A lot of cash
Many seniors don’t trust credit card payments, or they are not really familiar with the process and would rather carry around wads of cash in their wallets. If you’re one of them, it’s time to stop.
Carrying around a big fat wallet is like walking around with a target on your back. Obviously, we’re not in the Wild Wild West but it’s still an invitation for robbers to take your money.
Therefore, it’s best to stick to a credit card and in case your wallet gets stolen or you simply lose it, you just cancel the credit card and that’s that whereas cash money will be gone forever.
According to a Federal Reserve study, around 30% of US transactions are carried out in cash. However, more and more retailers, among which Amazon Go stores and Sweetgreen restaurants, are asking for a cashless system. Not all states agree with this system, with lawmakers in cities like New Jersey, Rhode Island and Philadelphia claiming that it’s a discriminatory solution.
Nevertheless, changes are starting to take place and it’s time for baby boomers to follow in the steps of millennials and give up cash purchases for their own good. Not only millennials but 34% of Americans under age 50 have joined this cashless trend, as stated in a 2018 survey by The Pew Research Center.
You should definitely pass on the next one…..
5 thoughts on “9 Items Retirees Should Never Keep in Their Wallet”
The new Medicare cards do not have SS# anymore.
Hello, thanks for the information, long time ago I dropped my Medicare card still with my social security number, obviously I got a new one, but I am still at risk ?
Research shows that once a person relies on electronic currency they increase their spending habits significantly. For sticking to a budget, and putting something away in savings, use of cash is the best policy. You will not spend more than you had planned if you bring along the appropriate amount of cash plus only a “little” extra, and vow to keep the credit cards for emergencies. There is also the aspect of the tangible quality of cash that has a much greater impression on the spender who is trying to be thrifty, as many seniors should be, compared to the ease with which a consumer can rack-up debt with electronic currency or credit cards.
The new Medicare cards do NOT have SSNs on them.
It is easy to ask your bank to remove your address from your personal checks.
Who in the world would carry a birth certificate around?? Or a Social Security card–haven’t we memorized those numbers by now??
I never carry ANY of the things that were advised against carrying in this article.
Cash is Freedom. Most independent Latino businesses only transact in cash.