The Consumer Financial Protection Bureau issued a rule Tuesday to slash credit card late fees in a move the agency says should save millions of credit card users an average of $220 per year. The decision drew immediate objection from banking trade groups.
The government agency reduced the typical credit card late fee from $32 to $8, which should translate to more than $10 billion in annual savings among the roughly 45 million consumers who are charged late fees.
“For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers,” said CFPB Director Rohit Chopra in a statement, asserting that the new rule will end these practices.
The lower fees are expected to take effect within three months, which would give card issuers time to update their disclosures and systems. It’s unclear how possible challenges to the rule could affect the timing.
Rule halts late fees’ steady climb since 2010
The rule, which was proposed in 2023, closes a loophole in the Credit Card Accountability Responsibility and Disclosure Act of 2009.
The CARD Act banned credit card companies from charging higher late fees than needed to cover the companies’ costs associated with the late payment. But in 2010, the Federal Reserve Board of Governors voted to include a provision in the CARD Act that allowed banks to charge no more than $25 for the first late payment and $35 for subsequent late payments, with both of those figures being adjusted for inflation each year.
Today, those figures have swelled to $30 and $41, respectively, despite credit card companies having adopted cheaper business practices in recent years, the CFPB said in a statement. The average credit card late fee was $32 in 2022, up from $23 in 2010.
“Almost all of the credit card giants have been hiking these fees every year using automatic inflation adjustments as an excuse,” Chopra said in a call Monday announcing the CFPB’s new rule. “Today, the credit card industry hauls in more than $14 billion in late fee revenue, which our research shows is more than five times the companies’ associated costs.”
The rule applies to large credit card companies with more than 1 million open accounts. These companies hold more than 95% of open credit card balances, the CFPB said in the statement.
Find the right credit card for your wallet
Check out NerdWallet’s picks for the best credit cards across categories such as travel, cash back, and 0 APR.
Industry trade groups speak out against the rule
Banking industry executives slammed the new rule. Rob Nichols, president and CEO of the American Bankers Association (ABA) said in a statement that the new CFPB rule “relied on flawed assumptions and a mischaracterization of the important role late fees play in promoting responsible consumer behavior.”
Adding that the ABA will try to challenge the new policy, Nichols said, “This rule should not be allowed to go into effect.”
Lindsey Johnson, president and CEO of the Consumer Bankers Association, said in a statement that the new rule is “normalizing being late on credit card payments” and ultimately puts consumers’ financial health at risk.
A crackdown on junk fees
The CFPB’s latest announcement follows a similar move earlier in the year on overdraft fees, signaling a concerted crackdown on junk fees from federal officials and regulators.
In January, the agency proposed restrictions that could lower the average overdraft fee from $35 to $3 per transaction. Banking industry advocates spoke out fiercely against this proposal too. The restriction is currently expected to go into effect in October 2025.
The Biden administration will soon announce a “strike force” intended to “hold companies accountable when they engage in unfair and illegal practices that keep prices high,” Lael Brainard, director of the National Economic Council, said on the Monday call with Chopra.
The force is part of the administration’s efforts to lower the cost of groceries, prescription drugs and health care, banking, housing, airfare and basic utilities. It’ll be jointly led by the Federal Trade Commission and the Department of Justice.
In conjunction with those efforts, the Federal Communications Commission will also tackle “bulk billing,” in which people living or working in a building are charged by landlords or building owners for internet, cable or satellite service, whether they want the service or not.
The average savings account interest rate as of February 2024 is only 0.46%, according to the Federal Deposit Insurance Corp. Cash App’s savings yield, however, is competitive with some of the best high-yield savings accounts available. Putting your money in a high-yield product that earns 4.50% can help your savings grow much faster over time. Here’s an example:
According to a compound interest calculator, if you have a $1,000 balance in an account that earns 4.50%, you would earn just under $47 in interest after a year. That same $1,000 in a basic savings account that earns only 0.5%, for example, would earn only about $5 in that same time frame. Neither amount makes you instantly rich, but the extra money adds up over time.
On average, members of the baby boomer generation saved approximately $4,060 over the course of 2023, lagging behind the average savings levels of every other surveyed generation. This is according to the newest edition of the “Wealth Watch” survey conducted by New York Life Insurance Co.
By comparison, millennials (ages 28 to 43 last year) led all age groups with an average savings of about $9,300. Members of Generation Z (ages 12 to 27) were next at $6,441 per person, followed by Generation X (ages 44 to 59) at $5,132.
Still, the survey found that financial resiliency was a trait exhibited by most respondents last year.
“[We found] financial resiliency among American adults, even in the face of high interest rates and rising credit card debt,” New York Life said in an announcement of the results. “Two-thirds of adults (64%) feel confident in their ability to meet their financial goals, and over half (52%) of adults saved the amount they wanted or more in 2023.”
While there was a discrepancy between the amount adults intended to save ($7,435.57 on average) compared to actual savings ($6,138.06), the results still marked an improvement in the total savings metric from 2022. That year, adults aimed to save $5,437 but only saved $5,011 on average.
“Our data clearly show that having a financial strategy is a key factor in not only feeling confident about reaching one’s goals, but in actually reaching them,” said Donn Froshiesar, who leads consumer insights at New York Life. “Younger generations are reporting strong engagement with their financial strategies.”
Members of Gen Z and millennials were more likely to report weekly savings strategy reviews and a desire to seek input from a financial professional compared to the other demographics, Froshiesar said. But the picture was not entirely rosy for these younger generations.
“But despite evidence of strong habits, debt is still getting in their way,” Froshiesar explained. “Gen Zers ranked credit card debt as the second most impactful factor on their finances in 2023 behind inflation.”
Baby boomers and millennials were equal in their outlook for having the ability to reach their savings goals at 64%, according to the survey. Gen Z is far and away the most confident cohort in this area (76%), while Gen X posted the lowest confidence score (55%).
Men (75%) also demonstrated far more confidence in meeting their financial goals than women (57%), with married men and women being slightly more confident overall (77% for married men; 59% for married women).
