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Santa Index 2024

Wages for workers have grown at a steady pace of 3.9% over the last 12 months, according to the latest data from the Bureau of Labor Statistics (BLS). Santa, however, didn’t just receive a raise—his earnings outpaced the broader market. Our analysis of BLS data shows that Kris Kringle’s pay climbed by an impressive 4.7% in 2024.

Insure.com has analyzed each of Santa’s core responsibilities for more than a decade to estimate his annual earnings. We leverage the latest salary data from the BLS for comparable roles to assign a monetary value to each of Santa’s tasks. For this year’s index, we kept the jobs performed by Santa the same as last year. 

Adding up that pay information, St. Nick’s would earn an estimated $178,620 this year, an increase from $170,583 in 2023.

Breaking down Kris Kringle’s 4.7% wage increase

Santa’s 4.7% increase this year was good, but it trails the 5% jump he saw in 2023. 

Still, Santa’s raise was better than the 3.9% increase other workers have seen over the past year.

Breaking down Santa’s tasks, we found that his wages increased in 13 of the 15 categories we looked at. Jobs with the most significant increases in this year’s index included: 

  • Running the workshop (industrial engineers): 5%
  • Labor negotiator with elves (labor negotiator): 8%
  • Taking care of reindeer (farmworker): 2%
  • Sleigh pilot (pilot): 6%
  • Gift wrapper (packers and package handlers): 6%
  • Going down chimneys (building cleaning workers, chimney sweeper): 6%
  • Sitting in the mall (customer service representative): 6% 
  • Snowplow driver (highway maintenance workers): 7%

Another job activity, announcer—think “Merry Christmas to all, and to all a good night!”—experienced a 44% year-over-year salary drop. Yet another job—professional shopper—decreased by 4%. 

Of course, his yule may turn blue if he —like the rest of us—reflects on what inflation is doing to those wages.

Job Hours per day Days per year Hours per year Last year’s earnings (rounded) This year’s earnings (rounded) Change from last year
Running the workshop 8 364 2912 $138,000 $144,406 5%
Professional shopper 8 15 120 $3,256 $3,124 -4%
Gift wrapper 12 14 168 $2,691 $2,864 6%
Labor negotiator (with elves) 0.5 365 182.5 $7,674 $8,302 8%
Letter reader 1 100 100 $2,046 $2,257 10%
Sitting in the mall to speak with children 8 21 168 $3,326 $3,515 6%
Investigator (knows if you’ve been good or bad) 1 30 30 $857 $869 1%
List checker (checking it twice) 1 30 30 $684 $715 5%
Taking care of reindeer 1 365 365 $6,369 $6,504 2%
Snow plow driver (at the North Pole) 0.5 360 180 $3,964 $4,246 7%
Sleigh pilot 10 1 10 $1,085 $1,202 11%
Going down chimneys 10 1 10 $199 $210 6%
Cookie & milk taster 10 1 10 $236 $251 6%
Distributor (placing gifts under the tree) 10 1 10 $195 $205 5%
Announcer (“Merry Christmas to all, and to all a good night!”) 0.01 1 0.01 $0.75 $0.42 -44%
Santa’s Total Salary for 2024 $170,583 $178,672 5%

Give the gift of life insurance this holiday season

The holiday season brings the priceless gift of quality time with loved ones. Yet, it’s also a time for giving thoughtful presents, and you might be trying to decide on the perfect gift for your family.

Here’s an out-of-the-box idea: How about life insurance?

Purchasing a life insurance policy and making your family the beneficiaries could be the ultimate holiday gift, something that will long outlive a gift card or Christmas sweater. 

“A life insurance policy is essential for anyone who wants to ensure financial protection for their dependents in case of untimely death, making it crucial for breadwinners or those with significant financial responsibilities,” says Robert Macoviak, president of Oyer, Macoviak and Associates, an insurance office in Boyton Beach, Florida.

The right insurance policy provides peace of mind, ensuring your family is financially protected in the event of your unexpected passing.

