4. Use a benefits checkup tool
Regardless of your financial situation, it’s smart for older folks to educate themselves about any benefits for which they might qualify, Waterman says. You can research your benefits by using the council’s free online tool, BenefitsCheckUp. Americans leave more than $16 billion in government benefits for which they qualify on the table every year, she says. For example, she says, the tool can help users find local programs that provide financial assistance to older adults who are struggling to pay their property taxes.
5. Set and stick to a spending limit
Alev advises that after you have figured out all of your essential costs, you add up to 20 percent for things that include unexpected costs, savings and paying down existing debt. She generally recommends a budget that designates 50 percent toward essentials, 30 percent for “wants” and 20 percent for unexpected costs.
6. Limit credit card debt
More than half of Gen Xers (ages 45 to 60) and over 2 in 5 boomers (ages 61 to 79) carry a credit card balance from month to month, according to a Bankrate study. Interest can add up quickly, with the average credit card rate clocking in at 23.96 percent in December 2025, according to a LendingTree study of over 200 credit cards.
The biggest financial trap that older Americans typically get into is using their credit cards as supplemental income, Graham says. “If you use your credit card, make certain you have the funds available to pay it off at the end of the month,” he says.
7. Put bills on autopay
To avoid missing any bill payments and harming your credit score, consider putting your recurring bills on autopay, Alev recommends. This includes utility and Internet bills, as well as bills for auto, home and life insurance. Virtually every bank has a customer service line that can walk you through how to set up autopay, she says. Set up the autopay for at least five days prior to the bill’s due date, she suggests.
8. Freeze your credit
With so many financial scams targeting older Americans, many financial experts recommend placing a hold, or ”freeze”, on your credit with each of the three major credit bureaus: Equifax, Experian and TransUnion. A freeze will stop fraudsters from opening credit cards or other credit accounts in your name, Alev says, safeguarding your credit score.
A security freeze doesn’t completely block access to your credit history. Your existing lenders can still access it, and so can employers, landlords and insurance companies if you’re seeking a job, trying to rent an apartment or applying for a new insurance policy.