Boosting retirement savings has a less-appreciated benefit

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At risk of stating the obvious: Boosting one's savings rate is among the best ways to improve a household's retirement prospects. Doing so increases the size of the financial war chest one can deploy in old age.

But there's another, somewhat hidden benefit to saving a larger share of income, according to financial advisors — it simultaneously pushes households to live on less money, thereby reducing the amount of money they'll ultimately need to fund their lifestyle in retirement. It may even help reduce the age at which someone is financially able to retire.