Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.head.html): failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 53]Code Context<?php // if (!$nowrapper) (Globals::$language == 'es') ? include(APP . "/Resource/aarpe_global_js_es.html") : include(APP . "/Resource/aarpe_global_js.html"); ?>
<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.head.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }'include - APP/View/Layouts/aarp_2023.ctp, line 53 include - APP/View/Layouts/aarp_2023.ctp, line 53 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.head.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 53]Code Context<?php // if (!$nowrapper) (Globals::$language == 'es') ? include(APP . "/Resource/aarpe_global_js_es.html") : include(APP . "/Resource/aarpe_global_js.html"); ?>
<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.head.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }'include - APP/View/Layouts/aarp_2023.ctp, line 53 include - APP/View/Layouts/aarp_2023.ctp, line 53 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.root.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 54]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.head.html");
include (APP . "Resource/aarp2_master.resource.root.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }'include - APP/View/Layouts/aarp_2023.ctp, line 54 include - APP/View/Layouts/aarp_2023.ctp, line 54 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 54]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.head.html");
include (APP . "Resource/aarp2_master.resource.root.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }'include - APP/View/Layouts/aarp_2023.ctp, line 54 include - APP/View/Layouts/aarp_2023.ctp, line 54 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.
1. Not Saving Enough
One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.
2. Avoiding the Stock Market
While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.
3. Retiring Too Early
Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.
4. Tapping Benefits Too Soon
It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.
5. Ignoring Life Expectancy
Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.
What can a senior living in New Jersey do about this, especially if they are already retired?
Explore Assistance Programs: New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.
Utilize Local Resources: New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.
By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.
This story is provided by AARP New Jersey. Visit the AARP New Jersey page for more news, events, and programs affecting retirement, health care, and more.
Monday, Feb 24, 2025 at 9:00 a.m. ET
Friendship Circle Senior Center
Darby, PA
Monday, Feb 24, 2025 at 10:00 a.m. ET
The Presbyterian Church Of Chestnut Hill
Philadelphia, PA
Tuesday, Feb 25, 2025 at 2:30 p.m. ET
Zoom
Online Event
This is AARP's first rate increase in 15 years.
Don't miss out, join today and save!
Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.footer.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 242]Code Context<?php // if (!$nowrapper) (Globals::$language == 'es') ? include(APP . "/Resource/aarpe_footer_es.html") : include(APP . "/Resource/aarpe_footer.html"); ?>
<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.footer.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $highlighting = '' $location = '<a href="/trenton-nj/?intcmp=CSN-LOCAL-NAV-HOME">Trenton, NJ</a>' $no_header = false $header_title = '<a href="/trenton-nj/happenings/">News Feed</a>' $header_subtitle = '' $isPR = false $navbar = '<nav class="section" role="button" aria-expanded="false" aria-controls="collapse"> <div class="section-toggle">Sections <i class="fas fa-chevron-down"></i></div> <ul class="secondary-menu" id="secondary-menu" role="menu" aria-busy="true"> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/aarp-events/?intcmp=CSN-LOCAL-NAV-OLE" data-formelementid="LOCAL-LNK-CLK-EVENTS">Online & Local Events</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/things-to-do/?intcmp=CSN-LOCAL-NAV-TTD" data-formelementid="LOCAL-LNK-CLK-THINGSTODO">Things