Setting Up a Weekly Money Routine

As I’ve mentioned before, I have a weekly routine where I set aside roughly two hours on the weekend to evaluate my to-do lists, take care of some weekly tasks that I’ve overlooked, and do some thinking about my long-term goals and what I’m doing right now to reach them (or not).

Naturally, personal finance is a significant part of that routine. There are several things that I do each week to make sure that our finances continue to flow smoothly.

Here are the personal finance-related tasks that make up my weekly money routine.

Pay all bills We pay all of our bills on a weekly basis. If a bill has a due date in the coming week, we pay it. We also fully pay off all credit card bills each week.

For the bills that aren’t credit cards, we choose to wait until the due date is closer in order to keep the cash in our account. I usually just schedule them to be paid the day before they’re due using online bill pay.

For the credit card bills, I prefer to always keep the balance as close to zero as possible so that a big balance doesn’t ever build up. Plus, doing this ensures that I always have a very strong debt-to-credit ratio that virtually always remains below 10%, which is where I want it to be for my credit score.

Categorize expenses Over the past few months, I’ve taken to using You Need a Budget to manage our family’s cash flow. I usually record all of our spendings at once at the end of the week, which involves categorizing all of the different expenses.

I simply look at each thing we spent money on this week and assign it to the appropriate matching category. It’s really easy and just takes a few minutes.

Doing this enables me to really look at our expenses and ask hard questions about how we’re spending money. How exactly do I do that?

Review our spending plan After I’ve recorded expenses for the week, I look at our spending plan and see how those expenses match up with what we should be spending. Are our non-essential expenses too high? Are we spending too much on unnecessary things? Are we saving for everything we should be saving for?

This also takes just a few minutes, but if I discover a problem, I spend some time digging into the reason behind that problem, which can end up taking a fair amount of time.

Look for possible deductions and save them Did we spend any money on anything that’s potentially deductible this week? If we did, I record it in a separate spreadsheet and save the receipt in a manila envelope.

At the end of the year, this spreadsheet and manila envelope is a godsend. It makes filing taxes a lot easier, plus it directly saves us money on our income taxes. Taking two minutes once a week to record this stuff can add up to hundreds of dollars in tax bill reductions at the end of the year.

Learn about one new thing For the last several months, I’ve been choosing one topic to learn about or refresh myself on for the coming week. I try to devote five hours throughout the week to learn about this topic.

A significant number of those topics are related to financial issues. One week, I chose to look at Coverdell education accounts (I couldn’t really see why we would use one over a 529, but I was glad to know about them). Another week, I looked at how people do technical analysis of stocks. Another week, I dug into how the Federal Reserve sets interest rates. Another week, I focused on teasing through all of the fine print on a credit card (I expected to find some surprising clauses, but I really didn’t find anything that truly surprised me).

Each week, I learn something new about the world that strengthens my understanding of my own life, whether it’s through a better understanding of a personal finance issue or something else entirely.

A weekly financial routine is a valuable thing to get started in your own life. It doesn’t take too much time, but it’s very useful in terms of keeping your finances in balance over the long haul.

Source: Setting Up a Weekly Money Routine

Why Isn’t Income Part of My Credit Score?

Credit Score

After a series of financial setbacks, Eddie’s income is on the upswing. But that doesn’t seem to be helping his credit scores one bit. He wrote in an email asking why it didn’t:

I bring home $650 a month MORE than when I worked, and my monthly outlay is $700 less, so I have $1,350 more disposable income every month than I had when I had all that debt. Yet I can’t get a freakin’ credit card?

Why doesn’t income affect your credit scores?

“As important as it is to understand what does impact your credit score, it’s important to also know what isn’t included,” says Sarah Davies, Senior Vice President, Analytics for VantageScore Solutions LLC. “Income does not impact your credit score. Other things that do not impact credit scores are race, color, religion, nationality, gender, marital status, age, occupation, title, employer, employment history, where you live, or even your total assets.”

She goes on to explain that “a credit score is designed to determine the likelihood that you may default on a credit account. In other words, just because someone might earn more money than another person does not necessarily make them more or less risky.”

But there’s another explanation for why income isn’t used: it’s not on your credit reports.

Why not? Credit scores are calculated using the information in credit reports, and verifiable information about income isn’t listed there. The major credit reporting agencies rely on data reported by third parties (creditors and public records), not “self-reported” data supplied by consumers. Where would they get accurate income information for every person in their databases?

