An expense consistently flagged by financial planners as especially harmful in retirement is credit-card debt.Planners suggest reviewing auto insurance annually and reassessing whether one vehicle could meet household needs, or if it makes sense to forgo car ownership altogether and use ride-hailing services. Reducing car-ownership expenses and adjusting coverage can free up meaningful monthly cash flow.Retirees frequently maintain high mileage estimates, unnecessary collision coverage on aging vehicles or ...

Debt can be a powerful vehicle for building wealth, but only if you have enough time to take advantage of the leverage that debt provides and turn it into a profit. Taking on significant debt just before retirement only invites disaster.You stuck to your investment strategy so far, don’t give up just before the finish line.Do not let yourself be convinced to invest in risky or new ventures. While you might get lucky and make a lot of money, you have to weigh that possibility against losing it all. There are ...