When providing perspective about the survey results to CNBC, Froshiesar was not surprised at how the data broke down demographically.
“Gen Xers and boomers may be more focused on funding children’s college educations, caring for an aging parent, saving for retirement or even entering a phase where they are spending down assets in retirement rather than saving,” he said.
Want to learn how to get paid to do nothing? Picture this: making money without putting in much effort, even when you’re just relaxing, sleeping, or waiting in line. The idea of getting paid for doing nothing has always been popular and it’s probably your dream life. It may seem too good to be true,…
Want to learn how to get paid to do nothing?
Picture this: making money without putting in much effort, even when you’re just relaxing, sleeping, or waiting in line. The idea of getting paid for doing nothing has always been popular and it’s probably your dream life.
It may seem too good to be true, but there are real ways to use your free time or things you already have to make money with minimal ongoing work.
There are actually quite a few things on this list that I regularly do so that I can make money doing nothing.
Now, some of the ways below may take initial effort or even some maintenance over the years. But, you may be able to earn money while sleeping or while at the beach with minimal effort needed from you.
Best Ways To Get Paid To Do Nothing
Do you want to earn money while you relax? You can get paid without a 9-to-5 job. Let’s look at some ways to make money while doing nothing.
Here are some ways out of the list below that you may be interested in:
Sell printables online – These can be made once and sold an unlimited amount of times. Learn more at How I Make Money Selling Printables On Etsy.
Pose as an art model – It’s simple; just sit still! Art schools pay models around $25 per hour.
Real estate – You can invest in real estate funds. Your money might work for you, and you don’t have to manage properties.
Take online surveys – You can answer these whenever you have free time and the questions are extremely easy. Best online survey sites include Branded Surveys, Swagbucks, and Survey Junkie.
Rent your stuff – You’ve got stuff other people might want for a day or two. Think about renting out things like your storage room, baby gear, RV, and more.
Learn more about the different ways to get paid to do nothing below.
1. Sign up for a rewards credit card
Earning money without working hard can sound really nice. One way to do this is to get a rewards credit card. When you use this kind of card, you can get points or cash back for buying things you would buy anyway.
When you sign up for a new card, you might receive a big signup bonus. Some cards give you bonus points, like 50,000 or even more, as a welcome gift! However, you usually need to spend a certain amount of money first (such as $4,000 in the first 3 months).
Here is a table with the different types of rewards you might get:
Reward Type
What You Get
Points
Use for travel and gift cards.
Cash Back
Money back on your purchases.
Mile Rewards
Miles to fly on planes for free airfare.
I have a few rewards credit cards and I earn points every time I use my credit card, such as by paying a bill or going grocery shopping. I actually just signed up for a new rewards credit card this week that has a great signup bonus value of over $800.
Two rewards credit cards that I personally like are:
Important note: Using credit card rewards is a good idea as long as you use your credit card responsibly. It’s not smart to go into debt just for rewards because having debt with interest is not free or helpful. To truly make money from credit card rewards, be sure to pay your full credit card balance every month.
2. Get paid to stand in line
If you don’t mind waiting, you can earn money by standing in line for other people. Some companies and individuals pay for this service, especially when they’re busy or want to attend popular events without waiting.
Here’s how it works: You take someone else’s spot in line, like waiting for tickets or securing a spot at a busy restaurant. You do the waiting for them so they don’t have to.
You can earn approximately $25 to $35 per hour by just standing in line. The exact amount depends on your location and how much people need line sitters.
To get started, search for websites that link line sitters with clients, such as Taskrabbit, Same Ole Line Dudes, and InLine4You. Join the sites, create a listing for your services, and wait for someone to hire you.
3. Dividend-paying stocks
One of the best ways to make money without a job is to invest in dividend-paying stocks.
When you invest in dividend-paying stocks, you’re buying a piece of a company that gives you money regularly. Think of it like getting a small thank you for holding on to the company’s stock. These payments usually come from the company’s profits and they’re called dividends.
Here’s how it works. You buy stocks that pay dividends, and then, every so often (usually every three months), the company sends you money. It’s a way to earn without doing much after your initial investment.
Now, a table to show you what to look for:
Term
Meaning
Dividend Yield
How much you earn compared to the stock price
Payout Ratio
The part of profits used for dividends
Ex-Dividend Date
The day when you must own the stock to get paid
Keep in mind, not all dividend stocks are the same. Some may lose value and payments could stop if the company isn’t doing well. So, it’s important to choose wisely, and you might want to seek guidance from someone who knows a lot about stocks.
For me, I love earning dividends. It’s like being rewarded for saving for retirement, and it is so easy.
Recommended reading: What Are Dividends & How Do They Work? A Beginner’s Guide
4. High-yield savings accounts
When you put your money in a savings account, you want it to grow. High-yield savings accounts are like your regular savings account but with an extra boost for making your money grow faster.
The interest rate or annual percentage yield (APY) is what the bank pays you. The higher the APY, the more money you make. Good news! Some of these accounts offer APYs much higher than the usual, like more than 5%! That’s a lot better than the average savings account.
I personally use Marcus by Goldman Sachs and they have a very high interest rate. You can get up to 5.50%, at the time of this writing, through my referral link bonus. So, at this rate, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
You must be thinking, “What’s the catch?” Well, most of these accounts are from online banks. No biggie, just that you won’t have a bank branch to visit. They also tend to not offer other features, such as bill pay and checks – it’s simply a place to park your money and earn a lot more in interest.
5. Sell printables
If you want to earn money while doing nearly nothing on the internet, you can try selling printables online. Printables are files that you make once, like planners, invitations, flash cards, and worksheets, and then sell over and over again.
Yes, you will have to make the printables and open a store, but after a while, you can start making money from the same printables over and over again.
This is because printables are digital products that sell with just simple downloadable files.
I recommend reading How I Make Money Selling Printables On Etsy to learn more.
6. Share your opinions
You can earn money in your free time by joining paid market research studies. Keep in mind, it won’t replace a full-time job (they usually pay only $1 to $3 for each survey you complete), but you might make some extra cash.