Employers aren’t going to supply it. Tax records might be a possibility, but since your tax data is confidential, you would first have to agree to allow the IRS to share your data. Going a step further, if taxpayer income was provided to credit reporting agencies, there would have to be a mechanism in place to handle disputes if you believed the income reported was incorrect — and it’s hard to see how the government would want to get involved with that.

How Income Is Used

The bottom line is that income isn’t part of your standard credit score.

While that may bother high earners or those, like Eddie, whose incomes are on the upswing, overall it is probably a good thing. You can be self-employed — or even unemployed — and that doesn’t hurt your scores one bit, provided you can still pay your bills on time. Anyone who works for themselves and has tried to apply for a mortgage in the past couple of years knows how difficult it can be to prove your income to a lender.

That doesn’t mean income is irrelevant. It’s not. In fact, all lenders will ask you what you earn on your application, and they may have a minimum income requirement. Some lenders will accept the number you report as long as it appears reasonable, while others may require you to document what you earn with copies of your paystubs, tax returns, or even by directly contacting your employer to verify your income.

With that number, the lender can calculate a debt-to-income ratio based on the income you have reported. They may even use a custom application score that factors in how much you make. “Lenders, on the other hand, may take income into consideration as they can make more subjective decisions as to whether to loan you money, how much, and under what terms,” Davies points out.

At least one consumer organization, the Consumer Federation of America, says there is a link between credit scores and income. In their report, “The Use of Credit Scores by Auto Insurers: Adverse Impacts on Low- and Moderate-Income Drivers,” they maintain that lower and moderate-income drivers are more likely to have lower credit scores “due to economic circumstances.”

“Income affects your credit, but not your credit score,” explains Steve Ely, president of eCredable.com, a firm that helps consumers establish credit using bills that don’t show up in traditional credit reports. “When lenders make decisions about your creditworthiness, income is always a key consideration. They don’t want to lend money to someone who obviously can’t afford to repay it. Your credit score is a key factor that helps them understand how you’ve behaved in the past (when it comes to meeting your financial obligations), and are likely to behave in the future.”

This means that just because you have a high income you may not have an excellent score, and even with a modest income, your credit score could be stellar. The only way to know is to check your credit scores, which you can do for free at Credit.com.

The True Cost of Bad Credit

Life’s easier if you have good credit, financially speaking. It can be challenging to get to that point, but aiming for great credit is a worthwhile goal, considering how costly it can be to have bad credit.

You could have poor credit for a variety of reasons, and if you look at your credit score and credit reports, you’ll probably be able to figure out why. Perhaps you have trouble making loan payments on time, or your credit card balances add up to more than 30% of your limit — poor credit could also be the result of having a very short credit history. No matter the reason, having bad credit means your history (or lack of history) makes you seem like a risky borrower to a potential lender.

If you have bad credit, you’ll want to work to improve it. Otherwise, you can face some obstacles.

It’s Hard to Get Loans

The lower your credit score, the less likely you are to be approved for loans and credit cards. If you’re approved, your poor credit standing often results in higher interest rates on the loan.

Credit reports and credit scores aren’t the only factors in loan-application decisions, but you want them to be an asset, not a liability. There are hundreds of credit scoring models out there, and you’ll never know which ones your potential lenders will use in their decision-making processes, so it helps to focus on the fundamentals (paying on time, using credit conservatively, etc.).

You Pay More

Having poor credit is costly. Yes, high-interest rates will force you to pay more than someone with great credit who is borrowing the same amount of money, but non-credit industries also consult consumer reports and scores when pricing their products.

For example: When you set up your utilities or get renter’s or car insurance, your credit standing may play a role in determining how much you pay. If you don’t meet certain credit standards of your electricity provider, you may have to pay a deposit when you have services turned on. Utility companies do this because statistically, people with poor credit are more likely to fall behind on or fail to pay bills. By asking for more money upfront, they protect themselves from loss.

Your landlord will probably pull your credit when you apply for an apartment, too, because he or she wants to know if you’re likely to pay the rent on time. Again, you may be required to pay a higher deposit because of poor credit.

Potential employers can also pull your credit reports, though you have to give them permission to do so. Certain states restrict the use of credit reports in the hiring process, so check to see what your state allows.

