Upgrading Your Lifestyle Too Much
Your 50s are a great time as they are typically your highest income-earning decade, says Lauren Rilling, a financial coach. “Most people assume they can afford a substantial lifestyle increase as their salary increases,” Rilling explained.
“However, you need to make sure you’re adequately saving for retirement and other future expenses before spending the additional income.” The last thing you want to do is live lavishly in your 50s and then have to survive on your little savings a few years later, Rilling said.
