Is there a reason to hold a meal when reaching the age of 60?

Greetings, there is an important custom to hold a meal upon reaching the age of 60 to give thanks to Hashem for having been spared from the punishment of karet (excision). It is fitting to wear a new garment or eat a new fruit to be able to recite the shehechiyanu blessing with the name of Hashem and to also intend that this blessing is for having reached the age of sixty. Sources: It is mentioned in Masechet Moed Katan (28a) that when Rav Yosef reached the age of sixty, he held a festive meal for the sages since he had been spared from the punishment of karet (as one typically leaves this world before the age of sixty due to this punishment). Furthermore, the recommendation to wear a new garment, etc., is also cited in Ben Ish Chai (Year 1, Parashat Re'eh, Section 9). See also what is written and noted in Shut Divrei Pinchas part 1 (Section 23) and in the book Halacha Berura (Section 266, Paragraph 25). 

With great blessings, Hillel Meirs