to Do</a></li> <li role="presentation" class="active"><a role="menuitem" class="menuitem" href="/trenton-nj/happenings/?intcmp=CSN-LOCAL-NAV-NF" data-formelementid="LOCAL-LNK-CLK-HAPPENINGS">News Feed</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/volunteering/?intcmp=CSN-LOCAL-NAV-VOL" data-formelementid="LOCAL-LNK-CLK-VOLUNTEERING">Volunteering</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-NAV-HC" data-formelementid="LOCAL-LNK-CLK-HC">Home & Community</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/movies/?intcmp=CSN-LOCAL-NAV-MFG" data-formelementid="LOCAL-LNK-CLK-MOVIESFORGROWNUPS">Movies for Grownups</a> </li> <li role="presentation" class="more nosep " id="submenu-more"> <span role="menuitem" class="menuitem" data-formelementid="LOCAL-LNK-CLK-MORE">More<i class="fas fa-chevron-down"></i></span> <ul class="secondary-submenu animate slide-in" id="secondary-submenu"> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/discounts/?intcmp=CSN-LOCAL-NAV-LO" data-formelementid="LOCAL-LNK-CLK-OFFERS">Local Offers</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/local-resources/?intcmp=CSN-LOCAL-NAV-LR" data-formelementid="LOCAL-LNK-CLK-LOCALRESOURCES">Local Resources</a> </li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/jobs/?intcmp=CSN-LOCAL-NAV-WJ" data-formelementid="LOCAL-LNK-CLK-WORK&JOBS">Work & Jobs</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/events/?intcmp=CSN-LOCAL-NAV-CC" data-formelementid="LOCAL-LNK-CLK-EVENTS">Community Calendar</a></li> <!-- <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/healthy-living/?intcmp=CSN-LOCAL-NAV-HEALTHY_LIVING" data-formelementid="LOCAL-LNK-CLK-HEALTHY_LIVING">Healthy Living</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/arts-entertainment/?intcmp=CSN-LOCAL-NAV-ARTS_ENT" data-formelementid="LOCAL-LNK-CLK-ARTS_ENT">Arts & Entertainment</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/museums/?intcmp=CSN-LOCAL-NAV-MUSEUMS" data-formelementid="LOCAL-LNK-CLK-MUSEUMS">Museums</a></li> --> </ul> </li> </ul> </nav>' $header_custom = '' $breadcrumbs = array( (int) 0 => array( 'title' => 'News Feed', 'slug' => 'happenings' ) ) $row = array( 'title' => 'Back to News Feed', 'slug' => 'happenings' ) $i = (int) 0include - APP/View/Layouts/aarp_2023.ctp, line 242 include - APP/View/Layouts/aarp_2023.ctp, line 242 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.footer.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 242]Code Context<?php // if (!$nowrapper) (Globals::$language == 'es') ? include(APP . "/Resource/aarpe_footer_es.html") : include(APP . "/Resource/aarpe_footer.html"); ?>
<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.footer.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $highlighting = '' $location = '<a href="/trenton-nj/?intcmp=CSN-LOCAL-NAV-HOME">Trenton, NJ</a>' $no_header = false $header_title = '<a href="/trenton-nj/happenings/">News Feed</a>' $header_subtitle = '' $isPR = false $navbar = '<nav class="section" role="button" aria-expanded="false" aria-controls="collapse"> <div class="section-toggle">Sections <i class="fas fa-chevron-down"></i></div> <ul class="secondary-menu" id="secondary-menu" role="menu" aria-busy="true"> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/aarp-events/?intcmp=CSN-LOCAL-NAV-OLE" data-formelementid="LOCAL-LNK-CLK-EVENTS">Online & Local Events</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/things-to-do/?intcmp=CSN-LOCAL-NAV-TTD" data-formelementid="LOCAL-LNK-CLK-THINGSTODO">Things to Do</a></li> <li role="presentation" class="active"><a role="menuitem" class="menuitem" href="/trenton-nj/happenings/?intcmp=CSN-LOCAL-NAV-NF" data-formelementid="LOCAL-LNK-CLK-HAPPENINGS">News Feed</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/volunteering/?intcmp=CSN-LOCAL-NAV-VOL" data-formelementid="LOCAL-LNK-CLK-VOLUNTEERING">Volunteering</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-NAV-HC" data-formelementid="LOCAL-LNK-CLK-HC">Home & Community</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/movies/?intcmp=CSN-LOCAL-NAV-MFG" data-formelementid="LOCAL-LNK-CLK-MOVIESFORGROWNUPS">Movies