With the so-called "fiscal cliff" looming, some economists say we are poised to go back into a recession.
Matt Zanardo of Northland Retirement Group says the average American will be paying $3,400 in additional taxes if lawmakers allow tax breaks to expire on January 1, 2013.
Zanardo says it is important that people remember that when they are doing their Christmas shopping, because when that credit card bill rolls in, you may have over $200 less in your pocket that month to pay it off.
He also suggests creating an emergency account of funds that you can fall back on.
Zanardo also puts stress on planning for not only next year, but the next 30 years. He says 60% of retirees are on-pace to out-live their financial resources.