Eric Payne, a 37 year-old single father to two boys, works hard to stretch his paycheck each week. It’s a task he refers to as “clicking.”
Eric Payne, a 37-year-old single father to two boys, works hard to stretch his paycheck each week. It’s a task he refers to as “clicking.” He makes a good salary – in the $80,000 range – but by the time all of the essential expenses have clicked into place, there’s not much left to spare. “The clicking is for day-to-day operations,” explained Payne, who works as the director of quality assurance for a seafood wholesaler near Portland, Maine.
401s as emergency funds But saving for retirement is a far off thought for many Americans – just 44% of US adults could afford to pay an emergency expense of $1,000 or more from their savings, according to Bankrate data. High rates of inflation, the resumption of student loan payments and the erosion of pandemic-era savings means more Americans are finding themselves at a loss for funds.
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