When I was paying off my student loans, I did online surveys almost every day. I did them before work, during my lunch break, or after work. What I like about answering online surveys is that I can answer them whenever I want, such as while watching TV or eating lunch.
Some of the survey companies I recommend include:
Please head to Best Paid Online Surveys to read more.
7. Rent out your extra storage space
If you’ve got extra room at your place, you can make money by renting it out.
Think about renting out parts of your home, like an empty closet, your driveway or parking space, or your garage. Websites like Neighbor allow you to list these spaces for someone to store their belongings (such as a car, sofa, boxes, and more).
Neighbor is like the Airbnb of storage space. Instead of having guests over, you’re renting out your storage space to store other people’s belongings.
8. Sell stock photos
Selling stock photos is a good way to earn money through passive income without actively working for it.
You upload photos you’ve taken with your camera or phone to a platform like Depositphotos. When someone buys one of your photos, you get a commission.
Websites, companies, and blogs use stock photos for all different kinds of reasons. Businesses use them to improve their content, websites, or overall appearance, as they may not have the time to take photos of everything they need.
I personally use stock photos in my blog posts all the time, and I know many, many others who do as well. The photos throughout this article are all stock photos, so you can see how useful they are to website owners.
Stock photography includes pictures of things like:
Travel, landscapes, and outdoor scenes
Business settings like laptops, offices, and people working
Family moments, including parents and children
Household items, such as living areas and kitchens
Animals, including pets and wildlife
Vehicles like cars and boats
Sports, from professional events to casual games
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
9. House sitting
For some people, house sitting is the ultimate dream job. You may be able to watch houses around the world in dream destinations after all!
House sitting involves taking care of someone’s house while they’re away. It’s a way to earn money without much effort. Your responsibilities include staying in the house, making sure everything is safe, collecting mail, and sometimes looking after pets or watering their plants. Many times, people just want it to look like someone is living in their home so that no one will try to break in.
You can find house sitting jobs on websites like TrustedHousesitters and Care. You may also find these types of jobs through dog walking gigs, such as on Rover.
10. Invest in REITs
Investing in a Real Estate Investment Trust (REIT) is like buying a small piece of many buildings without the hassle of managing them.
REITs are companies that own many real estate properties, and they earn money by renting out space in those properties. Imagine shopping malls, apartments, and offices as examples.
Here’s how it works:
Choose a REIT – Look for REITs with good histories, like those experts trust.
Invest Your Money – You can start with a small amount of money.
Earn Money – REITs make cash from their buildings. They share this cash with you through dividends.
11. Pose for art classes
If you can stay still for a while, you might like posing for art classes. When you pose, art students look at you and draw or paint your picture. It’s a way you can make money by just sitting or standing.
Most times, art models get about $20 to $30 each hour. You’ll usually be there for around three hours or more.
What will you do? You will hold a pose. A pose can be something like sitting in a chair, standing, or making an interesting shape with your body. These poses can last from five to twenty minutes. Don’t worry, you get breaks so you can stretch and rest.
Who can do this? You don’t have to look a certain way. Artists need all kinds of people to learn how to draw humans well. You just need to be okay with being looked at while you are posing.
Where to find these jobs? Check with local art schools, colleges, or community centers. They usually need new models. You can also look online for art model jobs in your area.
12. Listen to music
If you enjoy music, you can actually make some money by listening to songs. You can use apps and websites that pay you just for listening. Companies want your opinion on new music, and they’ll pay you for your time!
Slicethepie is a popular site that pays you to listen to music. Other popular sites include Playlist Push, Current Rewards, and Hit Predictor.
Here’s how it typically works:
Step
Action
Find an app
Look for apps that offer payment for music listening.
Sign up
Create an account on these platforms.
Listen and rate
Start listening to music and provide your honest feedback.
Earn
Collect your earnings, usually through points that can be converted into cash or gift cards.
13. Get paid to work out
Yes, you can get paid for being active, even while doing your regular workout!
Apps like HealthyWage make staying fit exciting by allowing you to bet on your fitness goals. You set a weight loss target, bet on yourself, and join others with similar goals. If you achieve your goal first, you win money from the prize pool. It’s a friendly competition with a chance to earn a financial reward.
14. Become a notary
If you want to earn money with little effort, you might think about becoming a notary. As a notary, your job is to be a witness when people sign important papers and to check that the people signing are really who they say they are.
So, yes, you are still working a job, but you are simply watching people sign papers.
What notaries do:
Meet people who need papers signed.
Check their IDs to make sure they are who they say they are.
Watch them sign the document.
Use your notary stamp and write in your record book.
You can make anywhere from $9 to $21 per hour, but it depends on things like where you live and if you have to go to people or they come to you.
15. Mattress tester
Testing mattresses is a unique side hustle where you can make money by just testing out mattresses.
As a mattress tester, you’ll test beds and write reviews about your sleep quality, comfort, and any other observations. Your feedback is valuable as it helps companies improve their products to better meet customer needs.
Some mattress companies pay individuals like you to test their products. This helps them figure out how comfortable their mattresses are and how they can make them even better.
You can find these gigs by researching local sleep clinics or mattress companies that offer paid studies or testing.
I have actually been paid to test mattresses in the past, and it is easy! I was only paid with free mattresses, but at one point in a single year, I think I received 5 or 6 mattresses. I ended up giving away a couple to friends and family because the work was so easy.
16. Join a sleep study
Similar to testing out mattresses, you may be able to get paid to join a sleep study.
Sleep studies are research projects that help doctors understand sleep patterns and disorders. If you’re interested in earning money while contributing to science, participating in one of these studies is an option. Typically, sleep studies seek specific types of participants, such as a particular age group or weight range. Your initial step is to determine if you meet their requirements.
After being accepted into a study, you’ll visit the center for tests. During the study, you might wear special equipment while you sleep. This equipment helps researchers monitor and track your sleep patterns.
The payment you receive depends on how long the study is, which might be for one night or even several weeks.
Many universities, like the Harvard Division of Sleep Medicine, pay for sleep studies.
