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- Significant Social Security Change For 2024 (10 12 23)
Significant Social Security Change For 2024 (10 12 23)
Sally McDonald
October 12, 2023
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💰️ Taking Stock: What Is Your Current Savings Rate?
How much money are you saving?
Probably a lot less than a few years ago. According to Federal Reserve Economic Data (FRED), the average American saved just 3.9% of our income in August.
Americans saved 32.0% in April 2020 during the onset of COVID-19 and maintained a historically great savings rate for a year-plus.
We indulged in some “revenge spending” with some of that money before slowly saving again, reaching 5.3% in May. But we’ve fallen backward since then.
Prior to COVID, the last time we saved less: August 2008 (3.1%) during the height of the Great Recession.
“America Faces Savings Disaster,” Newsweek recently declared. Nearly 50% of Americans have less than $1,000 in savings.
Compounding the problem, credit card debt recently reached a record $1.03 trillion. The average credit card balance “jumped 11.1% year-over-year to reach $6,082.” All this while the average interest rate for new credit cards is 22.75%, the highest mark in three decades.
Are you struggling to live on less than you make, as Clark advises? Don’t feel like you have to go from zero to savings hero in a single paycheck.
“Every six months, increase your [savings rate] one cent for every dollar you earn,” Clark says. “You’re not going to miss that one additional cent, but you’ll steadily increase the amount of money you’re putting aside for your future.”
💵 Today’s Top Stories
 | Inflation isn’t as high as it was a year ago when we got a huge 8.7% adjustment. How much will your Social Security checks increase in 2024? Read more. |
 | Clark loves the NFL but also loves saving money. How does he reconcile those two loves when he attends an NFL game? Here are his three huge money-saving tips for sporting events. Read more. |
 | This Team Clark deal hunter saved more than $6,500 in the last year by searching for bargains and discounts. Here’s exactly how she saved that much money. Read more. |
 | If you love discovery+ or you’re thinking about subscribing, there’s a new price hike you need to know. Read more. |
 | This postpaid cell phone service will guarantee you a $25/month plan for as long as you keep your line active. It’s cheap and offers other perks as well. But is it the best fit for you? Read more. |
📊 Stat of the Day
🍟 45.5%: Chick-fil-A’s share of the national chicken fast food market. That’s up more than 7% from last year and nearly four times as dominant as any other competitor. Popeyes (11.9%) overtook KFC (11.3%) for No. 2.
💰️ Deal Alert: Today’s Top Deals
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🎙️ Podcast
Working from home is the new normal for many American workers now. There are several pros and cons to the trend. Also, do you know the fees related to your investments? While Clark likes index funds, they are not all created equal. Clark shares the things you need to look out for so you keep more money in your pocket. It could make a six-figure difference in your retirement!
☎️ 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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