Even if you’re not planning on taking out loans, you should stay on top of your credit standing by regularly reviewing your credit reports and scores. Failing to check them means you may not find out about errors on your credit report until they’ve adversely affected you, and it’s best to address mistakes before they cause bigger problems. You’re entitled to a free annual credit report from each of the major credit bureaus, and you can get two of your credit scores for free with a Credit.com account.

11 Freedoms You Gain by Spending Less

Spending less often feels like a chore, but it's actually one of the most freeing tasks we can set our minds to. Learning how to save money through frugal living and smart shopping makes many things easier and can get you that much closer to your long-term life goals. Keep reading to find out how. (See also: Ways to Save $100 or More a Month)

1. You'll Be Free to Enjoy a Reduced-Stress Retirement

It's never too early to think about the future. Saving for retirement is a challenge for many, regardless of age. Spending less can reduce some stress about how you'll live on a fixed income. Use this AARP calculator to see just how much your budget reductions may be worth if you were to invest them. (That's a key thing to remember: always bank your savings!)

2. You'll Be Free to Do What You Love

Too many people are trapped in jobs they hate because they need the salary to survive. When spending is under control, you're free to take a job that inspired your passion, even if the paycheck is less-than-competitive. (See also: The First Step to Finding Your Dream Job)

3. You Can Enjoy Tax-Free Earnings (Sorta)

It's far easier to spend less than make more. And when you increase your disposable income this way, it pays off on tax day. "The money you save from cutting spending isn't taxed — more income is taxed. Every time you take a frugal step, your savings is after taxes — meanwhile, any increases in earnings that you accrue are still yet to be taxed."

4. You'll Be Free to Prepare for Emergencies

Ask most people what they're afraid of, and they'll say the unknown. The future is full of potential, for both success and disaster. Somehow those disasters have a way of hitting us in the wallet — hard. Spending less means you're ready for an unexpected expense whenever it pops up. (See also: Figuring the Size of Your Emergency Fund)

5. You'll Have Less Clutter

Until it's time to move or do some spring cleaning, we rarely realize how much clutter has collected around us. This clutter drags us down, making it difficult to be comfortable and productive. When we spend less, we free up valuable space in our spaces, minds, and bank accounts.

6. You'll Be Free of Debt

A big chunk of unnecessary spending is made possible by credit cards. While perfect for instant gratification junkies, that temporary happy feeling comes at a high cost. Spending less with credit cards means paying less interest, which in turn puts more money in your pocket. (See also: The 10 Commandments of Credit Card Use)

7. You'll Be Free to See the World

Is the wanderlust strong in you? Do you long visit new places and experience new cultures? Spending less is an easy way to boost your travel budget, so you can stop saying "someday" and book your flight sooner rather than never.

8. You'll Be Free to Enjoy Happier Relationships

Lookup any list of common relationship problems and you'll see "money" up near the top. Money (or usually a lack of it) stresses us out and creates conflict with those we love. Spending less frees us up to enjoy time with our loved ones without worrying about our finances.

9. You'll Be Free to Champion a Cause

We all have things we're passionate about, from saving the planet to finding stray animals a new home. When you create financial stability by spending less, it frees you up to donate time and resources to the causes you love.

10. You'll Be Free to Expand Your Skillset

When we commit to spending less, it compels us to get creative. Maybe you'll need to repair that coffee maker instead of buying a new one. Or maybe you'll DIY that lamp with materials from the thrift store instead of rushing out to Target. Being frugal means reduce, reuse, recycle, and reawakening DIY skills you didn't know you had.

11. You'll Be Free of Eco-Guilt

If you're worried about protecting the environment, spending less is an easy way to reign in the consumption of natural resources, as well as the creation of waste. When you're focused on the essentials, your carbon footprint shrinks automatically. 

Source: 11 Freedoms You Gain by Spending Less

10 Financial Tips for New Grads

Photography: Graduation Cake Guy by CarbonNYC

After countless hours studying, late nights, final exams, and some parties, now it’s time to head out into the “real world”… or at least that’s what everyone has been calling it as long as you can remember.

When moving on to the adult phase of your life, be sure to take care of your financial situation. Your actions now will have a significant impact on how the rest of your life shapes up financially.

Many older adults look back and say the number one thing they wish they would have done differently was learned about money management while they were young. Here’s your chance to jump-start your finances!