17. Put an advertisement on your car
If you want to earn extra money without doing much, think about turning your car into a moving billboard. Companies will pay you to put their ads on your car.
To start, join a car wrap advertising company like Carvertise or Wrapify. They’ll place a special sticker, called a car wrap, on your entire car or specific parts of it. These companies seek drivers to display ads on their cars, and the more you drive and the places you go can increase your earnings.
Your car’s make and model, condition, and paint quality are important. They decide how well the ads will stick and look.
The type of ad wrap you choose changes how much you get paid too. The options are:
Full wrap
Partial wrap
Just the windows
Here’s what you might be able to earn:
Car Wrap Type
Possible Earnings
Full Wrap
$200 to $1000 per month
Partial Wrap
$150 to $250 per month
Window Ads
$100 to $250 per month
Keep in mind that the earnings can vary. It depends on factors like how frequently you drive and where your car is visible.
Recommended reading: 6 Best Ways To Get Paid to Advertise On Your Car
18. Rent out a spare room in your home
If you have an extra room in your house and want to earn passive income streams, you can make money by renting it out. This is a smart way to earn cash without much work.
I have had several roommates over the years. We would rent out our spare room to long-term renters and people that we personally knew (such as friends and my sister).
To find a roommate and earn rental income, you can advertise your space in various places. You can announce on your personal Facebook page, place an ad on websites like Craigslist, create a rental listing on Airbnb, and more.
Whether you have a house or an apartment, this may be an option available to you.
19. Use cash back sites
When you shop online, you can earn money back on what you spend by using cash back sites.
Think of it like getting a discount, but instead of saving money right away, you get some cash back later.
I use cash back sites and apps pretty much every single time I shop – it’s easy, free money for me.
Popular cashback sites include:
Rakuten – Gives you a percentage of your money back.
Swagbucks – Earns points that you can exchange for cash or gift cards.
Fetch Rewards – I use this site for every single grocery receipt I have.
Ibotta – Another easy grocery scanning app to use.
For example: To get cash back, all you need to do is create a Rakuten account, visit their website, and click on the store where you want to shop (such as Target, Best Buy, Old Navy, etc.). They will then redirect you to that store, and you can shop online as you normally would to get cash back.
These types of sites typically pay via free gift cards or PayPal cash.
20. Rent out your RV
Renting out your RV can be a way to earn extra money on something that might be sitting around collecting dust (and rust!).
By renting it out, you could potentially make $100 to $300 a day or even more.
RVing has become very popular these days, and people frequently rent RVs to explore on vacations or even to try out a specific RV model before making a purchase.
One RV rental platform that I recommend is RVshare. RVshare is basically an Airbnb just for RVs. It’s a site where you can list your RV for rent and RVshare will handle all payments and bookings for you.
Similar to this, you can also rent out your car on Turo!
Recommended reading: How To Make Extra Money By Renting Out Your RV
21. Receive a pension
Getting paid to do nothing may sound like a dream, but if you have a pension, it’s a real thing that can happen when you retire.
A pension is money that you get regularly after working for a certain number of years.
When you work at a job that offers a pension plan, your employer puts money into this plan for you. When it’s time to retire, this money comes back to you, usually every month.
The amount you get usually depends on three things:
Age – Generally, the older you are when you retire, the more you get.
Salary – How much you earned at your job can affect your pension.
How long you worked there – The longer you worked, the higher your pension.
Sometimes, you might have the option to receive all your pension money at once, known as a “lump sum.” It’s a substantial, one-time payment instead of monthly checks. Make a wise decision by considering what works best for you. If you’re unsure, seeking advice from someone knowledgeable about finances could help you decide.
Frequently Asked Questions About Getting Paid to Do Nothing
Below are answers to common questions about how to get paid to do nothing.
How can I get money for doing nothing?
You might be surprised, but there are ways to earn money with little to no effort. For instance, using a cash back credit card for your everyday spending allows you to get a percentage back. You can also do any of the things above, such as selling digital downloads online, finding a job that will pay you a pension once you retire, investing in dividend-paying stocks, and more.
What are jobs where you do nothing and get paid a lot?
So, it can be hard to work an actual job that pays you a lot of money to do nothing. After all, if that existed, then everyone would be doing it, haha! Some jobs do pay you, though, for simple tasks, such as being a notary.
Can I really make income by just being idle?
Yes, you can make passive income through methods like earning interest from a high-yield savings account or renting out your spare space.
Where can I find jobs that don’t expect much work from me?
Look for gig economy jobs where you can earn money based on the tasks you choose to accept, such as delivering food or charging electric scooters. There are so many other side jobs that aren’t even mentioned on the list above, such as creating an online course, becoming a taste tester, micro-investing (such as with the Acorns app), becoming a background actor, watching ads, affiliate marketing, delivering groceries, writing a book review online (such as for Kirkus Media), playing games, talking with an online companion or strangers, and more.
How to get paid to do nothing online?
Some ways to get paid to do nothing online include selling digital files and stock photos. These will both require initial work from you, but eventually, these will sell with little work needed by you.
How To Get Paid to Do Nothing – Summary
I hope you enjoyed this article on how to get paid to do nothing and found one or more gigs that fit what you’re looking for!
As you can see, there are many ways to get paid to do nothing (or almost nothing).
You can grow your savings effortlessly with high-yield savings accounts or make money by renting out extra storage space. Investments in stocks that pay dividends or REITs can give you money regularly without needing your daily attention.
In a year that saw the federal funds rate reach its highest level in more than two decades, high-yield savings accounts are earning some of the best rates we’ve seen in a while. This means savvy savers are ending 2023 on a high note.
But the Fed has recently hit pause on rate increases. The target range has remained between 5.25% and 5.50% since July. The many savings account rate hikes we saw earlier in the year have leveled off accordingly.
So where will savings rates go in 2024?
Before making predictions, it’s worth taking a moment to understand what the Fed rate is, why it sometimes changes, and what effect those changes have on your savings account. Once you understand that, you can take steps to maximize your own bank moves, regardless of what the Fed announces.
