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You can assume that people who save a boatload for retirement also do all the other things that financial experts recommend.
There are some good financial habits that such “super savers” are likely to trust and others that seem less important to them, according to a study by Principal Financial Group.
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The company defines super savers as workers who put at least $ 17,550 into their 401 (k) account – which is 90% of the maximum contribution of $ 19,500 – or contribute at least 15% of their salary. The principal’s report is based on a survey of about 1,400 people aged 19 to 56 – with salaries ranging from under $ 35,000 to more than $ 250,000 – who meet this qualification.
When it comes to financial habits, 85% of super savers said they pay their bills on time, 73% pay their credit cards in full and 70% do not overdraw their checking account. All three of these habits avoid fees or interest that end up reducing cash available for other purposes.
“A penny saved is a penny earned has never been more true, especially when it’s saved on fees that are not necessary if you’re just careful,” said Sri Reddy, senior vice president of retirement and income solutions at Principal.
Meanwhile, many of the super savers also seem to be able to do it alone: Fewer than half (44%) say they have a financial plan.
As for the less used habits, only 21% say they follow a budget every month and 23% say they have a debt repayment strategy. Less than a third spend time each month learning more about finance and investing.
Nevertheless, this should not be a deterrent for others to practice these good habits, Reddy said.
“If you are just starting out on your savings journey, these are great places to start learning how to budget, get advice on finances and building strategies,” Reddy said.
“The super savers in the survey are generally those who have already taken action and have a good sense of their financial situation, including prioritizing debt minimization,” he said.