It's the rare worker who maxes out his retirement account contributions — and those savings don't come without trade-offs.
"Super savers" — Americans who are putting aside at least 90 percent of the annual $18,000 employee contribution limit to their 401(k) plan — often choose to give up purchases or delay other goals to hit that savings total, according to a new report from Principal Financial. In late 2016, the firm surveyed 2,424 retirement plan participants ages 23 to 51. All had reached super saver status in 2015, and 95 percent were on track to repeat the feat in 2016.
"We saw a lot of folks making big sacrifices today that hopefully pay off tomorrow," said Jerry Patterson, senior vice president of retirement and income solutions with Principal.