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5 Top Habits Of The Best Retirement Savers

5 Top Habits of the Best Retirement Savers

The majority of Americans aren’t saving nearly enough for retirement, but millions of younger workers are greatly concerned with not having enough money to provide the financial security they’ll need to eventually leave the workforce. A survey by Principal Financial Group took a closer look at the habits of the most effective retirement savers, and found that there are a few key habits that many people in this group have in common.

Top habits of retirement super savers

Principal Financial surveyed more than 2,400 retirement-plan participants in the 23-51 years old age group who are actively contributing at least 90% of the IRS’s maximum for elective deferrals. This means that all of the individuals surveyed are contributing at a rate of at least $16,200 per year to their retirement accounts, and that’s not including any matching contributions from their employers.

Saving money in a piggy bank.
Image Source: Getty Images.

Many of the survey participants aren’t stopping with high 401(k) contributions either. Fifty-six percent of the super savers in the survey reported that they plan to save $20,000 or more this year, meaning that some are likely saving for retirement in IRAs, self-employed retirement plans, and standard brokerage accounts, just to name a few options.

Individuals in the survey group were asked about their habits that allowed them to save so much money. What sacrifices are they making? Are they working longer hours or taking second jobs?

Most aren’t taking a second job, despite the popular perception that you need a “side hustle” if you want money to save. In fact, only 4% of survey participants reported working a second job in order to boost their savings. However, there are some habits that many super savers have in common. Here are the top five:


Percentage of Super Savers Who Do It

Drive older vehicles


Live in a more modest home


Travel less than they’d prefer


Put up with work-related stress


Put in extra hours at work


In addition to these, many survey participants also reported telling their family and/or friends “no” in situations where they would end…

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