Car insurance rates in the US have surged by almost 21% over the past year, contributing significantly to the overall inflation rate. Factors driving this increase include rising car repair costs due to expensive auto parts and labor shortages, as well as more severe and frequent car accidents leading to higher claims and legal representation. There is significant variation in rate increases across states, with Nevada experiencing the highest jump at 38% and North Carolina the smallest at 5.5%. Experts anticipate a moderation in national trends over the year, but some markets may continue to see rate hikes.
Car insurance rates in the US have surged by almost 21% over the past year, contributing significantly to the overall inflation rate. Factors driving this increase include higher costs for car repairs due to expensive auto parts and labor shortages, as well as a rise in severe and frequent car accidents leading to more costly claims. There is significant variation in rate increases across states, with Nevada experiencing the highest jump at 38% and North Carolina seeing the smallest increase at 5.5%. Experts anticipate a moderation in these trends nationally over the course of the year, but some markets may continue to see rate hikes.
A new study by personal finance website GoBankingRates has revealed the varying retirement ages and savings needed for workers in each state in the US. The study found that the average retirement age in America is now 61, up from 57 in 1991. However, retirement ages can vary significantly by state, with workers in Hawaii needing to retire at 75 or older, while workers in Kansas can retire as early as 52. The study highlights the impact of inflation and higher interest rates on workers' ability to save for retirement, contributing to concerns about a nationwide "retirement crisis."
