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10 things retirees should never keep in their wallets

Kiplinger Logo By Bob Niedt of Kiplinger | Slide 2 of 11: Maybe it's ingrained. Your dad carried a wallet fat with cash and you're carrying on the tradition. Stop.

Flashing a wad of cash, even unintentionally, makes you a target for robbery. And if you lose that wallet, you can cancel lost or stolen credit cards and not be affected. But that cash money is gone forever.

Though 30% of all U.S. transactions are done in cash, according to a Federal Reserve study, some retailers are pushing for a cashless system -- meaning they won't accept cash. Among them so far are Amazon Go stores and Sweetgreen restaurants, though lawmakers in some states and cities, including New Jersey, Rhode Island and Philadelphia, are enacting legislation banning cashless stores, arguing they're discriminatory.

Still, it may be time for boomers to join millennials in this cashless quest (one in 10 millennials use their digital wallet--Apple Pay, Zelle, Venmo--to pay for purchases). They're not alone: 34% of Americans under age 50 make no cash purchases in a typical week, according to a 2018 survey by The Pew Research Center.

If you're rightly concerned about running up credit card debt, use a a debit card. It's just like cash.

See Also: Things You'll Regret Keeping in a Safe Deposit Box

Wads of Cash

Maybe it's ingrained. Your dad carried a wallet fat with cash and you're carrying on the tradition. Stop.

Flashing a wad of cash, even unintentionally, makes you a target for robbery. And if you lose that wallet, you can cancel lost or stolen credit cards and not be affected. But that cash money is gone forever.

Though 30% of all U.S. transactions are done in cash, according to a Federal Reserve study, some retailers are pushing for a cashless system -- meaning they won't accept cash. Among them so far are Amazon Go stores and Sweetgreen restaurants, though lawmakers in some states and cities, including New Jersey, Rhode Island and Philadelphia, are enacting legislation banning cashless stores, arguing they're discriminatory.

Still, it may be time for boomers to join millennials in this cashless quest (one in 10 millennials use their digital wallet--Apple Pay, Zelle, Venmo -- to pay for purchases). They're not alone: 34% of Americans under age 50 make no cash purchases in a typical week, according to a 2018 survey by The Pew Research Center.

If you're rightly concerned about running up credit card debt, use a debit card. It's just like cash.

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