Super savers are saving big in retirement
Gen X and Gen Y super savers are generally maxing out contributions to their retirement accounts. That equates to contributing at least 90% of the IRS max ($16,650+) into their accounts under employer-sponsored retirement plans. They’re prioritizing savings over nearly everything else.
For the 3rd year in a row, we conducted the Principal® Super Saver Survey to find out more about their savings habits and the motivation behind it. Three main motivations for developing savings habits emerged from the research:
- Feel financially secure (62%)
- Have a good lifestyle during retirement (57%)
- To be prepared for the unexpected (43%)
Bottom line, people just want to retire comfortably and on their own terms.
“There is no better advice I can give anyone than save more, earlier,” said Jerry Patterson, senior vice president of retirement at Principal. “These ‘super savers’ are making sacrifices today that should help set them up to have the freedom to do the things they want in the future.”
Interested in learning more?
The more we learn about super savers’ habits, the more we can teach others to emulate their behavior and prepare themselves for retirement. Download the survey results (PDF)