IF () formula, Change Status Dependate on Date


I would like to build a formula so that status will change to "Red" and type will change to "Renew"  when date is past "Expire Date".  I've applied the two formulas separately at the top of each corresponding column. But so far it just changes it to Red or Renewed automatically, without the date dependency.

Can I make this into one concise formula? 

 =IF([Expire Date]@row < TODAY(), "Red") and =IF([Expire Date]@row < TODAY(), "Renew")

Attended the Smartsheets Engage '18... I know it's possible! cool




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