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As the COVID-19 pandemic hits pocketbooks and paychecks, one group hasn't changed its financial habits: those who save a lot for retirement.
Nearly one third of so-called "super savers" haven't made any financial changes due to the coronavirus, according to Principal Financial Group's annual survey of "Super Savers," defined as those who defer 90% of the IRS maximum to their retirement accounts or 15% or more of their income. In fact, 75% said the current U.S. market is a buying opportunity, and more than one third are saving more, not less.
"'Super savers' feel they're built for this," said Joleen Workman, vice president of customer care in Principal Financial Group's Retirement and Income Solutions division. "They've been saving for the unexpected. They want to be financially secure and they want to prepare for the unexpected."
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Amanda Bronstad
Amanda Bronstad is the ALM staff reporter covering class actions and mass torts nationwide. She writes the email dispatch Law.com Class Actions: Critical Mass. She is based in Los Angeles.
