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General Discussion / Thought about it for some time, now that the flow rate's better, I'm converting
« on: July 19, 2022, 01:42:08 AM »
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Living paycheck to paycheck is now 'the most common financial lifestyle' in the US — even the wealthy aren't immune
Pushing yourself to save can be a challenge, but more and more consumers are tallying up their monthly expenses to find they have nothing left to save anyway.
A recent study shows 58% of Americans report living paycheck to paycheck in May, up from 54% the same month last year. Of those earning $50,000 to $100,000, about 62% were stuck in this cycle.
But it’s not just lower-income groups struggling to foot the bills, according to the report produced by payments and commerce platform PYMNTS and personal loans website LendingClub.
Taking even the researchers by surprise, 30% of people with incomes of $250,000 or more were living paycheck to paycheck as well.
Anuj Nayar, financial health officer at LendingClub, told Matt Nesto of PYMNTS that this was “a real eye-opener.”
“A year ago, when [people] heard the term paycheck to paycheck, they were thinking it’s low income, it’s subprime, all these people maybe in the lower income sphere. Actually, no. It’s everyone. It’s all of us,” says Nayar.
Social Security benefits could get a boost next year. Here’s what to know
Social Security beneficiaries are expected to see an increase in benefits next year as inflation continues to climb at a record-breaking pace, experts say. A new report from The Senior Citizen’s League suggests that 2023’s cost-of-living-adjustment, or COLA, could see a 10.5% increase based on the June 2022 Consumer Price Index data, Mary Johnson, the league’s social security and medicare policy analyst told McClatchy News.
Read more at: https://www.sacbee.com/news/nation-world/national/article263506688.html#storylink=cpy
Charles Leclerc and Carlos Sainz now wearing new $1.9 million Richard Mille watches that are the thinnest in the world