for Grownups</a> </li> <li role="presentation" class="more nosep " id="submenu-more"> <span role="menuitem" class="menuitem" data-formelementid="LOCAL-LNK-CLK-MORE">More<i class="fas fa-chevron-down"></i></span> <ul class="secondary-submenu animate slide-in" id="secondary-submenu"> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/discounts/?intcmp=CSN-LOCAL-NAV-LO" data-formelementid="LOCAL-LNK-CLK-OFFERS">Local Offers</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/local-resources/?intcmp=CSN-LOCAL-NAV-LR" data-formelementid="LOCAL-LNK-CLK-LOCALRESOURCES">Local Resources</a> </li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/jobs/?intcmp=CSN-LOCAL-NAV-WJ" data-formelementid="LOCAL-LNK-CLK-WORK&JOBS">Work & Jobs</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/events/?intcmp=CSN-LOCAL-NAV-CC" data-formelementid="LOCAL-LNK-CLK-EVENTS">Community Calendar</a></li> <!-- <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/healthy-living/?intcmp=CSN-LOCAL-NAV-HEALTHY_LIVING" data-formelementid="LOCAL-LNK-CLK-HEALTHY_LIVING">Healthy Living</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/arts-entertainment/?intcmp=CSN-LOCAL-NAV-ARTS_ENT" data-formelementid="LOCAL-LNK-CLK-ARTS_ENT">Arts & Entertainment</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/museums/?intcmp=CSN-LOCAL-NAV-MUSEUMS" data-formelementid="LOCAL-LNK-CLK-MUSEUMS">Museums</a></li> --> </ul> </li> </ul> </nav>' $header_custom = '' $breadcrumbs = array( (int) 0 => array( 'title' => 'News Feed', 'slug' => 'happenings' ) ) $row = array( 'title' => 'Back to News Feed', 'slug' => 'happenings' ) $i = (int) 0include - APP/View/Layouts/aarp_2023.ctp, line 242 include - APP/View/Layouts/aarp_2023.ctp, line 242 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.bodyTargeting.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 243]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.footer.html");
include (APP . "Resource/aarp2_master.bodyTargeting.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $highlighting = '' $location = '<a href="/trenton-nj/?intcmp=CSN-LOCAL-NAV-HOME">Trenton, NJ</a>' $no_header = false $header_title = '<a href="/trenton-nj/happenings/">News Feed</a>' $header_subtitle = '' $isPR = false $navbar = '<nav class="section" role="button" aria-expanded="false" aria-controls="collapse"> <div class="section-toggle">Sections <i class="fas fa-chevron-down"></i></div> <ul class="secondary-menu" id="secondary-menu" role="menu" aria-busy="true"> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/aarp-events/?intcmp=CSN-LOCAL-NAV-OLE" data-formelementid="LOCAL-LNK-CLK-EVENTS">Online & Local Events</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/things-to-do/?intcmp=CSN-LOCAL-NAV-TTD" data-formelementid="LOCAL-LNK-CLK-THINGSTODO">Things to Do</a></li> <li role="presentation" class="active"><a role="menuitem" class="menuitem" href="/trenton-nj/happenings/?intcmp=CSN-LOCAL-NAV-NF" data-formelementid="LOCAL-LNK-CLK-HAPPENINGS">News Feed</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/volunteering/?intcmp=CSN-LOCAL-NAV-VOL" data-formelementid="LOCAL-LNK-CLK-VOLUNTEERING">Volunteering</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-NAV-HC" data-formelementid="LOCAL-LNK-CLK-HC">Home & Community</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/movies/?intcmp=CSN-LOCAL-NAV-MFG" data-formelementid="LOCAL-LNK-CLK-MOVIESFORGROWNUPS">Movies for Grownups</a> </li> <li role="presentation" class="more nosep " id="submenu-more"> <span role="menuitem" class="menuitem" data-formelementid="LOCAL-LNK-CLK-MORE">More<i class="fas fa-chevron-down"></i></span> <ul class="secondary-submenu animate slide-in" id="secondary-submenu"> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/discounts/?intcmp=CSN-LOCAL-NAV-LO" data-formelementid="LOCAL-LNK-CLK-OFFERS">Local Offers</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/local-resources/?intcmp=CSN-LOCAL-NAV-LR" data-formelementid="LOCAL-LNK-CLK-LOCALRESOURCES">Local Resources</a> </li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/jobs/?intcmp=CSN-LOCAL-NAV-WJ" data-formelementid="LOCAL-LNK-CLK-WORK&JOBS">Work & Jobs</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/events/?intcmp=CSN-LOCAL-NAV-CC" data-formelementid="LOCAL-LNK-CLK-EVENTS">Community Calendar</a></li> <!