Don’t make this costly retirement mistake (11 7 24)

Author

Anthony Hazzard
November 07, 2024

Another major retirement change is about to take effect on Jan 1. Later in this email, you will learn what that is and who it will benefit. 

💵 Today’s Top Stories
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You’ll be surprised to learn how often switching jobs knocks people off track when it comes to investing for retirement. Here’s what you can do to make sure you don’t victimize yourself. Read more.

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💵 New Rule: Supersized Catch-Up Contributions for Ages 60-63

It’s almost Thanksgiving, which seems shocking. If it seems like 2024 flew by, there’s some evidence that suggests time speeds up every year that we age.

But the trend of major retirement changes hitting each year is about to continue on Jan. 1, 2025.

It’s optional for employers to implement the change brought on by SECURE 2.0. But the enhanced contributions for those 60 to 63 is $10,000 or 150% of the standard catch-up contribution, whichever is greater.

In 2025, the new super catch-up contributions are $11,250. The standard 401(k) catch-up contribution for those 50 and older is $7,500. So you can now make major headway toward your retirement if you’re close to 65.

📊 Stat of the Day

📈 51.4%: The share of consumers who believe stock prices will be higher in one year – the highest percentage since 1987. Just 23.6% expect a market decline. Clark’s investing advice: dollar-cost average and slowly raise the percentage of your paycheck that you save over time.

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

Ads for drugs are constantly airing on our TVs. A recent study found a surprising statistic that may make you think twice before bringing it up to your doctor. Also, mortgage rates have been sky high, but they are starting to normalize. However, it still may not be feasible to refinance. Clark revives advice from 10 years ago that can help you save big bucks on your mortgage.

☎️ 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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