Retirement Planning For Young Adults

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Retirement savings are not on most young adults’ list of top priorities.

In fact, according to one survey, only about 1 in 5 members of Generation Z (born after 1997) are saving for retirement. And that’s a missed opportunity for the other four.

That’s because the earlier you start on a retirement plan, the better off you are likely to be when it’s time to actually retire.

Despite your current expenses, it is not too early to consider retirement planning. And there are some steps you can take to start saving right away that don’t involve eating Ramen noodles every night.

Budget

With so many expenses stretching their budgets, many young people starting out may feel like they can’t afford to save for retirement. But a budget that prioritizes savings can help you take a closer look at your recurring and nonrecurring expenses each month to set aside a reasonable amount.

And the first step in prioritizing savings? Take a look at the retirement plans available to you.

Retirement plan types

401(k): Some retirement savings accounts offer good tax advantages and investment opportunities. In fact, many employers offer programs like 401(k)s that contribute to the plans on your behalf. This is a retirement plan that you can start investing in right away.

Contributing to a 401(k) account has three distinct advantages:

  • You will receive an immediate tax break because your contributions come out of your paycheck before taxes are withheld.
  • If your employer matches a portion of your contributions, you are essentially getting free money to invest. These plans commonly involve an employer matching between 50 percent to 100 percent of your contributions, up to a certain threshold.
  • You also have the opportunity for tax-deferred growth for most of these plans. This means that you will not be required to pay taxes each year on capital gains, dividends, or other yield distributions. However, when you withdraw your money from the account, you will typically owe income taxes on the amount withdrawn, and if withdrawals are made before you are aged 59 ½, a 10 percent additional tax may apply.

IRA: A traditional IRA is a tax-deferred retirement savings account. This means that you only pay taxes when you take the money out at retirement. The advantage here is that you do not need to pay taxes on any of the dividends, compound interest payments or capital gains you earned over the years until you withdraw your money. However, any amount you withdraw before age 59 ½ will typically subject you to income taxes and a 10 percent additional tax.

You may also have heard about Roth IRAs. The difference between the two is that traditional IRA contributions are state and federal income tax deductible for every year you contribute, but you pay income taxes when you withdraw at retirement age.

Roth IRAs are not tax-deductible, but like traditional IRAs any growth is not taxed. Unlike traditional IRAs, however, your withdrawals at retirement age are not taxed.

You can learn more about IRAs here or you may opt to consult a financial professional to learn more about the benefits of a Roth IRA versus a traditional IRA for your own situation.

Investment portfolio: In addition to retirement plans, you may want to invest for long-range goals like buying a house or other major asset. This would mean setting up your own portfolio holding investments based on stocks, bonds, or other types of assets.

Remember, different investment vehicles come with different expenses and charges as well as risks.

That is why you may want to look at investments like index funds and mutual funds or even annuities with low expense ratios across a wide range of asset classes for diversification.

Retirement savings: How much?

There is no cookie-cutter answer. It depends on your goals, lifestyle, cost of living and various other factors. But one way to help is to use this retirement calculator to get a better idea of what you are up against with your retirement savings.

  • 15 percent: One rule of thumb is to save 15 percent per year. According to a research paper from the Center for Retirement Research at Boston College, people who consistently saved 15 percent of their income per year were better positioned to meet their retirement planning goals.1 For instance, if you saved that amount on a $50,000 salary for 35 years, you may have somewhere around $1.5 million saved.
  • 8 times: Another rule is to save roughly 8 times your final salary. For instance, if your ending salary is $75,000, you may want to save around $600,000. This is an amount that may be within reach of your retirement savings plans.
  • 80 percent: A third common rule is to replace at least 80 percent of your pre-retirement income, which is the average income over roughly the last 10 years leading up to retirement. You may want to use this retirement savings calculator to estimate how much pre-retirement income you will need to put aside. Seventy percent is an estimate, but the point is that retirement can be expensive. So that number may be a good place to start in order to maintain your standard of living.

 

Regardless of which savings target you choose, the important point for younger workers is to get a program in place early.

Retirement and financial priorities

Retirement saving is difficult when so many other financial issues seem to have priority. Student loan debt, life circumstances, and family obligations are just some of the financial factors you may contend with. Saving, let alone investing, may not seem feasible as you try to make ends meet.

But not saving early for retirement may put you at risk of having to retire later than you want or under less-than-ideal circumstances. That may not seem unreasonable, but with potential factors like health problems, getting laid off, or various other issues beyond your control, you may be forced out of the workforce before you have enough saved to retire ― at least not as comfortably as you intended.

This is particularly important because, according to the CDC, the average life span in the U.S. is approaching 80 years. That may leave you with 15, 25, or even 30 years of retirement.