-- <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/healthy-living/?intcmp=CSN-LOCAL-NAV-HEALTHY_LIVING" data-formelementid="LOCAL-LNK-CLK-HEALTHY_LIVING">Healthy Living</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/arts-entertainment/?intcmp=CSN-LOCAL-NAV-ARTS_ENT" data-formelementid="LOCAL-LNK-CLK-ARTS_ENT">Arts & Entertainment</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/museums/?intcmp=CSN-LOCAL-NAV-MUSEUMS" data-formelementid="LOCAL-LNK-CLK-MUSEUMS">Museums</a></li> --> </ul> </li> </ul> </nav>' $header_custom = '' $breadcrumbs = array( (int) 0 => array( 'title' => 'News Feed', 'slug' => 'happenings' ) ) $row = array( 'title' => 'Back to News Feed', 'slug' => 'happenings' ) $i = (int) 0include - APP/View/Layouts/aarp_2023.ctp, line 243 include - APP/View/Layouts/aarp_2023.ctp, line 243 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.bodyTargeting.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 243]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.footer.html");
include (APP . "Resource/aarp2_master.bodyTargeting.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $highlighting = '' $location = '<a href="/trenton-nj/?intcmp=CSN-LOCAL-NAV-HOME">Trenton, NJ</a>' $no_header = false $header_title = '<a href="/trenton-nj/happenings/">News Feed</a>' $header_subtitle = '' $isPR = false $navbar = '<nav class="section" role="button" aria-expanded="false" aria-controls="collapse"> <div class="section-toggle">Sections <i class="fas fa-chevron-down"></i></div> <ul class="secondary-menu" id="secondary-menu" role="menu" aria-busy="true"> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/aarp-events/?intcmp=CSN-LOCAL-NAV-OLE" data-formelementid="LOCAL-LNK-CLK-EVENTS">Online & Local Events</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/things-to-do/?intcmp=CSN-LOCAL-NAV-TTD" data-formelementid="LOCAL-LNK-CLK-THINGSTODO">Things to Do</a></li> <li role="presentation" class="active"><a role="menuitem" class="menuitem" href="/trenton-nj/happenings/?intcmp=CSN-LOCAL-NAV-NF" data-formelementid="LOCAL-LNK-CLK-HAPPENINGS">News Feed</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/volunteering/?intcmp=CSN-LOCAL-NAV-VOL" data-formelementid="LOCAL-LNK-CLK-VOLUNTEERING">Volunteering</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-NAV-HC" data-formelementid="LOCAL-LNK-CLK-HC">Home & Community</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/movies/?intcmp=CSN-LOCAL-NAV-MFG" data-formelementid="LOCAL-LNK-CLK-MOVIESFORGROWNUPS">Movies for Grownups</a> </li> <li role="presentation" class="more nosep " id="submenu-more"> <span role="menuitem" class="menuitem" data-formelementid="LOCAL-LNK-CLK-MORE">More<i class="fas fa-chevron-down"></i></span> <ul class="secondary-submenu animate slide-in" id="secondary-submenu"> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/discounts/?intcmp=CSN-LOCAL-NAV-LO" data-formelementid="LOCAL-LNK-CLK-OFFERS">Local Offers</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/local-resources/?intcmp=CSN-LOCAL-NAV-LR" data-formelementid="LOCAL-LNK-CLK-LOCALRESOURCES">Local Resources</a> </li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/jobs/?intcmp=CSN-LOCAL-NAV-WJ" data-formelementid="LOCAL-LNK-CLK-WORK&JOBS">Work & Jobs</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/events/?intcmp=CSN-LOCAL-NAV-CC" data-formelementid="LOCAL-LNK-CLK-EVENTS">Community Calendar</a></li> <!-- <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/healthy-living/?intcmp=CSN-LOCAL-NAV-HEALTHY_LIVING" data-formelementid="LOCAL-LNK-CLK-HEALTHY_LIVING">Healthy Living</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/arts-entertainment/?intcmp=CSN-LOCAL-NAV-ARTS_ENT" data-formelementid="LOCAL-LNK-CLK-ARTS_ENT">Arts & Entertainment</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/museums/?intcmp=CSN-LOCAL-NAV-MUSEUMS" data-formelementid="LOCAL-LNK-CLK-MUSEUMS">Museums</a></li> --> </ul> </li> </ul> </nav>' $header_custom = '' $breadcrumbs = array( (int) 0 => array( 'title' => 'News Feed', 'slug' => 'happenings' ) ) $row = array( 'title' => 'Back to News Feed', 'slug' => 'happenings' ) $i = (int) 0include - APP/View/Layouts/aarp_2023.ctp, line 243 include - APP/View/Layouts/aarp_2023.ctp, line 243 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.footer.root.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 244]Code Contextinclude (APP . "Resource/aarp2_master.footer.html");
