Whether you’re headed for a cruise, business trip or vacation, here are four things you should always, always put in your carry-on.
July 18, 2024 | Read Online | | | | Advertisement | | | 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 | | | Whether you’re headed for a cruise, business trip or vacation, here are four things you should always, always put in your carry-on. (And why Clark never checks a bag on a flight.) Read more. |
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| | | Your bank likely has a credit card and probably tries to market it to you. You may be able to get a special deal for being a customer. But Clark warns about this clause that could sting you. Read more. |
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| | | You want to throw away or recycle an old computer. First you need to ensure that you wipe all your personal data. Here’s why wiping the hard drive may not be enough to protect against hackers. Read more. |
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| | | 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. |
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| | | How does your mobile or home internet connection compare to the top networks in 2024? Read more. |
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| | 📣 Today’s Top News | Boost Mobile Rebrands With New Network & Unlimited Plans from $25 | | 📈 Are You Behind on Your 401(k) Savings? | Ever wonder how much you should have saved for retirement by now? | 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 | | | 💰️ Deal Alert: Today’s Top Deals | | | | | 🎙️ Podcast | | Full Show: Used Car Prices Are Dropping and How To Create Wealth Without Buying a Home |
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| 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. | | Advertisement | | | | |
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