How much will your Social Security checks increase in 2025?
October 10, 2024 | Read Online | | | | Advertisement | | | Did you know that switching jobs can often derail your retirement savings momentum? Learn all about it later in this email. | | 💵 Today’s Top Stories | | | Inflation isn’t as high as it was a year ago when we got a 3.2% adjustment, or two years ago when we got a huge 8.7% adjustment. How much will your Social Security checks increase in 2025? Read more. |
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| | | A Clark listener paid off her credit card balance. She felt surprised when she owed “residual interest” the next month. Is that legal? Read more. |
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| | | You want to work remotely without sacrificing the quality of your job. That’s no longer a pipe dream. Look closely at these specific career fields. Read more. |
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| | | This new credit card hits Clark’s sweet spot with 2% cash back across all spending categories. It also offers a welcome bonus and no foreign transaction fees. Read more. |
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| | 📉 Vanguard: Switching Jobs Often Kills Your Retirement Savings Momentum | Job-hopping was not normal for those of a certain generation. It’s standard now. | Pension plans, which often required decades of service to one company, are nearly gone. And 401(k) plans with automated contributions for new employees are here. | A 401(k) plan often is better suited for modern work life. But changing jobs still can cost you tens or hundreds of thousands of retirement dollars, a new Vanguard study found: | Job switchers often get auto-enrolled at a lesser savings percentage than they were contributing at their previous company. Some forget to sign up, although companies are required to auto-enroll new employees starting Jan. 1, 2025. Some face life circumstances along with a job change that halt their retirement savings momentum. | “The typical U.S. worker has nine employers over the course of their career. The median job switcher sees a 10% increase in pay but a 0.7 percentage point decline in their retirement saving rate when they switch employers,” the report found. | The study said a worker starting his or her career earning $60,000 and switching jobs eight times will lose an estimated $300,000 in potential retirement savings vs. someone who never switches jobs. | Realize the importance of staying on top of your 401(k) plan when you switch jobs and try to maintain the same contribution rate. And always contribute enough to get the company 401(k) match. | | 📊 Stat of the Day | | | 💰️ Deal Alert: Today’s Top Deals | | | | | | 🎙️ Podcast | | Full Show: How To Become a 401(k) Millionaire and Simple Tip To Avoid Fraud |
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| Who wants to be a millionaire? Probably most of us. But is it really possible? New data from Fidelity reveals the number of people who are 401(k) millionaires – it might surprise you! Plus, Clark reveals how to reach the milestone in your own life. Also, Clark often talks about reviewing bank statements to see if there are any subscriptions or charges you can cancel to save money. But have you ever thought about reviewing your online accounts? Clark explains why it may be more important than ever to audit your online presence. | | | ☎️ Need Money Help? | The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information. | | Advertisement | | | | | |
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