Buckle up, everyone. The holidays are just around the corner. And while they bring a spirit of joy and cheer, they can also be a stressful time for many Americans.

From Thanksgiving dinners and holiday shopping to seasonal parties and family get-togethers, there is no shortage of events in which folks participate.

Aside from the festivity, fellowship, and merriment, however, people can “feel the heat” in their money matters in a number of ways. And how might that be?

The pressure to overspend, for one. According to a recent survey by NerdWallet, a little over half of all Americans (51%) say they "typically overspend" on gifts.

Meanwhile, 39.4 million Americans are still paying off debt from last year’s holiday spending spree. And gift shopping is just one of many seasonal expenses that can keep the holiday cash register ringing.

Expenditures such as these can put the strain on retirees, who are more likely to have fixed incomes than other age groups. Not only that, the pressure of growing debt loads can have an impact on people’s retirement goals, not to mention any other financial objectives they may have.

But there is good news. Taking the right steps can go a long way toward achieving more financial security. If you, and your partner, are in your 50s or 60s, it’s good to start laying out your goals, mapping out a strategy for your future, and taking action so your money can work hard for you.

Here are some steps you can take to improve your financial wellness and potentially be more confident for the years ahead. 

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Woulda. Coulda. Shoulda.

That is how a surprising number of retirees feel about their tax planning. In a recent study by Nationwide Retirement Institute, staggering proportions of retired Americans wished they had done more to prepare for their sometimes-surprising tax bills.

Over the course of the "Retirement Income and Tax Planning Consumer Survey," researchers asked people in different life stages about their preparedness for paying taxes in retirement.

The survey was revealing. An estimated 60% of future retirees, 70% of recent retirees, and 75% of those retired for more than 10 years said they are only “somewhat knowledgeable" or "not at all knowledgeable" about tax planning in retirement.

That’s right. Three of every four people retired for at least a decade still admit to feeling less than certain about planning for taxes in retirement.

The Impact of Ignoring Planning for Taxes

Counting those in all stages of retirement, 37% admitted they hadn’t considered how taxes would impact their retirement income. As a result, the report concludes, these people may have lost the opportunity to save an amount that could equal an additional six years of retirement income.

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