include (APP . "Resource/aarp2_master.bodyTargeting.html");
include (APP . "Resource/aarp2_master.resource.footer.root.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $highlighting = '' $location = '<a href="/trenton-nj/?intcmp=CSN-LOCAL-NAV-HOME">Trenton, NJ</a>' $no_header = false $header_title = '<a href="/trenton-nj/happenings/">News Feed</a>' $header_subtitle = '' $isPR = false $navbar = '<nav class="section" role="button" aria-expanded="false" aria-controls="collapse"> <div class="section-toggle">Sections <i class="fas fa-chevron-down"></i></div> <ul class="secondary-menu" id="secondary-menu" role="menu" aria-busy="true"> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/aarp-events/?intcmp=CSN-LOCAL-NAV-OLE" data-formelementid="LOCAL-LNK-CLK-EVENTS">Online & Local Events</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/things-to-do/?intcmp=CSN-LOCAL-NAV-TTD" data-formelementid="LOCAL-LNK-CLK-THINGSTODO">Things to Do</a></li> <li role="presentation" class="active"><a role="menuitem" class="menuitem" href="/trenton-nj/happenings/?intcmp=CSN-LOCAL-NAV-NF" data-formelementid="LOCAL-LNK-CLK-HAPPENINGS">News Feed</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/volunteering/?intcmp=CSN-LOCAL-NAV-VOL" data-formelementid="LOCAL-LNK-CLK-VOLUNTEERING">Volunteering</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-NAV-HC" data-formelementid="LOCAL-LNK-CLK-HC">Home & Community</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/movies/?intcmp=CSN-LOCAL-NAV-MFG" data-formelementid="LOCAL-LNK-CLK-MOVIESFORGROWNUPS">Movies for Grownups</a> </li> <li role="presentation" class="more nosep " id="submenu-more"> <span role="menuitem" class="menuitem" data-formelementid="LOCAL-LNK-CLK-MORE">More<i class="fas fa-chevron-down"></i></span> <ul class="secondary-submenu animate slide-in" id="secondary-submenu"> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/discounts/?intcmp=CSN-LOCAL-NAV-LO" data-formelementid="LOCAL-LNK-CLK-OFFERS">Local Offers</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/local-resources/?intcmp=CSN-LOCAL-NAV-LR" data-formelementid="LOCAL-LNK-CLK-LOCALRESOURCES">Local Resources</a> </li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/jobs/?intcmp=CSN-LOCAL-NAV-WJ" data-formelementid="LOCAL-LNK-CLK-WORK&JOBS">Work & Jobs</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/events/?intcmp=CSN-LOCAL-NAV-CC" data-formelementid="LOCAL-LNK-CLK-EVENTS">Community Calendar</a></li> <!-- <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/healthy-living/?intcmp=CSN-LOCAL-NAV-HEALTHY_LIVING" data-formelementid="LOCAL-LNK-CLK-HEALTHY_LIVING">Healthy Living</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/arts-entertainment/?intcmp=CSN-LOCAL-NAV-ARTS_ENT" data-formelementid="LOCAL-LNK-CLK-ARTS_ENT">Arts & Entertainment</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/museums/?intcmp=CSN-LOCAL-NAV-MUSEUMS" data-formelementid="LOCAL-LNK-CLK-MUSEUMS">Museums</a></li> --> </ul> </li> </ul> </nav>' $header_custom = '' $breadcrumbs = array( (int) 0 => array( 'title' => 'News Feed', 'slug' => 'happenings' ) ) $row = array( 'title' => 'Back to News Feed', 'slug' => 'happenings' ) $i = (int) 0include - APP/View/Layouts/aarp_2023.ctp, line 244 include - APP/View/Layouts/aarp_2023.ctp, line 244 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.footer.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 244]Code Contextinclude (APP . "Resource/aarp2_master.footer.html");
include (APP . "Resource/aarp2_master.bodyTargeting.html");
include (APP . "Resource/aarp2_master.resource.footer.root.html");