Get health care coverage immediately. If it hasn’t already, your parent’s health care coverage will probably end with your graduation. Get a quote for an individual health insurance plan or sign up with your new employer’s plan. Going without coverage could have a devastating effect on your finances if you have a severe illness or accident. Make this the first thing you do… and don’t put it off!

Get your own home and auto insurance. Now that you aren’t a student, you’ll need to get your own auto and renters insurance policies. Start by calling your current insurer, you might be eligible for a discount based on the length of time you’ve been with the company, but don’t forget to shop around to save on insurance premiums.

Save money for your future self. Join the retirement plan at work. If you are young and your company offers it, you may want to explore the Roth 401k at work. In addition to your plan at work, begin saving money on your own for both retirement and other goals

. Now maybe the perfect opportunity to save a lot and use the reverse savings strategy before you have lots of financial obligations (kids, house, etc.)

Start an emergency fund. Earmark some of your first dollars from your new job to build up a savings account to serve as an emergency fund

. You never know when an emergency will hit, but it is inevitable.

Learn about taxes. What? I know, this isn’t a fun one. However, hopefully, you’re going to go from a poor college student to a highly paid worker. With that luxury comes higher taxes. Educate yourself about taxes, and you’ll be able to take advantage of incentives and deductions to cut your tax bill. Pay particular attention to the student loan interest deduction and the saver's credit for retirement savings contributions.

Begin payments on student loans. Begin paying your student loans right away. Your future self will thank you.

Handle credit cards wisely. Use credit cards carefully to earn cash rewards. Always pay your balance in full every month. If you run up some credit card debt while in school, begin paying it off aggressively. To save interest while paying it off you may want to transfer the balance to a 0% balance transfer credit card or explore other ideas in how to pay off credit card debt.

Create savings goals. Before you commit your paycheck away, create savings goals. As a new grad, you may want to focus on retirement or a downpayment for a house.

Spend money slowly. It can be very tempting with a new job to buy a new car and rent a fancy apartment. Not so fast! Wait a few months to see how your finances work out. My husband found this out the hard way.

Follow your heart. Did you meet the man or woman of your dreams at school? If so, and you are planning a wedding in the future, don’t forget to check out frugal tips for the ring and the wedding.

Source: http://www.mydollarplan.com/10-financial-tips-for-new-grads/#ixzz31CBa8Nkx

A Simple Secret for Avoiding Shock at the Cash Register

My least favorite part of shopping is going to the cash register. I hate the sinking feeling in my gut that I get when my items are totaled and tax is applied.

Did I really spend that much? Yes, the numbers don’t lie.

As I’m shopping, I have a rough idea of what I’m spending, but somehow it always becomes much more when it’s accurately totalled. This is partially the fault of my falling for retail pricing tactics.

For instance, an item’s sale price is $19.98. When you estimate your total while shopping, it’s easy to drop off the change and think of it as $19, which is exactly what retailers want you to do! In actuality, $19.98 is much closer to $20 than $19.

By advertising a price as a penny or two less than the next dollar amount, retailers trick many shoppers into thinking they’re spending less

.

This is a tactic I became familiar with at a young age, thanks to my penny-pinching parent. She would ask me how much an item was, and at first, I would answer something like “$19.98.” She would correct me, saying that the item was actually more like $20.

As an obsessive-compulsive person, I didn’t really like rounding up when I was actually spending less, but I soon discovered why she did this. When she got to the register, there were no surprises. She usually had her money ready to go before her items were totaled, and she hardly ever had to dig in her purse for more.

My grandmother had perfected the art of rounding.

Round ‘Em Up

Since hardly anything is priced in even dollar amounts (other than at the dollar store), it’s necessary to round dollar amounts to get a more accurate idea of what you’re spending before you get to the register.

Rounding isn’t just a technique you learned in school to help you determine answers given in decimal points; it’s a valuable skill for shopping smart. By rounding amounts to the nearest whole dollar, you can quickly determine if you’re staying within your budget.

For instance, if you purchase items that are priced at $15.97, $5.88, and $2.47, you can round the first amount up to $16, the second amount to $6, and the third amount to $2.50. Your estimated cost is then $24.50. If you calculate the actual cost, it’s $24.32. That’s very close! Of course, if you have a calculator on your phone, you can always plug the actual amounts in to get this total. But if you don’t want to stop what you’re doing, rounding is an easy way to calculate an accurate total in your head.

