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How Small Lifestyle Upgrades Can Derail Retirement Plans

Michael Kitces says increasing spending as income grows has a negative impact on savings.

Michael Kitces is a partner and the director of wealth management for Pinnacle Advisory Group, co-founder of the XY Planning Network, and publisher of the continuing education blog for financial planners, Nerd's Eye View. You can follow him on Twitter at @MichaelKitces.

Karen Wallace: Hi, I'm Karen Wallace for Morningstar. The standard advice for saving for retirement is fairly straightforward; start early and save as much as you can. But another important piece of that puzzle that investors often overlook is keeping your spending in check as your earnings grow. Joining me to discuss that topic is financial planning expert, Michael Kitces.