$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ', 'scripts_for_layout' => '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">5 Financial Mistakes Seniors Should Avoid</h1></header> <div class="posted-on"> Posted on 01/30/25 by <b>Richard Sodon</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/c3/19/fe89f377499284bc2d0bf1ed701c/gettyimages-1616163470.jpg" alt="Senior couple, tax documents and laptop in home living room for discussion, planning and finance. Elderly man, old woman and paperwork for financial compliance in top view, lounge sofa and retirement" width="7464" height="4908" style="height: auto; max-width: 300px; max-height: 200px;"/> </figure> </div> </div><p>As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security. Here are five financial mistakes seniors should avoid.<br><br><b>1. Not Saving Enough</b><br><br>One of the biggest regrets for many seniors is not saving enough during their working years. It's essential to determine how much money you'll need each month in retirement, including potential medical expenses and unexpected costs. Start saving early and consistently to ensure a comfortable retirement.<br><br><b>2. Avoiding the Stock Market</b><br><br>While the stock market can seem intimidating, avoiding it can hurt your savings goals. Diversifying your portfolio with stocks and bonds can lead to better long-term returns compared to keeping all your money in a savings account. Even during market downturns, staying invested has historically paid off.<br><br><b>3. Retiring Too Early</b><br><br>Retiring before you're financially ready can lead to financial strain. Before you retire, create a solid retirement budget and consider working a few more years to boost your savings. This extra time can make a significant difference in your financial security.<br><br><b>4. Tapping Benefits Too Soon</b><br><br>It's tempting to start claiming Social Security benefits as soon as you're eligible, but doing so can reduce your monthly payments by up to 25%. Waiting until full retirement age or even longer can result in higher monthly benefits, providing more financial stability in the long run.<br><br><b>5. Ignoring Life Expectancy</b><br><br>Many seniors underestimate their life expectancy, which can lead to insufficient planning. With people living longer than ever, it's crucial to plan for a retirement that could last 20-30 years. Assume you'll live into your mid-to-late 80s or beyond and plan accordingly.<br><br>What can a senior living in New Jersey do about this, especially if they are already retired?<br><br><b>Explore Assistance Programs: </b>New Jersey offers various assistance programs for seniors, including the New Jersey Emergency Financial Assistance Program and Supplemental Security Income (SSI). These programs can provide financial aid for housing, utilities, and other essential needs.<br><br><b>Utilize Local Resources: </b>New Jersey has county offices on aging that can provide valuable information and assistance with accessing state and local programs. These offices can help you find resources to support your financial and overall well-being.<br><br>By avoiding these common financial mistakes and taking advantage of local resources, seniors in New Jersey can better secure their financial future and enjoy a more comfortable retirement. Remember, it's never too late to start making positive changes to your financial plan.<br><br> <br><br> <br><br><br><br> <br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP New Jersey. Visit the <a href="https://states.aarp.org/region/new-jersey/" target="_blank">AARP New Jersey</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://npmcdn.com/flickity@2/dist/flickity.pkgd.min.js"></script> <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.d703996ba6a992470f9f7fa2170736df.gz.js"></script> <link class="Webpack-css" rel="stylesheet" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.2cef3303b65f09149a6db29044f033cb.gz.css"> <!-- <script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> --> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Trenton</h2> <h2 class="hidden-lg">AARP Events for Trenton</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-darby-pa-c36888.