There's a reason workers are advised to sock money away for retirement. Existing on Social Security alone generally means taking a massive pay cut. And most seniors need more than just those benefits to maintain a decent standard of living.

But while urging workers to save for retirement is a good and necessary thing, some financial experts take it too far. And there's one particular piece of advice that has the potential to be truly detrimental.

"Give up your daily coffee and you can retire"

Have you ever heard that skipping store-bought coffee could lead to a luxury retirement? If so, you're not alone.

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Some financial experts are quick to point out that giving up a small daily expense like coffee could free up much-needed money for your savings. And over time, those tiny contributions could amount to a large sum.

Let's say you normally spend $5 a day on a latte during the workweek, but instead, you put that $25 a week, or $100 a month, into a 401(k) or IRA. If you do that over 40 years and your investments in your account manage to generate an average annual 8% return, which is a bit below the stock market's average, you'll end up with about $311,000.

But let's be very clear: Giving up your daily coffee is by no means the only way to build up a nest egg. And if you love your morning joe to the point where it's a highlight of your day, then giving it up might make you miserable every single day. That's not worth it.

A better bet? If you're struggling to find money for retirement savings, rethink some of your larger expenses.

The reality is, it's a good idea to aim to save 15% to 20% of your income for your senior years. This doesn't mean you have to hit that mark immediately, but over time, it's a good goal.

If you currently need to give up a daily coffee to make any sort of retirement plan contribution, it could be that you're generally spending a bit too much overall, given your income. So it's better to address the big picture than to deny yourself a smaller purchase like coffee.

For example, you may be renting a home costing $2,000 a month. Moving a few blocks over or giving up a few amenities in your building that you don't really use much anyway might shrink your rent to $1,700.

From there, you'd have the option to contribute $300 a month to a retirement account. That's three times the amount you'd be able to put in by giving up your morning coffee.

And if you sock away $300 a month over 40 years at an average annual 8% return, you'll end up with a nest worth about $933,000. That buys you a lot more financial freedom in retirement than the $311,000 nest egg you might get out of giving up daily coffees.

You do need to give up something

You don't necessarily have to say goodbye to your beloved store-bought coffee to build up a nice amount of retirement savings. But you will need to give up something.

And that something might end up being time. If you really can't cut back on expenses or really don't want to, you can work a side job and use the money to fund your 401(k) or IRA.

The money for your retirement savings isn't going to magically land in your lap (though if you have a 401(k), you may be entitled to some free money in the form of an employer match). But you can decide what you're going to give up to get it. And, ideally, you'll end up finding a way to save more than the equivalent of a month's worth of coffee, so you can set yourself up for the retirement you deserve.