Orlando, FL (PRWEB) March 28, 2013
A survey posted by the Employee Benefit Research Institute on Tuesday shows that many people of age in the United States are afraid that they cannot retire comfortably. The survey lists in detail retirees biggest concerns; their jobs, large amounts of debt owed, as well as their fear of the rise in living expenses. Out of all the workers surveyed, only a minute 13 percent said that they would feel very comfortable if they were to retire. Some Florida residents have looked into funding their retirement in different ways. What residents have been seeing work for them is the inclusion of auto equity loans into their risk management strategy for retirement.
An auto equity loan is a loan secured by a borrower through the use of his or her car title. Florida has the most saturated market for auto equity loans in the United States. Many retirees are using auto equity loans in order to save money for retirement. In Florida, a resident can borrow a maximum of $5,000 on his or her car title and get up to a year to repay the loan. Many Florida residents have begun using these loans as a means to begin saving their money in quick lump sums and then use their personal income to repay the loans. Many auto equity loans lenders have low or competitive interest rates compared to traditional lenders, like banks.
With the news that an impressive 49 percent of U.S. residents aren’t at all comfortable retiring, retirees have been forced to look in to other means with which to protect their retirement. Out of all those surveyed, many stated that they have absolutely nothing saved for retirement. For those who did save, many said that they didn’t have nearly as much as they would like to have had in order to live comfortably after retirement.
The other problem facing retirees is outstanding debt, which makes it impossible to retire when the time comes. Many older workers have turned to car title loans to help them out of this pinch as well, by reversing the strategy listed above. They use the loan to pay off their debt and then save their income.
Orlando Auto Equity Loans provides those in tough situations with the financial cushion they need to be able to pay off any debts and retire without worry.