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-FRIENDSHIP-CIRCLE-SENIOR-CENTER">AARP Smart Driver™: Friendship Circle Senior Center</a></h2> <p class="time">Monday, Feb 24, 2025 at 9:00 a.m. ET</p> <p class="venue">Friendship Circle Senior Center</p> <p class="loc">Darby, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/driver-safety/aarp-smart-driver-abington-pa-c37312.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-AARP-SMART-DRIVERTM-THE-PRESBYTERIAN-CHURCH-OF-CHESTNUT-HILL">AARP Smart Driver™: The Presbyterian Church Of Chestnut Hill</a></h2> <p class="time">Monday, Feb 24, 2025 at 10:00 a.m. ET</p> <p class="venue">The Presbyterian Church Of Chestnut Hill</p> <p class="loc">Philadelphia, PA</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/carfit-virtual-workshop-lets-talk-vehicle-safety-and-comfort-mpnftrjmmqj.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-CARFIT-VIRTUAL-WORKSHOP-LETS-TALK-VEHICLE-SAFETY-AND-COMFORT">CarFit Virtual Workshop: Let's Talk – Vehicle Safety and Comfort</a></h2> <p class="time">Tuesday, Feb 25, 2025 at 2:30 p.m. ET</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/trenton-nj/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;height:360px;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Last Chance to Save!<br />New Pricing Coming in 2025.</div> <br /> <p> This is AARP's first rate increase in 15 years.<br />Don't miss out, join today and save!<br /><br /> </p> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-TRENTON-NJ">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP New Jersey Facebook Page" title="Image of AARP New Jersey Facebook Page" data-href="https://www.facebook.com/AARPNJ" data-tabs="timeline" width="" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true"> <blockquote cite="https://www.facebook.com/AARPNJ" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPNJ">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />New Jersey</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:NJAARP@aarp.org" target="_blank" rel="noopener">NJAARP@aarp.org</a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/new-jersey/" target="_blank" rel="noopener">AARP New Jersey</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/contactaarpnj/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-TRENTON-NJ" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPNJ" target="_blank" rel="noopener" aria-label="Open Facebook"><img style="max-width: 48px;" alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/page/icons/facebook.png"></a> <a href="https://twitter.com/aarpNJ" target="_blank" rel="noopener" aria-label="Open Twitter"><img style="max-width: 48px;" alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/page/icons/twitter.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>5 Financial Mistakes Seniors Should Avoid</title> <meta name="page_title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="robots" content="noindex, nofollow"/> <meta content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial" name="description"/> <meta content="5, Financial, Mistakes, Seniors, Should, Avoid" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/new-jersey/5-financial-mistakes-seniors-should-avoid" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/5-financial-mistakes-seniors-should-avoid-nj-2025-01-30.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta name="twitter:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="5 Financial Mistakes Seniors Should Avoid"/> <meta property="og:description" content="As we age, managing finances becomes increasingly crucial. Unfortunately, many seniors fall into common traps that can jeopardize their financial security."