NEW YORK - Well, US workers, feel better: You are not the only failed to make long-term financial plan let alone insurance.
Devere Group, a financial advisory group based U.K. recently surveyed 650 people around the world who do not use a financial advisor tentag car insurance. They asked simply, "Do you plan your finances next year, one to three years, or three years or more into the future?" Of that group, 71 percent chose the first option.
Many people believe the myth that planning for the long term, more difficult than planning for the short term - this is not true.
Indeed, it is an improvement from 2013, when the same poll had 82 percent of the respondents gave that answer. However, when nearly three-quarters of the groups from the US, Britain, Spain, Australia, France, South Africa and the United Arab Emirates provide the answer, it makes little nervous financial advisor.
"Many people believe the myth that planning for the long term, more difficult than planning for the short term - this is not true," said Nigel Green, chief executive and founder of the DeVere Group, when the discovery was announced "The difficult start to plan long term. But delays will leave you in limbo and likely will cost you dearly. "upside down - sort of - is that it is not just the US that do not plan or save. Earlier this month, a survey by GOBankingRates found that 62 percent of US bankers have less than $ 1,000 in their savings account. Of course, nobody wants to save money in the account that received some of the lowest yield in banking for car insurance, but people GOBankingRates see the revelation that as a symptom of the disease is much greater.
"It's disturbing how many Americans are thinking about long-term planning or retirement, with little tucked away in a savings account," said Casey Bond, editor-in-chief of GOBankingRates. "Saving money is a hard struggle for many people to car insurance, but there are a number of simple ways people can consistently grow their nest egg over time, such as automating their savings. Even a small donation is better than nothing at all."
Pending savings
Procrastination is something superior to US workers, and the financial difficulties of the recent economic crisis does not help matters. According to a survey earlier this year by Edward Jones financial companies, 45 per cent of non-retired US workers are not saving for retirement. We put it off age (90 percent of young workers say they will start saving in your 30s or earlier, but only 64 percent of people ages 35 to 44 follow-up), we put it off until the children get older (39 percent of singles are not save, compared with 51 percent of people in households of three or more) and, according to a survey by financial services company Franklin Templeton, we put it off altogether (30 percent of those 18 to 24 said they would never retire).
But why the whole world suddenly in a financial scenario that same year-over-year. Well, there are reasons why it was the global economic crisis. Thanks to the austerity measures implemented by countries around the world, some more socialized benefits offered to retirees simply no longer available.
"Financial planning is a long-term has never been more important as governments are forced to cut benefits associated with age, which means that in the future most people will not be able to rely on government support at the same level they have done in the past, so we should be more financially independent in retirement, "says Green. "Plus, as we all live longer, and as money as we gathered all our lives should go further than it has ever been done before."
Also, a lot of unemployment that hit Western countries during the crisis affects younger workers. Principal found that 63 percent of workers ages 23 to 35 started saving before they turn 25, but less than a third saved 10 percent of their salary. With cash tight due to either unemployment or settling for jobs low-wage up to a better position open, long-term saving for retirement to compete with the lease (65 percent), food (38 percent) of transport (30 percent), student loans (20 percent) and credit card debt (16 percent) for their dollar.
Barriers to Saving
"Many of the millennium can see these huge costs - especially student loans and other debt - as the main obstacles to save anything for retirement," said Jerry Patterson, senior vice president of retirement and investor services at The Principal. "But in most situations, it is possible and necessary to both save for retirement and pay debts by making a plan and sticking to it."
According to the Financial Voya, nearly 6 out of 10 (59 percent) working Americans say they are very or extremely concerned about outliving their savings in retirement and 74 percent had never calculated their monthly retirement income needs. However, if they just think ahead a little bit, they can start to make decisions austerity vote now. A portfolio that is diverse and somewhat non-conservative helpful.
"Generally, people must have at least 70 percent of their annual income to have a secure retirement with the same lifestyle," said James Nichols, head of retirement income and strategy advice and Voya Financial. "Of course, some people will need more than that, and some will require less depends on the willingness of their lifestyle, medical expenses, retirement plans and other factors. You may have 30 or more years of retirement, so the money you need to continue to grow during that time. "
Sometimes, it means sacrificing savings in the short term to support your long-term goals. Joe Boyle, the coach retire with Voya in Beverly Hills specializing in helping Thousand clients, noting that some clients are younger with a good job, which is able to live alone, make a choice (in concert with their parents) to live in the house so they can save money to buy their first home. In one case, a younger client who is a lawyer had no student loans or credit card debt stayed at home for three years to save a 20 percent down payment home near his office.
"He said that 'there are some small sacrifices' for the social life that comes with living with people, but that allowed him to buy his first house and it was definitely worth it," said Boyle. "The trade-off for many millennia to stay at home is to give some of their independence today for greater financial freedom tomorrow."
Reason You May Pay More for Car Insurance
Meet "Sally" and "Suzy": This 30-year-old twin brothers were identical in almost every way to auransi car. The two women lived in Louisville, Kentucky. They
both work full time, have a star driving record, a decent credit rating
and no irregularities in automobile insurance coverage. They even push the twin 2005 Honda Civic - the same color, make, model and mileage.Sally
pays $ 2,408 per year for car insurance - to get theminimum policies
provide coverage required by Kentucky - through Farmers Insurance. Meanwhile, Suzy Farmers pay $ 1,640 for the exact same coverage. So why Sally pay 47 percent more than for the same insurance Suzy?According to the Consumer Federation of America, Sally is forced to
pony up more money for car insurance because he arenter and Suzy are
homeowners.From our Solution Center: A quick way to shop insuranceYes. CFA
- who recently conducted an analysis quote premium of car insurance
companies is great for drivers safe 30 years in 10 cities across the
United States - found that consumers pay an average of 7 percent
(approximately $ 112 per year) for car insurance if they wrote a rent check out a check for their home mortgage.Depending
on your car insurance company and where the driver lives, they can be
like Sally - and above pay 47 percent more for insurance. For example, Allstate auto insurance quotes for tenants in Tampa, Florida, is 19 percent more than homeowners. In Baltimore, Liberty Mutual tenants charged 23 percent more.CFA
states that the use of auto car insurance companies' status of home
ownership in the price leaves the lower and moderate income Americans at
an unfair disadvantage. According to data from the Federal Reserve Board, the average income
of renters in the United States was $ 27,800 in 2013, compared to $
63,400 for homeowners."To
improve people's car insurance premiums because they can not afford to
buy homes they unfairly discriminate against low-income drivers," said
CFA Insurance Director J. Robert Hunter in a statement. "A good driver is a good driver whether he rent or own their homes.
The insurance company should not be allowed to target people based on
the status of home ownership."CFA obtained a quote from State Farm, Geico, Allstate, Progressive, Farmers, Liberty Mutual and Nationwide. Geico is the only insurance company that quote the same, regardless of home ownership status of the driver."Almost
every state requires drivers to purchase insurance, but we do not have
to force them to buy a house to get the best price," said Hunter. "State insurance commissioner and an elected representative should intervene and stop this practice," he added
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