Life insurance beneficiaries can also use the money to pay for:

  • Funeral or cremation costs
  • Bills and everyday expenses 
  • Rent payments
  • Child care
  • Car payments

Essentially, your beneficiaries can use the life insurance death benefit however they want. 

Alison Salka, principal research consultant for LIMRA, the life-insurance industry research group, acknowledged when we spoke to her last year that life insurance might not be the most traditional holiday gift. 

“But some gifts — like the gift of financial security — are more important than material things,” Salka says.

And life insurance experts stress its importance.

“Life insurance is a must-have policy for anyone who has people who are financially reliant on them or those who have significant liabilities, such as parents, spouses, or people with mortgages or co-signed loans,” says Joe Cronin, president of International Citizens Insurance, a Massachusetts-based insurance agency focused on international coverage needs. 

What to look for in a life insurance policy

If you decide that life insurance is the perfect gift for your loved ones, the next step is finding a policy that fits your needs. Some of the considerations to keep in mind:

Different types of life insurance

The first step is to determine which kind of life insurance you need. There are two main types of policies to choose from:

  • Term life insurance: This no-frills coverage lasts for a specified period of time as long as you pay your premiums. Terms usually run for between 10- and 40-years and you can end your coverage when you have fewer financial obligations. However, you will not build any cash value with this type of policy. 
  • Permanent life insurance: Unlike term life insurance, permanent life insurance lasts your entire life as long as you pay the premiums. In addition, permanent life policies allow you to build cash value over time, which acts as a pool of savings that grows tax-deferred and that you can tap into while you’re alive. This type of policy is a bit more complicated, and you’ll want to discuss your options with a certified financial planner before you buy.

“When choosing between term and permanent life insurance, consider your financial situation and long-term goals,” Macoviak says. 

“Term life insurance, being more affordable, is suitable for covering specific needs like mortgage payments or children’s education for a fixed period. On the other hand, permanent life insurance, which includes whole and universal policies, offers lifelong coverage and a cash value component, ideal for those looking for both protection and investment,” he says.

Many people choose term life because they only need coverage for a specific period of time, such as during the years they are raising their children or while they have to make mortgage payments. Others buy permanent life insurance because they want lifelong coverage, hope to leave a legacy behind for loved ones, or they want to use life insurance as an investment.

How much life insurance coverage do you need?

Your individual situation will determine the right type of policy and the proper coverage amount for you. 

Most experts recommend getting at least 10 to 15 times your income in life insurance coverage. You should also ensure that your life insurance policy covers your biggest financial obligations. For example, if you have a $500,000 mortgage that lasts 20 years, get a policy that covers that balance and term length.

Additionally, ensure your policy is current with every major life event.

“It’s often wise to reassess coverage needs during major life events like marriage, the birth of a child or a home purchase,” Cummins says. 

Speaking to a certified financial planner is the best way to determine your life insurance needs and what type of policy is best suited for you.

How to get the best deal on life insurance

Whichever type of coverage you choose, it’s important to shop around for the best policy. 

“Gather quotes from multiple life insurance companies,” LIMRA’s Salka says. “Different insurers may have varying underwriting criteria and pricing models, so exploring options can help you find a competitive rate.”

You should compare quotes from at least three to five insurance companies to ensure you’re getting the best possible price for coverage. You can also use an insurance broker to pull multiple quotes. 

Not sure where to start? Check out Insure.com’s best life insurance companies and request a quote. 

Methodology

For more than 10 years, Insure.com has looked at Santa’s key tasks to estimate his earnings. Using the most recent BLS salary information for comparable jobs, Insure.com calculates Santa’s annual salary by assigning a value to each task Santa carries out. For this year’s index, we kept the jobs performed by Santa the same as last year. 

Sources:

U.S. Bureau of Labor Statistics. “Employment Cost Index — October 2024” Accessed December 2024.

Insurance Information Institute. “How to choose the right type of life insurance.” Accessed December 2024.

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Sarah Sharkey
Contributing Researcher

 
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Sarah Sharkey is a personal finance writer with a master’s degree in management from the Hough School of Business at the University of Florida. She enjoys helping readers find money solutions that work. She has written for numerous personal-finance publications including Money Under 30 and The College Investor.

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