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/6a40233/2147483647/strip/true/crop/7464x4798+0+55/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2Fc3%2F19%2Ffe89f377499284bc2d0bf1ed701c%2Fgettyimages-1616163470.jpg"/> /* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $title_for_layout = '{local_city_c}, {local_state} Happenings - AARP' $asset_version = '240925' $min = true $nowrapper = false $css = '/* temporary */ .RichTextArticleBody ul { padding-left: 20px; } .RichTextArticleBody .Enhancement { margin: 40px 0; } .RichTextArticleBody .Enhancement .Enhancement-item img { width: auto; max-width: 100% !important; height: auto; } @media (min-width: 768px) { .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=left], .RichTextArticleBody .Enhancement[data-align-left] .Enhancement-item > * { float: left; max-width: 340px !important; margin: 0 20px 20px 0; } .RichTextArticleBody .Enhancement .Enhancement-item .Figure[data-alignment=right], .RichTextArticleBody .Enhancement[data-align-right] .Enhancement-item > * { float: right; max-width: 340px !important; margin: 0 0 20px 20px; } } :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }' $highlighting = '' $location = '<a href="/trenton-nj/?intcmp=CSN-LOCAL-NAV-HOME">Trenton, NJ</a>' $no_header = false $header_title = '<a href="/trenton-nj/happenings/">News Feed</a>' $header_subtitle = '' $isPR = false $navbar = '<nav class="section" role="button" aria-expanded="false" aria-controls="collapse"> <div class="section-toggle">Sections <i class="fas fa-chevron-down"></i></div> <ul class="secondary-menu" id="secondary-menu" role="menu" aria-busy="true"> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/aarp-events/?intcmp=CSN-LOCAL-NAV-OLE" data-formelementid="LOCAL-LNK-CLK-EVENTS">Online & Local Events</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/things-to-do/?intcmp=CSN-LOCAL-NAV-TTD" data-formelementid="LOCAL-LNK-CLK-THINGSTODO">Things to Do</a></li> <li role="presentation" class="active"><a role="menuitem" class="menuitem" href="/trenton-nj/happenings/?intcmp=CSN-LOCAL-NAV-NF" data-formelementid="LOCAL-LNK-CLK-HAPPENINGS">News Feed</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/volunteering/?intcmp=CSN-LOCAL-NAV-VOL" data-formelementid="LOCAL-LNK-CLK-VOLUNTEERING">Volunteering</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/home-and-community/?intcmp=CSN-LOCAL-NAV-HC" data-formelementid="LOCAL-LNK-CLK-HC">Home & Community</a> </li> <li role="presentation" class=""><a role="menuitem" class="menuitem" href="/trenton-nj/movies/?intcmp=CSN-LOCAL-NAV-MFG" data-formelementid="LOCAL-LNK-CLK-MOVIESFORGROWNUPS">Movies for Grownups</a> </li> <li role="presentation" class="more nosep " id="submenu-more"> <span role="menuitem" class="menuitem" data-formelementid="LOCAL-LNK-CLK-MORE">More<i class="fas fa-chevron-down"></i></span> <ul class="secondary-submenu animate slide-in" id="secondary-submenu"> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/discounts/?intcmp=CSN-LOCAL-NAV-LO" data-formelementid="LOCAL-LNK-CLK-OFFERS">Local Offers</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/local-resources/?intcmp=CSN-LOCAL-NAV-LR" data-formelementid="LOCAL-LNK-CLK-LOCALRESOURCES">Local Resources</a> </li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/jobs/?intcmp=CSN-LOCAL-NAV-WJ" data-formelementid="LOCAL-LNK-CLK-WORK&JOBS">Work & Jobs</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/events/?intcmp=CSN-LOCAL-NAV-CC" data-formelementid="LOCAL-LNK-CLK-EVENTS">Community Calendar</a></li> <!-- <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/healthy-living/?intcmp=CSN-LOCAL-NAV-HEALTHY_LIVING" data-formelementid="LOCAL-LNK-CLK-HEALTHY_LIVING">Healthy Living</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/arts-entertainment/?intcmp=CSN-LOCAL-NAV-ARTS_ENT" data-formelementid="LOCAL-LNK-CLK-ARTS_ENT">Arts & Entertainment</a></li> <li role="presentation"><a role="menuitem" class="menuitem " href="/trenton-nj/museums/?intcmp=CSN-LOCAL-NAV-MUSEUMS" data-formelementid="LOCAL-LNK-CLK-MUSEUMS">Museums</a></li> --> </ul> </li> </ul> </nav>' $header_custom = '' $breadcrumbs = array( (int) 0 => array( 'title' => 'News Feed', 'slug' => 'happenings' ) ) $row = array( 'title' => 'Back to News Feed', 'slug' => 'happenings' ) $i = (int) 0include - APP/View/Layouts/aarp_2023.ctp, line 244 include - APP/View/Layouts/aarp_2023.ctp, line 244 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118