LIFESTYLE INFLATION
More than other Americans, soon-to-be retirees need to be conscious of their spending habits and avoid buying more than they can afford, said personal finance blogger Chris Holdheide.
“This can be a huge threat to someone’s retirement, because it can cause people to buy stuff based on their income as it increases, instead of putting more of it toward their retirement,” Holdheide said. “Oftentimes, when we get an increase in pay, people tend to think about the next thing they want to buy right now rather than thinking about the future and saving more.”
Stay aware of these retirement-saving roadblocks if you hope to build a robust bank account in the coming years.
