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Let's do the math -

When you stop working and start collecting social security, you'll have a 60% pay cut. That means you will get less than half of what your paycheck was. If you need all of that money to live on rent/mortgage and food, then where will you get the money for gas, electricity, emergencies, travel money, gifts for the kids and grandkids?

Would you rather spend $100 to buy $75 worth of medical expenses or $75? That's what happens when you don't take advantage of health plans that may be available to you. But you have to use it or lose it.

When you have good credit, offers are attracted to you. This is important when you want to refinance existing debt, take out a personal loan, or upgrade your credit card. And more importantly, if you are switching jobs, your prospective employer will check your credit report, especially if you are applying for jobs that involve financial decisions.

There are many ways to eliminate credit card debt. One way is to use a credit card like a debit card. If you can't afford to pay for the purchase at the end of the month, then don't buy it. Another way is to seek out debt consolidation third parties that can help you put together a plan to pay off your debt over time.

Time is running out to make changes in 2023. If you owed taxes or got a large refund, you may need to adjust your federal withholding on your paycheck. You can do this using the IRS Tax Withholding Estimator.