(WTNH) – Interest rates have been going up since last Spring and that’s had a big impact on how Ameircans handle their money.

As rates rises, it can mean different things for people in different circumstances. We are Stretching Your Dollar with some advice from experts about how to handle changing economic times.

Interest rates, the cost of borrowing money for a new car or a new home, skyrocketed in the last year. For many Americans, higher rates have made them reconsider how to handle their investments.

Experts say that there’s different advice for investors depending on their age. For Younger investors, it’s easier than ever to begin the process.

“So even if you don’t have a lot of money to start, you don’t need these days a lot of money to start. You can start with almost no money at all,” said Bankrate Analyst James Royal.

Royal says if you start when you’re young, time is on your side.

“Time is your biggest ally when it comes to investing. So young investors have a huge advantage over older investors because of that time element, whether that’s in a retirement account or a taxable brokerage account,” explained Royal.

For older investors, retiring in your mid-sixties could mean you’ll need 20 years or more of income. Experts say to maker sure you’re not too conservatives with your investments.

“So, it’s important to have things like stocks or stock funds in your portfolio that can continue to grow over time and help meet your income needs. You want to make sure that you don’t outlive your retirement income. That’s not a place you want to be,” Royal said.

You may want to become more conservative when you’re within five years of retirement. For a true gameplan, make sure you’re talking to your financial planner about your own specific needs.