, including mortgages, property maintenance, and insurance costs.
Jake is not the only older adult with multiple properties and income streams who feels financially insecure. The key to security is getting strategic about what you already have.
Retirement planning isn't always about growth
If you’re like Jake and nervous about your financial security, the first question to ask is: Why do you feel you need more money?
For some, it's about leaving a legacy. For others, it's the fear of running out of money before they die. But for many, it’s about income stability rather than investment growth.
Here are some ways someone in Jake’s situation can make the money they already have work smarter:
Evaluate rental properties
If you have investment properties, determine whether you are cashflow-positive after paying mortgages, maintenance, taxes, insurance and services such as a property management company. If not, consider selling the properties. Even if they do generate income, you may be better off selling to reduce expenses.
Reassess annuities
If you have annuities and they’re only earning 2% to 3%, you may be able to transfer them to lower-fee (and possibly higher-earning) products like another CD or even a high-yield savings account. This is especially true if you have passed the surrender period and will no longer pay a penalty for cashing out your annuities.
Leverage real-estate income
If the rental properties provide a steady income and cover your basic expenses, consider paying off the mortgages to reduce your monthly costs and live off the income. Alternatively, you could invest the income in a lower-risk, moderate-growth asset, such as a CD or money market account.
Growing money at 75 isn’t the same as growing money at 45. At this stage, focus shifts from building long-term wealth to minimizing risk and making sure what you’ve saved supports the life you want now.
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How to maximize your retirement funds later in life
Before making any significant moves, someone in Jake’s position should take a step back and do a full financial checkup. It's easy to feel overwhelmed, but following these steps will help you gain a clearer picture of your financial situation.
Understand your monthly needs
In addition to reassessing rental properties, someone in Jake’s position should look for ways to reduce discretionary costs, including travel, meals and subscriptions.
Simplify by consolidating accounts
Managing multiple properties and annuities can be mentally and physically draining. Consider consolidating accounts or even selling a property to create a simpler, more predictable cash flow.
Get help
Consider working with a fee-only fiduciary financial planner, who can help you determine the best path forward. Fee-only fiduciaries are more likely to act in your best interests than advisors who earn money on a commission basis by selling you products. [1]
Budget for your current future
Switching from the accumulation phase to the spending phase of retirement can create a sense of insecurity. Remember, your savings don't have to last forever.
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Even $500,000 in savings invested conservatively could provide $20,000 to $30,000 annually in supplemental income for 20 years. Figure out what is reasonable for your current situation.
If you’re in your 70s with a decent income and a solid asset base, retirement is likely within reach. But the next best move probably isn’t trying to “grow” your money fast; it’s reducing complexity, optimizing what you have and possibly shifting your mindset.
You worked hard to get here. Now it’s time to let your money work for you.
Article sources
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[1]. NAPFA “What is fee-only financial planning?”
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Danielle is a personal finance writer based in Ohio. Her work has appeared in numerous publications including Motley Fool and Business Insider. She believes financial literacy key to helping people build a life they love.
