U.S. Workers Have Found a Way to Increase Their Salaries Fast. But the Strategy Could Hurt Them in Retirement. What's the real cost of a quick income boost?
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- The average raise hovers around 3%, but one popular career move can increase that 10x.
- Many young professionals are embracing the change — but it could have negative consequences.
On average, Americans believe that financial success requires an annual salary of $270,214, according to a recent survey from Empower. That's a far cry from U.S. workers' median weekly earnings of $1,165 reported by the U.S. Bureau of Labor Statistics.
People who want to increase their wages might be able to negotiate. However, with the average raise hovering around 3%, even the savviest deal-makers are unlikely to see a major pay bump.
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