Don’t Forget Tax

In case you were wondering, no, I didn’t forget about sales tax. This is something that should be rounded into your estimated total, as well. In my state, for instance, the sales tax is 6%. This is closest to 10%, which is an easier percentage to calculate in your head.

In the case of the previous purchase, I would determine 10% of $24.50, which is $2.45. If you wanted to round this again, it would be $2.50. So the total will be under $27. To test the math, 6% of the actual total, $24.32, is $1.46. The total with tax becomes $25.78. The estimate of $27 is very close, and as always, higher than what was actually spent.

Math Isn’t Always Evil

The practice of rounding dollar amounts to get a more accurate picture of what you’re spending can be applied in many areas of personal finance — beyond a simple trip to the grocery store or the mall. By utilizing this oft-forgotten mathematical technique, you can avoid register shock and be more aware of your spending.

Do you round up numbers in your head while shopping? Why or why not?

Source: A Simple Secret for Avoiding Shock at the Cash Register

Retiring Soon? Don’t Make These 8 Mistakes

There is plenty you can do to avoid running out of money in retirement. Whether you are newly retired or retiring soon, planning is key.

Some retirees just plunge in and get into trouble.

Eight money mistakes those nearing retirement made and how to avoid them so your lasts.

Mistake 1: Not planning for medical expenses

Medicare kicks in at age 65, but that’s not the end of your medical expenses. Fidelity Benefits Consulting estimates a 65-year-old couple retiring this year will need $220,000 of their own money for medical expenses over the course of retirement. Those include deductibles for Medicare Part A and Part B (in-patient and out-patient insurance) and premiums and out-of-pocket costs for Medicare Part D prescription drug coverage.

Take action:

• Call your state insurance commissioner’s office to get help choosing the most cost-effective Medigap plan.
• To help dodge expenses from illness and disability, exercise regularly, and stay at a healthy weight. (Get a physical exam before beginning a diet or exercise program.)

Check into long-term-care insurance. It’s cheaper if you sign up when you’re younger.

Think about moving closer to good medical centers, hospitals, and families.

Mistake 2: Underestimating costs

Retirement costs can be surprising. Surprisingly high, that is. You can manage costs by earning extra income in retirement. Here are the rules for working while receiving Social Security benefits.

AARP tells the story of Jackie Booley, who retired at 61 but later began working from home for about $9 an hour as a customer service representative. Numerous employers offer home-based jobs. But the field is rife with scammers, so learn the red flags.

Take action: Start shopping for jobs. (Research compensation at PayScale.com.) These articles have job ideas and resources:

• “Great Work-at-Home Jobs for Retirees” and “5 Part-Time Jobs for Retirees“ are among articles and resources at AARP’s job-hunting area.
• “10 Best Jobs for Americans Over 65“ from The Fiscal Times include casino work, market research, mediator, nutritionist, and Santa Claus gigs.
• “10 Part-Time Jobs for Retirees” from Bankrate lists consulting or freelancing, research for universities, government jobs, part-time seasonal work, customer service, teaching, and tutoring.
• “The Best Part-Time Jobs for You“ at The Huffington Post taps employment experts for ideas and resources. Among suggested jobs: bartender, tour guide, and flight attendant.
• For more ideas, read “7 Tips to Find a Job in Retirement.”

Mistake 3: Celebrating with a big purchase

No doubt you’ve got a wish list for retirement. But hold off major purchases and expenses at first to give retirement a spin and see what you’re spending each month. Track expenses – every single one. A year’s tracking gives the best picture because it includes one-time and seasonal expenses.

Take action: It doesn’t matter what tracking system you use. Just find one you like and keep it up. Keep receipts, watch bank and credit card accounts online on a weekly basis, and update your tracking regularly. Here are a few approaches:

• Free online budget programs. Money Talks News partner PowerWallet lets you track expenses automatically for free. It and other free money management services like Mint and BudgetTracker make money by recommending financial products and supplying coupons.
• Quicken. Users can enable online features or input expenditures manually. Cost: $30 and up.
• Microsoft Money Plus Sunset Deluxe. MSN’s popular software tool has been discontinued and replaced by (free download) Microsoft Money Plus Sunset Deluxe. It’s a no-frills product — no tech support and no linking to online accounts.
• DIY. Track expenditures manually and offline on a spreadsheet.

