super-saver_DETAIL

You, Too, Can Be a Super Saver

10/04/2022 Written by: Jenny Boudreau

Market volatility and record inflation can be challenging for even the most dedicated savers, but super savers continue to prioritize their long-term savings goals.

With so many Americans under-preparing for retirement, you may be surprised to learn about a percentage of retirement plan participants who regularly save 90% or more of the maximum amount allowed by the IRS or defer 15% or more of their salary into their employer-sponsored retirement plan. [i]

Super savers share the same concerns many of us have – healthcare costs, inflation, and the threat of a recession. However, they consistently evaluate their situation, adjust their spending, and seek opportunities to save more through products such as:

  • An employer-sponsored retirement plan
  • Traditional or high-yield savings account
  • Traditional or Roth IRA
  • Traditional brokerage
  • Health savings account
  • 529 plan or other college savings

Finding the motivation to get started is unique to each saver, but good savings habits are established through consistency and sticking to the basics. For super savers, this may mean driving older vehicles, owning a modest home, traveling less, or tackling projects and household chores independently instead of hiring work out.

The good news is that almost anyone can be a super saver. Use these tips to get started:

  • Start saving as early as possible and stay the course.
  • Contribute the maximum amount your 401(k) or 403(b) plan allows, or aim for 10% of your salary. If that’s too much, aim to defer enough to maximize your employer match and increase contributions each year or salary increase.
  • Create and maintain an emergency fund.
  • Live within or below your means.
  • Pay off your credit card balance monthly, or don’t use credit cards.
  • Be a lifelong learner of finances.
  • Know that market fluctuations happen, but you’re in it for the long haul.

No matter where you are in your savings journey, the financial professionals at AssuredPartners Investment Advisors are ready to help.



[i] Principal Financial Group, “2022 Super Savers Survey”

Annuities Planning Meeting
07/10/2024

Favorable tax treatment is one of the main reasons for buying an annuity. But what exactly are the tax benefits? And are there any drawbacks? It’s important to know the answers to these questions...

Aging Parents square
Caring for Your Aging Parents
Personal Planning05/15/2024

Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are...

New Investors square
Fundamental Concepts for New Investors
Personal Planning05/08/2024

Investing involves setting goals for the future and weighing the risks and potential rewards associated with a wide variety of investment opportunities. If you are a new investor, this might seem...