There’s plenty of wisdom that comes with age. And your finances are no exception.
While just about everyone can point to money blunders, older people tend to be able to draw on their experiences to make wiser decisions, says CBS News Analyst Jill Schlesinger, author of a new book, The Dumb Things Smart People Do With Their Money.
While you may be wiser, though, you aren’t immune from making mistakes, Schlesinger says. In fact, there are several errors that older people in particular need to be keenly aware of, including spending your savings too quickly in the early years of retirement, not planning for the care of your elderly parents, and passing your own money issues onto your children.
And the stakes are higher for older folks, because with fewer years left in the working world—or no or lower income to draw on, if you’re already retired—there’s less time to bounce back from a financial blunder.
Recently, Schlesinger stopped by the Considerable offices to chat with Executive Editor Cybele Weisser, and share these and other insights and advice from her new book.