Carrying credit card debt

By deciding to charge more than you can pay off on your credit card, you might experience huge money issues during your retirement. “Carrying any credit card debt might be a huge money waster for retirees.” Renee Johnson agreed, editor-in-chief of The TechReport.

She even added that retirees should forego credit cards, as they are on a fixed income and should mostly try to live within their monthly income. If not, it might become too easy to put things on credit and then have to pay out more money for paying it back over time, because of interest charges. If you’re using a debit card, you should try as much as possible to make all of your purchases in cash.