Clark Biweekly 7 18 24

Author

Anthony Hazzard
July 18, 2024

Do you think you are behind in retirement savings? Find out how much you should have saved broken down by age bracket later on in this email.

💵 Today’s Top Stories
Clark Travel

Clark founded a travel agency when he was younger and has visited almost every corner of the globe. Read his one simple rule to save on travel. Read more.

Robo

Doing a lot of online shopping? You probably expect to see a few packages at your doorstep. But be wary of items you didn’t order. Read more.

Get the medicine you need at a price you can afford. Pricing for medication has become complicated, but it is possible to avoid overpaying. Read more.

Wifi

It can be so frustrating when your Wi-Fi signal fades in and out. Follow these tips to strengthen your Wi-Fi connection. Read more.

Money

Need a financial advisor? Make sure to interview them first. Here are 10 questions you should ask – plus information on how to use those answers to find the advisor that best fits your needs. Read more.

📣 Today’s Top News
📈 Are You Behind on Your 401(k) Savings?

Here’s the average amount Americans have saved in their 401(k) account by decade. And in parentheses, how many times your base salary you should have saved for retirement in your 30s, 40s, 50s and 60s according to Kiplinger.

(The average balances are from Fidelity’s 23.3 million retirement accounts as of March 2024.)

20s: $17,700
30s: $56,200 (salary x1)
40s: $124,400 (salary x3)
50s: $212,400 (salary x6)
60s: $239,900 (salary x8)*
70s: $239,600

*10x your salary at 67 years old

The eye test says that the average 401(k) balance isn’t matching up with the benchmark. For example, the average 401(k) balance for Americans in their 40s is nearly $125,000. But $125,000 divided by three is $41,666.67. That’s not a great salary for someone in their prime earning years in 2024.

Indeed, American adults think they need $1.5 million to retire comfortably. And those ages 45+ think they’ll need just $1.1 million.

Still, those figures are well in excess of the average retirement savings.

For good measure, here’s the average retirement age by generation:

Gen Z (1997-2012): $11,300
Millennials (1981-1996): $59,800
Gen X (1965-1980): $158,500
Boomers (1946-1964): $241,200

📊 Stat of the Day

✈️96,853:Complaints about airlines the U.S. Department of Transportation received last year. It’s the second-most of all-time. The only worse year: 2020 during the onset of COVID-19 (102,000+ complaints). Last year was so bad that the department delayed the release of its data from April to July.

💰️ Deal Alert: Today’s Top Deals
Target store
Nordstrom Rack
🎙️ Podcast

Used car prices are down 27% from their peak. It’s a tough time to sell if you bought a used car in 2021 or 2022. However, it’s a great time to shop for a used car if you’re in the market. Also, we have a handful of metro areas where people have been renting historically for very long periods of time. Now this is true in much of the country. How do you build wealth outside of owning a home? Clark has the answer to help you achieve financial independence!

☎️ 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.

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