While retirement is still decades away for younger workers and adults, it’s never too soon to consider it, especially if you plan on having children soon. It may also be time to consider other options that go along with retirement, like life insurance, long-term care insurance, annuities, or disability income insurance, to name a few.

So, while it is important to consider retirement, the suitability of saving varies from person to person. The tips mentioned above are just some ways to start saving. But that’s why some people opt to consult a financial professional to help assess their assets.

To be sure, this advice comes from an insurance provider. But it doesn’t change the general wisdom of considering the feasibility of saving for retirement in your 20s and 30s.

 

Using Free AI Tools Responsibly

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Protecting Your Personal Information

Artificial intelligence (AI) tools are becoming more common in everyday life. Many free AI platforms can help with simple tasks such as writing, organizing ideas, or answering general questions. While these tools can be helpful, it is important to understand how they should—and should not—be used, especially when personal information is involved.

Free AI tools are not designed to securely handle Personally Identifiable Information (PII). PII includes details such as Social Security numbers, dates of birth, driver’s license numbers, financial information, policy numbers, addresses, and other sensitive data that can identify an individual. Sharing this type of information on public or free AI platforms may put your privacy at risk.

As an insurance agency, safeguarding your personal and financial information is one of our highest priorities. We use secure, approved systems to manage your data and follow strict privacy and security standards. For this reason, we do not use free or public AI tools to process, store, or review client-specific or policy-related information.

AI can be useful when used appropriately, but it should never replace secure communication channels or trusted agency systems. Protecting your information requires thoughtful use of technology and an ongoing commitment to confidentiality.

 

 

 

Winter Weather Maintenance Tips

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Winter can be a beautiful time of year, but winter weather can wreak havoc on your home. Colder temperatures, ice, and snow can cause ice dams, slips and falls, and other unpleasant winter-related issues. Properly maintaining your home can help keep common home problems at bay this winter.

Use these 10 tips to help you avoid winter woes at home and truly enjoy the chilly season.

  • Stop The Drafts – Repair caulking around doors and windows, as well as any weatherstripping. In addition, seal any cracks in foundation walls.
  • Check Your Fireplace and Chimney – Have a chimney sweep check your chimney for any debris or cracks, and clean your fireplace.
  • Prevent Ice Dams – Clear your roof and gutters of slush after heavy snowstorms to prevent ice damming.
  • Clean Heating Vents – Ensure your vent pipes are free of obstructions and remove any dust and debris.
  • Stop Slipperty Surfaces – Purchase salt, ice melt, or sand before the snow falls. These provide extra traction for slippery sidewalks, steps, and driveways. If you have pets, be sure you use pet-safe materials.
  • Keep Entryways Clean – To prevent slippery indoor surfaces, use mats and boot trays for wet shoes and boots. Place a tray underneath clothing hooks when drying wet items.
  • Pack A Winter Emergency Kit – Prepare a kit that includes bottled water, nonperishable food, flashlights, first-aid supplies, batteries, a smartphone charger, and a blanket for emergencies.
  • Check For Leaks – Check your attic and crawlspace for signs of a water leak. Be sure to repair any leaks promptly.
  • Protect Your Air Conditioner – Place a sheet of plywood with a few bricks on top of your AC to prevent falling icicles and debris from damaging your condensing unit.
    Also, remove and store any window air conditioner units.
  • Turn off the outside water – Turn off the water supply to outside faucets to prevent broken pipes.

Contact Cleary Insurance, Inc., for more information on winterizing your home.

 

ChatGPT and the Workplace

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ChatGPT -An artificial intelligence (AI) chatbot made waves for producing human-like text from user inputs. Released in November 2022, the current version is accessible to anyone with a computer and internet connection and produces usable written content on a wide range of topics, supporting decision-making. Since this technology is accessible to employers of all sizes, it presents an opportunity for organizations that strategically leverage it. Even if employers don’t plan to incorporate AI into their operations, it’s still important to understand these tools and their limitations, as employees may already be using them without their employers’ knowledge or permission.

What Is ChatGPT?

It is a natural language chatbot, meaning it uses natural language processing to respond in a conversational manner to user input. This allows it to imitate human dialogue and decision-making. ChatGPT is capable of performing or helping with a variety of tasks, including the following:

  • Writing articles, poems, and songs
  • Performing calculations
  • Explaining difficult concepts
  • Automating tasks
  • Conversing with users

How Many People Use ChatGPT?

As of October 2024, it has more than 200 million weekly active users.

It is free; however, OpenAI, the creator of ChatGPT, offers a subscription, which makes the chatbot available to subscribers during peak times, provides them with faster responses and offers priority access to new features and improvements.

