St. Nick’s 2022 Earnings
Every year Insure.com publishes the “Santa Index,” where they compare the many jobs St. Nick performs to Bureau of Labor Statistics wage data for similar occupations and determine a salary for Santa. Though they estimated his pay would be increased from last year, up to $162,555, that only represents a 2% increase, which is reduced from the 6% increase he previously received.
Some of the tasks in the comparison include:
- running the workshop (where the closest matching occupation is industrial engineer)
- reindeer care (farmworker)
- checking his list twice (bookkeeping)
- letter reading (correspondence)
- gift wrapping (packer) and,
- flying the sleigh (airline pilot).
Part of estate planning includes a discussion of income protection. For Santa, we can see the challenge in what type of planning should be considered! Figuring out how much it would cost to replace Santa’s income, or the unpaid work he does for the family, factors into determining how much life insurance to buy. Although Santa doesn’t need any coverage – because he’ll live forever — the site makes the annual calculation anyway.
Another part of the planning we undertake at our office focuses on sharing the non-financial wealth of clients, their wisdom, of which we are sure Santa has a lot to share. Passing on your wisdom with loved ones can ensure your legacy lives on and provide a valuable resource to them as they go through life.
May you all enjoy the holiday season with family and friends.
Merry Christmas and Happy Holidays!