By Dr. Stacie Rhodes

Editors Note: Over the next few months, Stacie Rhodes will be sharing strategies for financial readiness for each decade of our lives.

I am a sucker for a good western movie – and my dad is to blame for that affection. We have spent countless hours bonding over the predictable ending of the hero “riding off into the sunset.” For those less familiar with this phrase, it typically refers to the conclusion of a story, often suggesting a happy or peaceful ending.

Old Western movies created this paradigm where the hero, after resolving the conflict, would ride off into the sunset, symbolizing the end of their adventure and the beginning of a calm or serene future. 

Ladies, we want this decade to be peaceful and reflective with undertones of serenity and grace as you embrace a slower pace to spend time with those close to you and engage in meaningful activities. Below are a few considerations as you navigate this “sunsetting” decade: 

Social Security and pensions are often the backbone of retirement income. Review these benefits regularly to make sure you’re getting the most out of them. For those with investments, consider shifting toward more conservative investments like bonds or dividend-paying stocks to protect capital while still generating income. Remember that we want to limit our annual spending rate to 3-5% of our retirement account amounts to maximize the years we can benefit. Therefore, maximizing your other income sources to cover your expenses can reduce the spending from your personal investment account. 

Healthcare expenses typically increase with age, and your coverage can change each year. Review your Medicare coverage annually and explore supplemental insurance or Medicare Advantage plans. Not only can Medicare costs and benefits change each year, but health conditions, new prescription drugs, or a new diagnosis might also change what coverage you or your loved one may need. Comparing Medicare options could help you find better coverage or save money. Also, remember the Health Savings Account (HSA) you wisely started decades ago? Use it strategically for tax-free withdrawals to cover qualified medical expenses.

With life expectancy increasing, budgeting for a long retirement is essential.  Adjust your spending to account for inflation and rising healthcare costs by being mindful of your spending pattern and assuming costs will continue to increase. I encourage you to maintain the habit of keeping money in an emergency fund to cover unexpected expenses without dipping into retirement savings.

Ensure your estate plan, including wills and beneficiary designations, is up to date. I cannot emphasize how important it is to review these every few years, as out-of-date documents or beneficiaries can add significant complexities your loved ones will have to navigate during the estate settlement process. Further, be vigilant against financial scams targeting you, and consult trusted financial professionals before making major financial decisions. In 2022, fraud reported from people aged 60+ totaled $3.1 billion in losses. If anything seems out of the ordinary, pause and consult those you trust.

Taxes can eat into your retirement savings if not managed properly. Strategically withdrawing from different types of accounts—traditional IRAs, Roth IRAs, and taxable accounts—can help you minimize your tax burden. Consult with a tax advisor to determine the most tax-efficient withdrawal strategy for your situation.

If you’re charitably inclined, consider making donations directly from your IRA using Qualified Charitable Distributions (QCDs). This can count toward your Required Minimum Distribution (RMD) while potentially lowering your taxable income.As you navigate this “sunsetting” decade, think of it as your opportunity to ride off into your own sunset—a time of reflection, peace, and purpose. Just as the hero in those classic Westerns rides away after a job well done, you too can move forward with grace, knowing you’ve built a strong foundation for the future. By maximizing your income sources, managing healthcare costs, protecting your assets, and planning your tax strategy, you set the stage for a serene and fulfilling retirement. Embrace this chapter with wisdom and confidence, focusing on the things that bring you joy and the people who matter most. The sunset ahead is yours to enjoy, and with careful planning, it can be as peaceful and beautiful as those beloved Western endings.


Dr. Stacie Rhodes serves as the Associate Dean for the School of Business at Liberty University, as well as the Executive Director of the Liberty University Center for Financial Literacy. Her passion is empowering women with essential financial education to walk confidently toward financial freedom. Stacie received her graduate degree from NC State University and her doctorate from Liberty University while holding CPA, CFP®, and CKA® designations. She enjoys building relationships with her incredible community, vacationing in places with beautiful beaches, and traveling the world with friends and family.