Financial

Are You Making These Common Money Mistakes That Can Wreck Your Retirement?

Retirement should be a season of relaxation and fulfillment, where the worries of the daily grind are replaced by freedom and peace of mind. But financial missteps—some big, some deceptively small—can quietly unravel those dreams before you even realize what’s happening. Just because you’ve planned and saved doesn’t mean you’re immune to the challenges that come with managing your money during retirement.

Many people assume that reaching retirement age is the finish line for financial planning, but in truth, it’s just a new chapter that requires just as much awareness and adjustment. Overlooking a few key issues could slowly sabotage your future security. Here are the most common money mistakes retirees make—and how you can avoid them so your golden years truly shine.

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Want to Stop Feeling Broke? These Habits Can Make It Happen

Saving $10,000 a year might sound like a fantasy, especially if you’re already juggling bills, rent, or student loans. But the truth is, it’s more achievable than it seems. The key isn’t some secret formula or windfall inheritance—it’s about developing habits that consistently support your long-term goals. These habits don’t require extreme sacrifice or ditching every comfort; they’re small shifts in how you approach your daily choices.

Millennials are in a powerful position to take control of their financial lives, particularly when they adopt the common-sense strategies baby boomers have used for decades. It’s not about pinching every penny or skipping all the lattes—it’s about being intentional. When you combine awareness with action, the savings start to multiply, almost without effort. These practical habits won’t just help you save money—they’ll give you peace of mind and a real sense of progress.

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The economy is shifting fast, and older adults who don’t act now may regret it later.

The warning signs are everywhere—talk of layoffs, rising prices, and a jittery stock market. If you’re an older adult, a recession isn’t just an economic downturn; it’s a real threat to your retirement security. Unlike younger folks, there’s less time to recover from financial blows, which means preparation isn’t optional—it’s essential.

It’s easy to feel powerless when the economy starts shifting in the wrong direction, but you have more control than you think. The key is acting now, not waiting until the headlines are screaming “crisis.” Smart planning can help you safeguard your savings, cut unnecessary risks, and keep your financial future steady, no matter what happens next.

A storm may be brewing, but there are ways to weather it. A little preparation today can mean a lot more peace of mind tomorrow.

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Middle-class life is getting more expensive, and these everyday comforts are slipping away.

The middle class is being squeezed harder than ever, and it’s only going to get worse. Every year, prices creep higher while wages struggle to keep up. What once felt comfortably affordable is slowly becoming a financial burden, and in just a few years, some everyday expenses will be completely out of reach.

It’s not just inflation—it’s a shift that’s making middle-class life harder to maintain. Housing, healthcare, and basic necessities are turning into luxury items, forcing families to make difficult choices. The things that once symbolized financial stability are slipping away, and there’s no sign of relief in sight.

If it feels like your paycheck doesn’t stretch as far as it used to, you’re not imagining it. The middle class is fading, and soon, some of life’s most basic comforts will be too expensive to afford.

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Find out why even small handouts can spiral into financial disaster and what every parent needs to know before saying yes.

Helping your adult children financially may seem like the loving, natural thing to do. As a parent, your instinct is to protect and provide, even long after they’ve left the nest. But what if that well-meaning support is actually doing more harm than good?

Every dollar you give them might seem like an act of love—but if you’re not careful, it could jeopardize both their growth and your financial security. It’s not just about what you’re giving—it’s about what they’re not learning. Here’s what every parent should consider before stepping in to help financially.

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Be aware of the states where your Social Security will be taxed.

For many retirees, Social Security is a critical source of income, making state taxes on these benefits an important consideration when choosing where to live. While most states don’t tax Social Security, a handful still do, cutting into the financial security of their retirees.

As tax laws continue to evolve, understanding where your benefits might be subject to state taxation can help you make informed decisions about retirement planning.

Here are nine states that will still tax Social Security benefits in 2025.

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