How Does ChatGPT Work?

ChatGPT is a network machine learning model trained using data sets to generate human-like text on various subjects. The chatbot is trained from books, websites and articles to create questions, answers, summaries, translations, calculations, code generation, conversations and more. Its knowledge is limited to information available when it is trained, and it cannot access new information. As a result, some of the information and answers ChatGPT provides users may be outdated or inaccurate. The current version of ChatGPT uses 100 trillion machine learning parameters, but the knowledge cutoff is April 2023.

How Can ChatGPT Impact the Workplace?

Incorporating AI technology can enable employers to run more efficiently by automating manual, error-prone tasks and augmenting how employees work, allowing them to focus on more important tasks and increasing the value they bring. AI technology can impact nearly every facet of an organization, including the following departments:

  • Human Resources
  • Marketing
  • Accounting
  • Legal
  • Software Engineering

While AI technology can replicate many human-like behaviors and capabilities, it has considerable limitations, including lacking critical thinking, strategic decision-
making and creativity, and can create potential legal and privacy issues.

AI tools like ChatGPT have the potential to change employees’ work and increase organizational efficiency. While this technology is relatively new, savvy employers will closely monitor AI technology’s developments and find ways to incorporate it effectively.

Visit the official ChatGPT website to learn more about its capabilities

 

 

 

Service Line Coverage

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Service line coverage is an optional endorsement available in homeowners’ insurance policies.  It is designed to protect homeowners from significant expenses related to the repair or replacement of underground utility lines on their property. This coverage typically includes protection for water, sewer, electricity, and cable lines. It helps to cover costs for excavation, labor, parts, and the restoration of any landscaping that may be affected by these repairs. Since the cost of these repairs can reach thousands of dollars, service line coverage is an essential financial safeguard for homeowners.

What Service Line Coverage Typically Includes
  • Types of Lines: Covers various utility lines, such as water, sewer, drainage, electricity, and internet/cable.
  • Causes of Damage: Addresses issues like wear and tear, corrosion, freezing, external force from excavation, and root invasion.
  • Costs Covered: Pays for excavation to locate the break, the labor and parts needed for repairs, and the restoration of your property, including landscaping.
  • Loss of Use: May cover temporary living expenses if you need to move out of your home due to a major service outage.
Why You Might Need It
  • Homeowner Responsibility: Underground service lines on your property are usually the homeowner’s responsibility to repair, not the utility company’s.
  • High Repair Costs: Excavating and repairing these underground lines can be costly, potentially incurring thousands of dollars in expenses.
  • Financial Protection: Service line coverage serves as a vital financial safety net. It shields homeowners from unexpected, high-cost repairs that could significantly impact their finances.

The cost of adding service line coverage is often low and depends on the following factors:

  • Coverage limit: The higher the coverage limit you choose (e.g., $25,000 vs. $10,000), the higher the premium will be.
  • Deductible: The deductible for this coverage is typically $500 per occurrence.
  • Insurance company and location: The specific rates can vary by the insurance carrier and by your location.
  • Underlying risk: Your specific home and its proximity to utilities can also affect the price.

Homeowners are encouraged to contact Cleary Insurance for a personalized service line quote. Having an insurance policy that covers all necessary protections can provide peace of mind and financial security in the event of unforeseen circumstances.

 

 

Volunteering, Cybersecurity, and Lowing Screen Time Tips

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 4 Ways Volunteering Can Enrich and Improve Your Life

Giving back and donating time in your community can help those around you while also having a positive impact on your own life. Think about the following potential benefits of volunteering:

  • Increased activity—Volunteering may help get you out of the house and increase physical activity.
  • New skills—Many organizations may be happy to help teach you new skills in exchange for your time.
  • Improved mental health—Giving back may improve your self-esteem and provide a sense of purpose.
  • Networking opportunities—Volunteering can expand your social circle or foster career opportunities.

National Cybersecurity Awareness Month – Everyday Tips

October is National Cybersecurity Awareness Month. This annual initiative endeavors to educate the public about the dangers of the internet.

5 Everyday Cybersecurity Tips
Limit cyber risk levels with the following strategies:

  1. Set strong passwords. Ensure your passwords include a combination of lowercase and uppercase letters, numbers, and special characters. Avoid reusing the same password for multiple logins.
  2. Enable two-factor authentication. These implementations mean hackers will need more than just your password to gain access to your accounts.
  3. Avoid oversharing. Providing too much information, such as on social media, can give cybercriminals the hints they need to crack passwords or impersonate you.
  4. Know the signs of phishing. Never click on links or download attachments from unknown senders. Perpetrators may use email addresses that appear similar to those of trusted parties.
  5. Avoid public Wi-Fi. Cybercriminals may intercept data on public Wi-Fi or set up fake networks. If you must connect to a public network, use a virtual private network (VPN) to protect your data.