Mistake 4: Helping out the kids

Many parents set themselves up for a crisis in retirement by supporting adult children financially. A study by Merrill Lynch says 60 percent of people 50 and older are assisting adult relatives financially.

Most people realistically can’t do both. Adult children still have time to pay off college loans and save for retirement. Their parents are running out of time.

Take action:

• Make a concrete plan with goals and deadlines for gradually withdrawing financial help.
• Discuss the changes you are making with your kids.
• Help them learn to budget.
• Model financial restraint and responsibility for your kids.

Mistake 5: Claiming Social Security too soon

Waiting to claim Social Security benefits is one of the best investments around. Your Social Security account earns 8 percent a year when you hold off claiming benefits beyond your full retirement age.

If your full retirement age is somewhere between 66 and 67, your benefit check could grow by 32 percent if you wait until age 70 to collect, Social Security spokesman Michael Webb said in an email. If your full retirement age is 67, waiting until 70 yields a maximum possible increase of 24 percent.

The average benefit Social Security paid in January was $1,294 — $2,111 for a couple. If your full retirement age is 66, waiting until 70 would grow a $1,294 benefit to $1,708 a month for life. For couples, if both spouses wait to 70, the $2,111 average combined benefit can grow to $2,787 a month.

On the other hand, about half of retirees take Social Security at the earliest possible moment, when they’re 62, locking themselves into a much lower monthly benefit than if they had waited until full retirement age. U.S. News & World Report says:

Social Security benefits are reduced for workers who sign up at age 62, and the amount of the reduction has recently increased from 20 percent for people born in 1937 or earlier to 25 percent for baby boomers born between 1943 and 1954. … The reduction in benefits for people claiming at age 62 will further increase to 30 percent for everyone born in 1960 or later under current law.

This Social Security Administration table shows the reduction in taking early Social Security benefits depending on the year you were born.

Take action:

• Go to SocialSecurity.gov’s My Account to see your estimated benefits. If you’ve paid into the Social Security system, you can create an account and pull up a statement showing what you’ll earn by claiming benefits at various ages.
• Keep your current job if you can and delay retirement. Or get a part-time job that helps you hang on longer before claiming benefits.
• Hire a certified financial planner to review your retirement plan, income, and expenses with you. Find a fee-only certified planner.

For more tips on boosting your benefits, read “13 Ways to Get More Social Security.”

Mistake 6: Forgetting to plan for taxes

The IRS probably won’t disappear from your life when you retire.

For instance, traditional tax-deferred retirement plans like 401(k)’s and IRAs allow you to contribute pretax money to the accounts with the understanding that Uncle Sam will get his cut when you draw from the accounts after retirement. To that end, those accounts require you to withdraw a minimum amount each year beginning in the year you turn 70½. If you don’t, you could be hit with a 50 percent penalty on the amount you should have withdrawn.

There are calculators online that can help you compute required distributions, 

​Good planning, especially before retirement, can help manage the tax bite. One strategy, Stacy Johnson says, is to roll a portion of retirement savings into a Roth retirement plan, which has no minimum distribution requirements. Roth plans require taxes to be paid before money goes in. You withdraw the funds tax-free later. The strategies you use will depend on your income now and what you expect it to be after retirement.

Take action: Make a plan — or get expert help making one — that takes taxable retirement income into account.

Mistake 7: Ignoring estate planning

Get your affairs in order before you’re ill or old so you’ll have control over where your money and possessions go. It’s a kindness to your heirs, too, since they won’t be saddled with the work.

Take action:

• Make or update your will and, if appropriate, make a revocable living trust.
• Sign a durable power of attorney naming someone you trust to make your legal and financial decisions if you cannot.
• Assign health care power of attorney to someone to make your medical decisions if you’re unable.

Learn more from “Estate-Planning Documents You Need Right Now.”

Mistake 8: Investing too conservatively

As retirement grows nearer, it seems prudent to invest more conservatively. But you could live another 20 years. Savings held too conservatively shrink due to inflation. A portion of your funds needs to grow.

“Never taking a risk means taking a different risk,” Stacy says.

Take action: Learn about investing so you can be confident in taking measured risks to earn gains, even as you grow older.

Read “Ask Stacy: How Do I Get Started Investing?”

What money mistakes have you seen retirees you know to make? Post your comments below or on Money Talks News’ Facebook page.

Source: Retiring Soon? Don’t Make These 8 Mistakes