A look back: The Fed rate and how it affects you
The federal funds rate is the interest rate that banks charge each other to borrow money to meet regulatory requirements. The Fed can use rate increases (and decreases) to respond to market conditions.
Raising the rate can help curb inflation by making it more expensive for banks to borrow money. This can increase the cost of loans to consumers and businesses. When loans are more expensive, some households may be less willing to spend money, which could eventually lead to lower prices and lower inflation. Fed rates increased four times between February 2023 and July 2023, following seven consecutive increases in 2022.
Rising Fed rates are good news for savers, as hikes tend to correspond with savings rate increases. In January 2023, the average national savings account rate was 0.33%, according to the Federal Deposit Insurance Corp. By November 2023, that figure had bumped up to 0.46%. (Both rates are significantly higher than the average of 0.06% in January 2022, before the series of rate hikes.) These increases, while notable, are just averages. The best savings rates have risen from less than 1% in January 2022 to an annual percentage yield of more than 5% today.
Here’s what a high rate means.Say you put $5,000 in your emergency savings fund and it earns 0.06% APY. If you left that amount in your account without touching it for a year, your bank balance would grow by only about $3. But put the same amount in a savings account that earns 5% APY and it would grow by more than $250 in the same period. That’s extra money without extra effort. You can use a savings calculator to tally more potential gains.
It’s worth noting that not everyone can leave money untouched in savings for a year. According to J.D. Power’s October 2023 Banking and Payments Intelligence report, more than a quarter of American bank customers surveyed reported tapping their emergency savings account in the previous 90 days to pay for regular expenses, such as gas, food or rent.
Rising costs due to inflation were a big reason customers drew down their savings over the past year, says Jennifer White, a senior consultant in the banking and payments intelligence practice at J. D. Power and author of the study. The cost of goods and services can affect customers’ ability to save.
But relief may be on the horizon.
SoFi Checking and Savings
Min. balance for APY
$0
CIT Bank Platinum Savings
Min. balance for APY
$5,000
BMO Alto Online Savings Account
Min. balance for APY
$0
What to expect in 2024
Today, the core inflation rate is lower than it was in 2022 when Fed rate increases began. Forecasters are predicting that going into next year, inflation will continue to fall or moderate.
The economic indicators now “seem to be moving in a positive direction,” White says.
Lower inflation can mean lower prices for consumers, and it could also mean no more Fed rate increases for a while. The CME FedWatch tool, which aggregates analyst predictions for Fed rate changes, shows a high probability that the Fed rate will decrease at some point in 2024, potentially as early as March. Keep in mind that this is just an estimate.
If the Fed rate does decrease, we will likely see a drop in the top savings account yields. But remember that the savings account increases we saw earlier this year didn’t happen overnight, and sudden steep slides aren’t likely to happen either.
If rates do decrease, your savings may not earn interest as fast as before. But having your money in a high-rate account still gives you the best chance to make the most of your funds. High-interest savings accounts tend to outperform their competitors even when rates drop. Back in January 2022, when the average savings account rate was a pitifully low 0.06%, high-yield savings accounts still earned around 0.50% APY — nearly 10 times more than the average at the time.
“If you are not taking whatever amount of money you have and taking a look at those high-yield options, you may be leaving money on the table,” White says.
Getting your savings ready for 2024
You can’t control the Fed, but you can control your own money moves. Here are some ways to put yourself in a strong financial position, no matter what happens with savings rates.
Review your savings plan to build your balance and prepare for unexpected expenses.
Avoid monthly fees on bank accounts.
No one can predict Fed action or savings rates in 2024. But maximizing your deposits now can help put you in the best possible position for today, next year and beyond.
The average American has less than $90,000 in retirement savings, as of mid-2023. That’s far below what many people will likely need, and many Americans aren’t really sure what sorts of goalposts or milestones they should be striving for by certain ages when it comes to saving for retirement.
It can be helpful to see how one compares to others in their age range. Averages can help investors see if they are on track to retire when they plan to. While each person is different in terms of their personal retirement goals, lifestyle, ability to save, and projected expenses, setting goals and benchmarks can help an individual figure out how much to save and where to put money for retirement.
Key Points
• The average American has less than $90,000 in retirement savings, which is less than what many people will likely need.
• Retirement savings vary by age group, with average savings increasing as people get older.
• By age 30, it’s generally recommended to save an amount equal to annual salary, and by age 40, three to four times annual salary.
• By age 50, it’s advised to have six times annual salary saved, and by age 60, eight times.
• Most Americans aren’t saving enough for retirement, and it’s important to create a retirement plan and consider personal goals and financial responsibilities.
Average Retirement Savings By Age
Below is a breakdown of retirement savings by age group, ranging from people in their 20s to people in their 70s.
Age Group
Average Retirement Savings
20s
$35,800
30s
$67,400
40s
$77,400
50s
$110,900
60s
$112,500
70s
$113,900
Average Retirement Savings in Your 30s: $67,400
Most Americans in their 20s and 30s haven’t reached their peak earning years, and many might be paying off student loans, and saving up to buy a house or have kids. Retirement isn’t always top of mind. But the earlier people can figure out which retirement plan is right for you and commit to actually starting a retirement savings plan, the more they will benefit from compound interest over time.
Recommended: How to Save for Retirement at 30
Average Retirement Savings in Your 40s: $77,400
Since most people are making more money at this age than they ever have, it can be tempting to spend it on fancy vacations, cars, and other things. Many people also have mortgages, families, and other big-ticket expenses during this time in their lives as well.
But those who put that money towards retirement may be able to reach their goals early and retire relatively young.
For men, these are peak earning years, as they tend to continue increasing their earnings until age 55. Women tend to reach their peak earnings much younger at age 44. Either way, retirement savings should be top of mind for people in this age group.
Average Retirement Savings in Your 50s: $110,900
At this age, some Americans are on track to reach their retirement goals, while others are far off. There are still ways to catch up, such as cutting unnecessary expenses, moving to a smaller home, or putting any additional pay, income, or bonuses into retirement accounts.
