Hit With Car Insurance

June 27, 2023

Enjoy this week's "Investor Insights," a weekly newsletter highlighting the financial news you need and providing tips and tricks to help you make better investment decisions.

Only half of Americans work consistently in their 50s due to layoffs, health, caregiving responsibilities, etc. Additionally, workers aged 56 and older earn about 25% less on average in their new jobs after experiencing at least one month of unemployment. ₁

Historically, unemployment has not always derailed the stock market. From 1948-2022, the stock market had a return of 9.9% when the unemployment rate was rising and 14.1% when the unemployment rate was falling. _2,4

Existing homeowners seem to be partially insulated from recent interest rate hikes. Over 90% of mortgage rate holders have rates below 6%. ₂

Car insurance rates increased 17% since last May, more than four times the 4% rise in overall inflation. This is partially because of the rising cost of claims, more accidents, higher repair costs, bigger medical bills, and increased litigation. ₃

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Barrons - "Only Half of People Stay Employed Through Their 50s. How to Prepare."
The Irrelevant Investor - "Animal Spirits: Why Are Houses So Expensive?"
WSJ - "Car Insurance Rates Are Soaring With Little Relief in Sight"
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Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.

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