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💵 Today’s Top Stories
Financial exploitation of seniors is horrifically sad, all too common and often unreported. Here are the warning signs, what you can do to protect loved ones and what to do if you’re suspicious. Read more.
Certain car-buying methods are less expensive. But no matter how you pay, you’ll hold the most leverage in negotiations if you approach your salesperson this way. Read more.
You can get up to 6% interest on your savings and 3% cash back with Elon’s new social media financial platform. But you must be a Premium or Premium+ member to access those deals. Read more.
Rakuten unlocks cash back on your everyday purchases. Here’s how it works and how much money you can earn from major retailers. Read more.
💵 How Do U.S. Retirement Costs Compare To the World?
Want to retire comfortably? Are you open to a major change of scenery? Becoming an expat may be a good financial move.
According to data from NetCredit and Numbeo, based on the average U.S. retirement age and life expectancy, the average retirement lasts 14 years and 8.4 months.
The United States is the fifth-most expensive country in the world in which to retire. You’d need nearly $750K to retire “comfortably,” and that’s excluding taxes and healthcare costs.
(Hey, that’s less than the $1.1 million it would take in Singapore, according to estimates!)
Here are the 10 most expensive countries ranked by how much it would take to “retire comfortably” given those parameters:
Singapore: $1.1 million
Iceland: $893K
Switzerland: $859K
Luxembourg: $794K
United States: $738K
Ireland: $702K
UAE: $684K
Netherlands: $663K
Israel: $642K
United Kingdom: $627K
Four countries came in under $200K: Egypt, Bangladesh, India and Pakistan.
Some popular destinations include Canada ($598K), Costa Rica ($556K), Portugal ($478K), Spain ($478K), Greece ($406K) and Mexico ($356K).
Healthcare and taxes are huge cost centers in retirement, so the raw figures aren’t necessarily accurate for how much money you’d need.
But it’s an interesting relative comparison that shows another lever that’s available to you, potentially, if you’re adventurous and want to find a way to save on retirement costs.
📊 Stat of the Day
🤖 26%: Share of Gen Z adults (21 to 29 years old) that have sought financial advice from AI within the last 12 months. Millennials (30 to 46 years old) weren’t far behind at 25%. Just 7% of Baby Boomers (62 to 80 years old) followed suit. “Own internet research” was the most common answer for all generations.
💰 Deal Alert: Today’s Top Deals
🎙 Podcast
Finding an affordable rental was already hard enough, but now landlords are taking a cue from hotels and airlines by hitting tenants with hidden junk fees. From mandatory charges for bundled trash pickup and overpriced cable to outrageous $200 monthly add-ons just for working from home, these unexpected costs are inflating the true cost of living. When you are apartment hunting online, Clark urges us to check for this specific list before committing to a lease. Meanwhile, tap-to-pay remains one of the safest ways to shop using digital tokenization, but scammers have found a clever way to exploit your generosity. Fraudsters posing as street solicitors for fake charities are asking people to tap their phones to donate, only to take the device and quietly alter a $20 donation into a $200 charge. Clark shares what you need to know to protect your wallet.
☎ 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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