Average Retirement Savings in Your 60s: $112,500
Although the goal for many is to retire at around 60, many Americans have to keep working since they don’t have enough savings. In some cases, people plan on working at this stage of life anyway, so it’s not a bad thing. A lot of people work during retirement, although some do so out of necessity.
Ideally, working in later years of life is a choice and not a necessity. After this age, people tend to be spending rather than saving, so the average retirement savings amounts decline.
Retirement contributions tend to increase as people age partly because they are earning more and partly because they are thinking about retirement more.
💡 Quick Tip: How much does it cost to set up an IRA? Often there are no fees to open an IRA, but you typically pay investment costs for the securities in your portfolio.
Boost your retirement contributions with a 1% match.
SoFi IRAs now get a 1% match on every dollar you deposit, up to the annual contribution limits. Open an account today and get started.
Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included. Offer ends 12/31/23.
Ideal Retirement Savings Amounts by Age
Because the cost and standard of living varies so greatly, there aren’t clear dollar figure amounts that each age group should aim to have saved for retirement. But there are suggested guidelines.
• By age 30: It’s generally recommended that people save an amount equal to their annual salary by the time they reach age 30. That may not be a realistic goal for many people, but it can be a general guideline or goal to aspire to.
One way to achieve this is to save 10-15% of one’s gross income starting in their 20s. Some employers will match retirement contributions if employees save a certain amount each month, so it’s a good idea to contribute at least that much to take advantage of what is essentially free money.
• By age 40: It’s recommended that investors have three to four times their annual salary saved by age 40.
• By age 50: Investors are typically advised to have six times their salary saved by age 50.
• By age 60: It’s recommended that investors have eight times their salary saved by age 60.
• By age 67: Investors are typically advised to have ten times their salary saved by age 67. For example, if a 67 year old makes $75,000 per year, they should have $750,000 saved.
Is Anyone Saving Enough for Retirement?
Despite the above recommendations, most Americans don’t have nearly these amounts in their retirement accounts. A significant portion of Americans don’t have any retirement savings at all — and that includes Americans who are near retirement age.
So, while some people are saving enough for retirement, a lot of people aren’t. Social Security may not be enough for a lot of people to make ends meet, either.
Social Security and Your Retirement
It’s more important than ever to create a retirement plan and stick to it, because America is facing a retirement crisis. Social Security was designed to help people pay their expenses during retirement, but it currently pays less than half of the average retiree’s monthly expenses. As of mid-2023, the average Social Security payment is around $1,800 per month.
Best Ways to Save for Retirement
It can be stressful to feel behind on saving for retirement, but it’s never too late to start.
There are several ways to save for retirement — but a good place to start, if you haven’t already, is by creating a budget to track expenses. This allows you to see where your money is going and identify categories of spending that could be reduced, with the money redirected to a retirement savings account.
Some retirement plans also have catch up options for those who start late — typically, individuals older than 50 can contribute extra funds to their retirement accounts.
No matter how much you put aside for retirement, or whether you contribute to a traditional IRA or a Roth IRA, a 401(k) or an after-tax investment account, a good strategy is to automate savings. With automated savings, the money is deducted from your paycheck or your bank account automatically — making it easy to forget that the money was ever in the account in the first place.
The Takeaway
The average American has less than $90,000 in retirement savings, though the number varies depending on age groups and other factors. Knowing how much others in your age group are saving for retirement can help give you a sense of comparison, but it’s important to remember that most Americans aren’t saving enough.
There are a number of different formulas, calculations, and rules of thumb to help individuals figure out how much money they’ll need in retirement. While these figures can be helpful, it’s also important to take personal goals, financial responsibilities, and lifestyle into consideration.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.
One of the best ways to grow your wealth is to take advantage of a high-yield savings account and make money from the interest. Depending on your age, the average savings in America can vary, but those who start younger can build more wealth because they have more time.
Use our free simple savings account calculator to see how your money can make money over time from interest payments.
Simple Savings Calculator
Total Savings
$
Breakdown of Savings
Starting Deposit
Total Contributions
Earned Interest
Simple Savings Account Calculator Help
The simple savings account calculator helps you easily calculate the annual percentage yield (APY) and accurately show how your investment can grow. Below, we go over each aspect of the calculator and how it works.
Starting deposit: When you open a savings account, this is your initial deposit. This first deposit plays a big role in how much your wealth will grow over time.
Monthly contribution amount: It’s beneficial to continue depositing into your savings account monthly. Adjust this amount in the savings account calculator to see how much your money can grow and benefit from compound interest.
Number of years: Giving your money time to grow is the ideal strategy due to compound interest.
Annual interest rate: Interest rates can vary depending on the bank and type of account. You can use certificates of deposit (CDs), a high-yield savings account, or money market accounts. Be sure to shop around to find the best interest rates before you decide.
How Much Should You Save Each Month?
How much you save each month is unique to your financial situation. However much you choose to deposit into your savings account, the important thing is to be consistent. One way to do this is by setting up automatic transfers from your checking to your savings each month after a payday.
You’ll also want to ensure you’re budgeting properly so you don’t fall behind on other expenses like bills or debt payments. A monthly budget template can help you create a strategy and see what amount works for you.
How Do You Calculate APY?
To calculate the simple interest amount in a savings account, multiply the account balance by the annual percentage rate. For example, if you save $10,000 in a year and have a high-yield savings account with a 4% interest rate, the calculation is:
$10,000 x 0.04 = $400
How Savings Can Improve Your Financial Well-Being
Having a savings account is not only helpful for building your wealth, but it also provides you with some security in an emergency. By finding a savings account with a high interest rate, you will make money by simply storing your savings in the account.
Improving your credit score can also help your financial well-being. A good credit score lets you benefit from lower interest fees and access to additional loans and lines of credit. If you want to know where you stand with your credit, sign up for your free credit report card. You can also utilize Credit.com’s ExtraCredit® service to get credit monitoring alerts, additional credit reporting, and more.
Helpful Links to Start Saving
Check out some of our other articles for more tips and strategies for saving and growing your wealth.
