What to do when you get a raise

And why it can actually make it harder to meet your goals

Samantha Lamas 24 November, 2020 | 9:42AM
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Steps

Many North American households are behind when it comes to saving for retirement. And while it seems obvious that making more money could solve the problem, the reality is far messier: Raises--and how we spend them--can actually make it more difficult to retire comfortably. How? It comes down to three main factors:

1. Lifestyle creep
2. Fixed assets 
3. Constant saving rates

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About Author

Samantha Lamas  Samantha Lamas is a behavioural researcher for Morningstar

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