Average monthly Social Security benefit by age, Do you need umbrella insurance?

December 15, 2023 | Read Online

So you want to give to charity this month. Great! Later in this email, we’ll tell you how to make sure you’re giving to a legit organization.

💵 Today’s Top Stories

Average Monthly Social Security Benefit by Age

The average monthly Social Security benefit for all ages is $1,740 right now. What about for retired workers 65 or older? Or spouses of retired workers? Read more.

What’s Umbrella Insurance and Do You Need It?

The idea of umbrella insurance is nice, especially if you have money. “Protect yourself against anything your other policies don’t cover.” But what do you actually get? And does Clark like these? Read more.

Are Money Market Accounts As Safe as High-Yield Savings Accounts?

Money market accounts don’t offer FDIC protection. Still, Clark considers them to be incredibly safe. Here’s why – and here are the differences between the two options. Read more.

Best Unlimited Hotspot Phone Plans

Not regularly connected to Wi-Fi? Team Clark researched more than 70 phone plans to find the best prices for the most mobile hotspot data. Read more.

💵 Research Charity Organizations Before You Give

Whether you give due to the holiday spirit, as a part of your end-of-year tax strategy or a bit of both, December typically is the Super Bowl for nonprofits and charities.

But it’s also a great time for grifters and nonprofits that aren’t responsible with your dollars.

“We, the American people, are the most generous people on earth,” Clark says on the Nov. 1 podcast.

“And I want you to know that this is a time that legit people ask you for money. And also the crooks come out of the woodwork.”

Clark once dressed in a Santa suit and asked for donations at an intersection as part of his TV work. He held out a sign that said “Homeless Families Fund” (a fictitious charity) and a bucket. One in seven cars gave money, no questions asked.

He donated the money to Habitat for Humanity. The lesson, though? Be careful just giving cash to someone out and about asking for charity donations, Clark says.

And be wary about blindly trusting organizations that send you traditional mail asking for money.

What can you do to vet charities? Start with No. 3 in our Clark.com guide on how to choose the best charities for your donations.

📊 Stat of the Day

💸 3: Number of 0.25% interest rate cuts the Fed is signaling for 2024. There are no guarantees. But it signals a dovish shift in the Fed’s tone and could lead to an ongoing stock market recovery. It led to an all-time high for the Dow Jones, the first since January 2022.

💰️ Deal Alert: Today’s Top Deals

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🎙️ Podcast

YouTube video by Clark Howard: Save More, Spend Less

Full Show: Little-Known Tax Credit and HOA Checklist Before You Buy

Tax season is just around the corner. There’s a little-known tax credit available to many Americans: the Saver’s Credit. Clark explains how it works and who is eligible. Also, many people live in neighborhoods with a homeowners association (HOA). There are several pros and cons to these communities. Clark details the things you should consider before you buy a home with an HOA.

Watch the Full Episode

☎️ 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.