It took a while, but Bank of America announced today that it intends to mail out principal reduction offers to some 200,000 homeowners.
The first letters should be arriving in mailboxes this week, with most mailed by the third quarter of this year.
The principal reduction program is part of the national foreclosure settlement, which was finalized back in February. It called for at least $10 billion to go toward reducing mortgage balances.
The other big banks will need to get on board as well, since that settlement also involved Ally/GMAC, Chase, Citi, and Wells Fargo.
Are You Eligible?
This program isn’t for those with a Fannie Mae, Freddie Mac, FHA, or VA loan. So that eliminates quite a few borrowers right there.
The loan must be owned and serviced by Bank of America, or serviced by an investor that has given BofA the authority to carry out such modifications.
Additionally, you must owe more on your mortgage than the property is currently worth. In other words, you must hold an underwater mortgage.
You also have to be delinquent on your mortgage, but don’t go missing payments just to participate. You must have been 60 days behind as of January 31, 2012.
Finally, your total housing payment must total more than 25 percent of gross household income (debt-to-income ratio).
How It Works
Assuming you qualify, Bank of America will first reduce your principal balance to “as low as” 100% loan-to-value.
After that, they’ll lower the mortgage rate, and possibly forebear additional principal to meet the target payment amount of 25 percent of gross income.
A calculation, known as positive net present value, will be used to ensure the cost of the loan modification does not exceed the cost of foreclosure.
So some borrowers may get huge principal and interest rate reductions, while others who are just barely underwater, and can afford more, will only see minimal reductions.
Still, the ability to refinance to a lower mortgage rate is a huge benefit, even if the principal balance isn’t reduced significantly.
Ironically, borrowers will want to prove they’re making less money to get the most benefit, a stark contrast to the stated income days that led up to the mortgage crisis.
If you can afford your existing mortgage payment, and simply aren’t making it for one reason or another, Bank of America will tell you to go jump in a lake.
Average Savings of 30%
Bank of America expects the average homeowner to save 30 percent on monthly mortgage payments.
They actually piloted the program in March, and have already sent out 5,000 trial modification offers, which have the potential to total more than $700 million in forgiven principal.
Back in 2010, the bank came up with “earned principal forgiveness,” a program that offered interest-free forbearance of principal and rewarded borrowers who stayed current on payments.
But it’s unclear how successful that initiative was. And it’s uncertain how well widespread principal reductions will perform given the high cost.
Unfortunately, there are probably tons of current borrowers out there with interest-only loans poised to reset that don’t have a solution.
And their mortgage payments will surge once they’re making fully amortized payments with a shorter mortgage term.
Assuming many of these types of loans were taken out around 2004-2006, there may be another huge wave of problems in a few years that don’t yet seem to be addressed.
I graduated from college with a bachelor’s degree in English in business management, so I knew a great deal about metaphors, marketing, and even Russian literature. What I didn’t know was how to manage my money.
Although I’ve learned a lot about personal finance since then, I’ve also realized that many graduates enter the workforce feeling just as lost as I did. “Should I get a credit card?” “How much should I spend on groceries?” “Do I really need to start saving for retirement?”
Providing for your own financial needs and responsibilities can be overwhelming at first, but there are plenty of practices you can implement now to manage your money well! Here are seven healthy financial tips I wish someone had shared with me after I graduated from college.
What’s Ahead:
Consider a Variety of Jobs
After college, my dream was to become a writer. Plan B was “pastry chef” (I watched one-too-many baking shows in high school). And yet, despite my aspirations, my first job was as an admissions counselor—at my alma mater.
For many careers, it isn’t easy to find your dream job immediately after graduating. You might need to start with an internship. Or, perhaps you’ll find an entry-level position in an industry or company where you could rise to the job you want.
Fortunately, there are multiple ways to make a living and pursue your dream job. My position in admissions may not have been a direct step towards a writing profession, but the experience I gained in sales ultimately prepared me for my job today as a writer in marketing. I also gained some “real-world,” office experience, and a clearer understanding of how a business operates—which could help me manage my own bakery in the future!
All this said, don’t be so focused on finding the perfect job that you miss a unique opportunity to advance your career.
Learn to Budget
Early on in our relationship, my husband, Steve, and I were giddy to discover our personalities were quite alike. But, for all our similarities, we did not share the same approach to personal finance. He’s the saver, and I, sadly, am the spender.
Steve and I recognized early, however, that consistent budgeting would protect both our money and our marriage. Every month, we sit down with a cup of tea or glass of wine and review our expenses. It has taken years to nail down a budget and routine that works well for us, but I can say with certainty that the habit has spared us many arguments.
Whether you’re single or in a relationship, budgeting is essential for maintaining financial health. However, thanks to tools like YNAB, you don’t have to be an expert at money management to do it well. YNAB allows you to set up categories to plan and track your spending. It’s unique take allows you to “live on last month’s income” so you can break the paycheck-to-paycheck cycle. You’ll always know exactly how much money you have to spend.
Check out our full YNAB review here.
Start paying student loans NOW
Many college graduates receive a six-month grace period, during which they don’t have to start paying back loans—but that doesn’t mean they shouldn’t.
Experts suggest you start paying back loans immediately, if you’re able—even before graduation! By paying that debt down sooner, you can decrease your principal and potentially save thousands of dollars in interest over time.
You may also be able to save money by refinancing your loan(s) to a lower interest rate. Try researching options through Credible, an online marketplace that lets you compare rates from multiple lenders. Each quote is based on your unique credit profile, and rates are updated in real-time so you can get an accurate assessment of your offers.
Credible Credit Disclosure – Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Build an emergency fund
It’s easy to see the value of an emergency fund, and yet more than half of Americans could not afford a $400 surprise expense.
The trouble is many people don’t understand the significance of an emergency fund until they need it. Only a few months after I married Steve, I got a ticket for running a red light. I was mortified and ashamed and embarrassed—until Steve reminded me that we had an emergency fund. In a moment, all my stress slipped away.
