6 Tips Americans Follow to Maximize Retirement Savings: Are You Keeping Pace?

SmartAsset: 6 Tips Americans Follow to Maximize Retirement Savings

While inflation and market volatility loom over the U.S. economy, a new survey by Principal Financial Group shows that 59% of respondents plan to save more than $20,000 for retirement this year alone. Let’s break down what the survey says and how how respondents are coping with inflation and market volatility before providing six tips you can follow to maximize retirement savings.

A financial advisor could help you create a financial plan to boost savings and secure income for your retirement.

What Principal’s Annual Super Savers Survey Shows

The 2022 edition of Principal Financial Group’s annual Super Savers survey shows that almost six in 10 respondents (59%) plan to save more than $20,000 for retirement this year.

The global investment management and insurance company says that this percentage is up from 51% in 2021. And it attributes the increase to a majority of respondents (82%) who are confident that they could endure a recession and make necessary cuts to daily expenses so that they could maximize retirement contributions.

“From continuing to save through an inflationary period to establishing long-term financial goals, Super Savers embody some of the best practices for retirement saving that gives them the mental and emotional strength to stick with their plans even during times of market uncertainty,” said Sri Reddy, senior vice president, Retirement & Income Solutions at Principal, in a…

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