Do You Have Financial FOMO?

Inside the American Families Plan
Retire with Money
Elizabeth O'Brien is a senior writer at Money
I don’t have financial FOMO (fear of missing out). There will always be hot investments, and I just don’t feel the need to chase them. But some people enjoy buying the next big thing, and that’s fine as long as you don’t bet the farm. Investments can take off, seemingly out of nowhere, and that can be exciting for those who got in early. For example, the Shiba-Inu represented Dogecoin started out as a joke, but it’s up more than 6,000% this year! If you’re curious about cryptocurrencies, we’ve got you covered. As the young investors on the subreddit WallStreetBets like to say, YOLO (you only live once).

Best wishes,

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Please help me give a warm welcome to our Reader of the Week! Jeanne Moscato, 64, is an office manager in the transportation industry in Boston, Massachusetts.

What are your plans for retirement?
I plan on working until I am 68-70. I have a job that I love and look forward to going to every day. I also work at a restaurant on Saturday and Sunday that I also look forward to. Since I’ve worked seven days a week for the last 40 years, I really don’t know what I would do in retirement.

Work part-time? Volunteer? I’m currently 64 years old and haven’t even given it a thought. Who knows — maybe within the next couple of years I will have a different outlook on work and life.  

You’re a hard worker! Do you think you’ll stay up north after you retire?

When I start to seriously consider retirement, Florida is where I will move to. In Massachusetts, it’s cold from late September through the end of April. I will jump for joy when I don’t have to pay another oil heat bill or the high automobile insurance premiums. The gas will be cheaper, lower taxes — I may leave sooner than I think!

Right now, I will continue to enjoy working two jobs, going to the gym daily and going to Florida a few times a year. What else can I ask for? My life is fabulous!

Nice! Please tell us a little about your spending and saving philosophies.

My parents taught me great money skills as I was growing up. My father instilled in me the wisdom of “never depend on anyone to support you; make sure you are self-sufficient.” When I wanted my own phone at 16 years old, I was responsible for the monthly bill. When I wanted my own car at 17, I had to pay for half of the vehicle and my father paid the other half. I was totally liable for the monthly insurance bill. I worked at a fast-food restaurant after school and at a hair salon on the weekends. I loved the freedom of having a bank account, a checking account and money in my pocket! 

I seriously started saving in my 40s. I’ve always put 18%-20% of my salary into my company’s 401(k), which they match 5%. I never carry a balance on my credit card(s). If I can’t afford it, I don’t need it. If a crisis arose, I would be able to cover the unexpected expenses.

I don’t have a high salary, so I do have a budget that I follow. I don’t need an expensive car, the latest iPhone, the latest anything. I have a 2016 LG Stylo 2 Android phone and I have been bringing my lunch to the office for as long as I remember. My credit score has been in the 800’s for years. That’s the best gift of all!
Selling Assets to Avoid a Higher Capital Gains Tax?
You might inadvertently trigger the Medicare surtax, which kicks in at lower income levels than Biden’s higher proposed capital gains tax. CNBC
You're Vaccinated. Congrats! Now What Can You Do Safely?
What to consider when weighing wedding invitations, travel and more. NPR
What I Won't Miss About Home Ownership
Tending to a house in the country took more time and money than one writer anticipated. NEXT AVENUE
A Teenager Accidentally Moved Into a Senior Living  Community and Is Documenting Her New Life on TikTok
She’s enjoying the camaraderie and home-cooked meals. BUSINESS INSIDER
Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at and follow her on Twitter at @elizobrien.

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