To help you build your own emergency fund, consider a resource like the Wealthfront Cash Account. You can earn 4.55%APY on all of your cash—which is five times the interest from your average savings account! Wealthfront can even get your paycheck to you up to two days early, when you set up a direct deposit, so you can reap the rewards of that rate ASAP! As you start to save towards specific goals, organize them into buckets to track your progress.
Wealthfront is also a great option for individuals who want an easy segue from saving to investing. Many financial advisors won’t even talk with you, let alone manage your investments unless you have tens of thousands of dollars to work with. Wealthfront, on the other hand, lets you start investing with as little as $500 and will diversify your portfolio to match your unique risk tolerance. You can also integrate your Cash Account with your investment portfolio and have any leftover income automatically invested to maximize your time in the market.
Live on less
After receiving your first paycheck, you might assume you need that full amount each month to live comfortably—but every person is different, as is every salary.
My brother graduated from college this year with a degree in computational engineering (nerd alert!). His first job pays nearly three times what my first job paid me! So, before he splurged on a new TV, car, computer, etc., I gave him one small piece of advice: learn to live on less.
Instead of determining how much you can spend based on your salary, start with small budget categories and alter them when necessary. Steve and I began budgeting early in our marriage and thought we would need $200 each month for groceries, based on how much we’d spent on our own. As the months progressed, we recognized $200 wouldn’t meet our needs (and also that I love cooking), so, we added a little more every month until we reached a total that worked for us.
Those first few years out of college will set the stage for your financial health (or lack of) decades into the future, so start by learning to live on less. It will be much easier to increase your budget categories later, rather than limiting yourself in the future.
Begin saving for retirement
If you’re anything like I was at 22 years old, retirement might feel like a topic that’s easy to ignore. However, saving for retirement early can mean thousands of additional dollars for you and your family later in life.
Fortunately, there are companies that understand young people like us. For example, blooom is a retirement management company that provides a free analysis of your IRA and/or employer-sponsored retirement plan—whether you decide to sign up and pay for their services or not. After answering a few questions on their site, blooom offers professional advice on how you can adjust the allocation of your funds to avoid hidden fees and save more for the future.
Another reason blooom is especially useful for 20-somethings is that, unlike many investment management companies, they don’t require a minimum investment to manage your retirement plan. In other words, if you’ve just started your first job out of college and have barely contributed to your retirement plan, blooom is still ready to help. They can also manage your funds no matter where they’re located, so you won’t have to move your employer-sponsored plan to utilize their services.
Get a credit card
Let me be clear: what I am NOT suggesting is that you drive down to your favorite department store and sign up for their fancy rewards card that offers 10% off on your first purchase.
While a credit card can certainly have its perks, the better benefit for college graduates is its effect on your credit score—if you use it well. A good credit score can impact your ability to get a home mortgage loan or qualify for auto insurance. It may even influence a potential employer’s decision to hire you!
Start with just one card, at least for the first year. Search for options with low interest rates that require low spending levels to receive rewards. Finally, once you begin using the card, set up automatic payments with your bank and continue to monitor your transactions and payments often.
Remember that merely possessing a credit card does not improve your credit score; it’s how you use it. Credit cards can have a negative or positive impact on your life, so make sure you choose and use them wisely.
Summary
Taking steps toward healthy money management as a college graduate doesn’t have to be complicated—you just have to start off on the right foot.
As you search for jobs, consider a wide variety of options. Building a career takes time, and your dream job may require some entry-level positions or even an internship for you to get started. Once you’re settled into the workforce and begin receiving paychecks, develop a budget immediately! Be sure to include important goals like paying off your student loan(s) and saving for retirement. Finally, create habits like living on less and saving for unexpected expenses to help you better prepare for situations, expected or not, in your future.
Procrastination may have served you well in college, but it won’t help you achieve financial health. Act intentionally. Learning to manage your money well now will help you provide for your family, pursue new experiences, and prepare for whatever lies ahead.
Read more:
MoneyUnder30 receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. MoneyUnder30 is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
Another 2 million borrowers could save an average of nearly $300 a month on a refinance thanks to last week’s 10-basis-point drop in mortgage rates. Recent data from Black Knight found the number of high-quality refi candidates moved back up to 13 million last week — potentially putting $3.6 billion back in to homeowners pockets.
On March 25, the data analytics company reported 7 million high-quality candidates fell through the cracks on the market’s “forever rates” after a 40-plus basis point rise from February dropped their eligibility. For Black Knight, these candidates are defined as a 30-year mortgage holder with a maximum 80% loan-to-value ratio and credit scores of 720 or higher.
In February, there were 18.1 million of these borrowers roaming the market. By March, there were just 11.1 million — the smallest number of potential refi candidates in a year. However, if these candidates do qualify, approximately 2.5 million of them could save at least $400 a month. Within that group, 1.5 million could save $500 or more by refinancing at the market’s current rate.
California, once again, took the top spot as the state with the greatest potential savings. The Golden State now has 1.75 million refi candidates who could save a cumulative $672 million in payments and interest. In the New York metropolitan area, there are 862,000 refinance candidates. With an average savings of $462 per borrower, they’d cumulatively save nearly $358 million.
Disregarding Black Knight’s eligibility criteria, there are almost 21 million 30-year mortgage-holders who are “in the money,” with current interest rates at least 0.75% above today’s rate.
Should lenders look to non-QM when the refi boom slows?
HousingWire recently sat down with Tom Hutchens, Angel Oak EVP of production, who shared how non-QM lending could be an effective way for lenders to replace lost business in the event of a refi boom slowdown.
Presented by: Angel Oak
But consumers are going to need to act fast as rates are projected to rise during the rest of the year.
Fannie Mae’s economic and strategic research group estimates refinance origination volumes in 2022 to total $1.1 trillion, a 48% decline from 2021 and a $40 billion downward revision from last month’s forecast. On the flip side, the group is now expecting 2021 and 2022 purchase volumes for the overall mortgage market to total $1.9 trillion for each year, an upward revision of a whopping $66 billion and $84 billion, respectively, from the previous month’s forecast.