With all of the headlines about how Americans aren’t saving enough for retirement, it turns out there’s a group of overachievers out there that we all might learn a thing or two from. 

According to new data just released by Principal Financial Group, 19 percent of Gen X and 23 percent of Gen Y respondents identified themselves as “super savers.” It’s an elite club: Super savers are those folks who managed to sock away 90 percent or more of the IRS-allowed maximum deferral ($16,500-$18,000) to their retirement accounts in 2017. More than half of these super savers put away more than $20,000 toward retirement last year, according to the research. 

So what drives their tremendous motivation for saving? A majority — 65 percent — said simply “having a good life during retirement,” while 47 percent said it was their desire to pursue their passions in retirement comfortably. 

“There is no better advice I can give anyone than save more, earlier,” said Jerry Patterson, senior vice president of retirement at Principal. “These super savers are making sacrifices today that should help set them up to have the freedom to do the things they want in the future.”

Another takeaway from the research was the importance of family as an influence. Nearly three-quarters of super savers said they learned nothing or very little about personal finance in school. But 41 percent said their parents were most influential in developing their savings habits. Additionally, a third of respondents cited their parents’ financial situation as a driver in their own savings habits.

Interesting enough, the vast majority of these super savers (70 percent) are making maximum contributions without having a formal budget in place, instead favoring other sacrifices to max out their retirement contributions. The top sacrifices that super savers cite include: 

– Travel: Millennials aren’t seeing the world nearly as much as 
they’d like, with 41 percent limiting their travel expenses. 

– Homes: Super savers live in humble dwellings, with 31 percent 
of Gen Y owning a modest home for the sake of savings. 

– Stress: For both generations, high work-related stress 
(44 percent) comes alongside the desire to max out 
retirement savings. 

Patterson said the fact that the super savers are maxing out their savings largely without budgets underscores the importance of retirement plan features like auto-enrollment and auto-escalation. “With these features, these super savers exemplify the ‘don’t even notice it’s gone’ approach,” he said.