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Its about how you manage it over the years.
Certain financial habits can quietly sabotage yourlong-term goalseven if you earn a great salary.
From lifestyle upgrades to poor car-buying decisions,these habits may be more familiar than you think.
Pay it off in five years and redirect that $600 into investments instead, said Musson.
Its easy to fall into the trap ofspending every new dollar you earn.
But without increasing your savings rate, your expenses can outpace your retirement contributions.
That gap only gets harder to close over time.
Making Costly Real Estate Moves
Your home can be one of your most valuable assets.
Or, it can be a financial setback depending on how you handle it near retirement.
Hamilton also points out missed income opportunities.
If you already own a vacation home, consider renting it out during the months youre not using it.
It could generate a lot of income that supports your retirement lifestyle.
Whether to upgrade, downsize, or rent out housing decisions should be part of your long-term financial plan.
But too many people wait until later in life to get serious.
I know what its like to feel like youre drowning in debt.
Student loans were a huge burden for me.
Butlers strategy involved combining a consistent debt repayment plan with automated contributions to retirement savings accounts.
The key is to start where you are and stay consistent.
If youre feeling behind, its not too late to start.
But the longer you wait, the more aggressive youll need to be with saving and investing.
Too many retirees treat their nest egg like its never going to run out, said Cox.
Without a withdrawal strategy, people end up pulling too much too soon or ignoring tax implications.
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