You don't have to become a shut-in and live solely on ramen noodles to step up your retirement savings. Employees who are close to maxing out their 401(k) plans have made sacrifices to save more — but they still enjoy a few treats, according to a survey from Principal Financial Group.
"Little steps make a huge difference," said Jerry Patterson, senior vice president of retirement at Principal.
Enjoying a good splurge now and then doesn't necessarily have to set you back from your long-term goals. "The key message is to balance what's best between your future self and your present self," Patterson said.If you're trying to save a few bucks, the last thing you'll want to do is blow close to $37,000 on a car. In fact, that's about theMore than 4 out of 10 of the aggressive savers polled by Principal said that they're driving older vehicles to pocket more of their cash.in operation in the U.S. is 11.8 years old, according to IHS Markit.
Further, 41% of these savers also said they rein in their expenses by owning a modest home, Principal found.A tourist taking a photo with his smartphone at sunrise in Lisbon, Portugal.More than 40% of the super savers said that they don't travel as much as they'd like.Most likely, these people have struck a happy medium.
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