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It's a common enough habit: You get a raise, you can suddenly afford to spend more—and you do.
But if instead of boosting spending each time a raise hit their paychecks, workers socked that extra money away into their retirement savings, says a report from Morningstar, they'd be much better prepared for retirement—in more ways than one.
Higher income, the report points out, can actually make it tougher to prepare adequately for retirement.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
