Optional Insurance Policy Every Homeowner Needs (11 29 23)

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There's a surprising new stat on 401(k)s that worries Clark. Find out later in this email.

💵 Today’s Top Stories

💵 This 401(k) Stat Upsets Clark

The answer to almost everything in Clark’s world is “Costco,” “Roth IRA” or “freeze your credit.”

If there’s room for a fourth thing on the list, it’s definitely the 401(k) match. Or, as Clark likes to say, electing to give yourself a raise.

Imagine Clark’s dismay when he read that “1 in 4 married couples fails to take full advantage of employers who make matching contributions to 401(k) retirement plans … [which] costs them nearly $700 a year, on average.”

“Did you wake up in the morning and say, ‘You know what? I’d like to make less money at work.’ You didn’t do that, did you?” Clark says on the Nov. 7 podcast episode.

We all face financial pressures, Clark says. But if at all possible, both spouses should take the full 401(k) match at work.

“When you’re offered the opportunity of a retirement plan where you work and they’re offering you bonus money, essentially, for contributing, you’ve gotta pick up every dollar,” Clark says.

Sometimes one spouse will contribute beyond what it takes to get the full match and the other won’t contribute enough to get the full match. In that case, consider rebalancing so both spouses get the full match, Clark says.

It’s also an uncomfortable topic. But Clark mentioned that roughly half of marriages end in divorce. And that if one spouse is contributing enough for the match and the other isn’t, the second spouse will have much less money saved for their future in the event of a divorce.

If one spouse doesn’t work, take advantage of a spousal IRA, Clark says.

As we enter December later this week, it’s a great time to review your 401(k) contributions and your retirement savings entering 2024.

📊 Stat of the Day

💰️ Deal Alert: Today’s Top Deals

🎙️ Podcast

Used car prices were up, up and away during the pandemic, but prices are finally starting to decrease. It’s still not the best time to buy a car, but it’s getting better for your wallet. Clark talks about the models that have dropped the most. Also, airline boarding is often a painful process, and United just announced a new system that sent shock waves for flyers. Clark has two solutions that he believes would work best for boarding airplanes!

☎️ 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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