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Ceos See Recession As The Biggest Worry In 2023

CEOs in both the U.S. and globally say slow growth and a recession are their top external worries of 2023.

The Conference Board survey also found that most executives don’t think stronger economic growth will return anytime soon: 51% of CEOs worldwide — and 60% of U.S. CEOs — expect a tepid year ahead, with their economies only picking back up by late 2023 or mid-2024. Despite CEOs bracing for weaker growth and recessions, labor shortages and talent retention rank among the biggest challenges of executives worldwide, underscoring how the current downturn differs from those in the past.

Inflation Hitting Auto Insurance Premiums

Inflation is coming for Americans’ auto insurance premiums. The average cost of full-coverage auto insurance has hit $2,014 a year nationally, up nearly 14% from last year, according to Bankrate’s annual True Cost of Auto Insurance Report.

What’s driving these higher costs? It’s a lagging effect of high inflation from the last two years that resulted from labor and parts shortages. These ramped up the cost of paying insurance claims on car repairs and related in sured expenses.

“Car insur ance rates are reactionary,” said Cate Deventer, Bankrate’s insurance analyst, tion keeps cooling, we could see insurers file for rate decreases in future years.”

Another factor impacting insurance costs is where you live. Bankrate found that average 2023 premiums rose the most in Orlando, Fla. (up nearly 23% to $3,078), followed by Phoenix (up nearly 17% to $2,164). They fell the most in Philadelphia (down nearly 22% to $1,872) and New York City (down 14% to $2,649). Meanwhile, as a percentage of average household income, drivers living in Miami now pay the most — 5.51%, or $3,447. Drivers in Boston, meanwhile, pay the least -— just 1.32% of average income, or $1,328.

Half Of Investors Plan To Work After Retirement

While U.S. advisors favor domestic markets, they nevertheless think this is the worst time to invest since 2008. More than half (54%) say we are in the most difficult investment environment since the global financial crisis. Furthermore, advisors expect market turbulence to intensify. Four in 10 (40%) agree that volatility will increase over the next 12 months — nearly double the proportion that disagree (23%). DID

Retirement? What retirement? Turbulent market conditions and rampant inflation have forced investors to consider working after their retirement, according to Nationwide’s eighth annual Advisor Authority survey. More than two-thirds (69%) of non-retired investors may work or may continue working after they retire, and more than two-fifths of these investors (44%) say they’ll have to work to supplement their retirement savings or income out of necessity.

Two-fifths (40%) of non-retired investors plan to move to a different city or region after retiring – though perhaps not for the reasons some may think.

Less than a quarter (22%) of these individuals cite being near family among their top three reasons for relocating. The most common incentives for relocating include lower cost of living (43%) and lower taxes (34%), which may indicate that these investors’ decisions are being influenced by macroeconomic factors.

Not all investors see working through retirement as a means to stay financially afloat, however; 60% cited staying physi cally and mentally active and 41% aim to preserve a sense of pur pose in their continued employment.

82% of savers worry about a recession affecting their retirement.