Contact us today for more cybersecurity guidance.

Concerns Related to Excessive Screen Time – How to Set Limits

Screens are everywhere in the modern world. Smartphones, tablets, and computers are constant fixtures of modern workplaces and everyday life.
However, while these electronic devices may offer entertainment and convenience, excessive use can be detrimental to your quality of life.

Health Concerns of Excessive Screen Time

Spending long hours constantly staring at screens can have various direct and indirect impacts on your health, including the following:

  • Eye strain
  • Neck, shoulder, and back pain
  • Headaches
  • Increased anxiety and depression
  • Sleep deprivation
  • Feelings of loneliness

How to Set Limits

Taking an active approach to limiting screen time can help you and your family avoid the aforementioned potential health and wellness issues. Consider the following strategies:

  • Use device settings. Many smartphones and other devices allow you to schedule downtime where apps and notifications will be blocked.
  • Track usage. Monitor what you’re using screens for. For example, using your device for school may be necessary, but if you notice a lot of time spent on social media, think about blocking those apps.
  • Explore new hobbies. Try to find new activities you enjoy that do not involve screens. Those that require the use of your hands can be particularly helpful in restricting your ability to check your device.
  • Create screen-free zones. Establish areas where you avoid using devices, such as at the dining room table or in your bedroom.

Learn More
For additional wellness resources, contact us today.

Lifestyle Tips for World Mental Health Day

World Mental Health Day is Oct. 10. Commemorate this year’s initiative by considering how the following lifestyle choices may help improve your mental well-being:

  • Get active. Physical exercise can have a direct and positive impact on your mental wellness.
  • Prioritize sleep. Not getting enough rest can contribute to various mental health disorders, including depression.
  • Open up. If you’re feeling down, don’t be shy about seeking support from family and friends.
  • Enjoy the outdoors. Studies have shown that spending time outside can improve mental health.
  • Seek help. If you’re struggling with your mental health, talk to your doctor.

Click here to learn more about World Mental Health Day.

What ‘Social Inflation’ Means for Your Business

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What ‘Social Inflation’ Means for Your Business Heading into 2026

You may have heard that liability insurance rates are rising—again. But do you know why? One of the biggest drivers behind these increases is a growing trend called “social inflation.”

Understanding this trend can help you make smarter, more strategic decisions about your commercial insurance before your next renewal.

What Is Social Inflation?

“Social inflation” refers to the rising costs of insurance claims due to changes in society’s attitudes, legal systems, and jury behavior. A few key reasons for this trend include:

  • Larger jury verdicts in liability lawsuits
  • More aggressive plaintiff attorneys seeking maximum payouts
  • Third-party litigation funding from outside investors
  •  Shifting public sentiment toward holding businesses financially responsible

When claims cost insurers more, those costs are passed along to businesses through higher premiums, stricter underwriting, and more restrictive coverage options.

Lines of Insurance Being Hit Hardest

While social inflation affects all types of liability coverage, some lines are especially impacted:

  • • Commercial Auto Liability: Claims involving vehicle accidents—especially with fleets or trucks—are seeing sharp increases in costs and frequency.
  • General Liability: Even routine injuries like slip-and-falls can now result in higher-than-expected payouts.
  • Umbrella & Excess Liability: These policies are no longer “cheap peace of mind.” Higher rates and stricter underwriting are common.

Even businesses with clean loss histories are experiencing rate hikes due to overall market pressure.

Why It Matters for Your Business

In today’s legal climate, a seemingly minor incident can lead to a lawsuit that exceeds your insurance limits. Without adequate protection, your business could be left financially vulnerable.

Potential consequences of insufficient coverage include:

  • • Multi-million-dollar verdicts from seemingly small incidents
  • Legal disputes that drag on for years
  • Reputational harm, even if the claim is eventually dropped
What You Can Do Now

Here are a few proactive steps to help protect your business and keep your liability insurance working for you:

  1. Review Your Liability Limits
  2. Ask yourself: “Would my current policy cover a major claim or lawsuit?” You may need to increase your limits or consider an umbrella policy.
  3. Improve Risk Management: Invest in employee training, document safety procedures, and regularly inspect your premises to minimize risks.
  4. Document Your Efforts: Keeping a record of safety protocols, training, and risk mitigation can support your case with insurers—and possibly lower premiums.
  5. Start Early: Don’t wait until your policy renews. Starting your insurance review early gives you time to make informed decisions and avoid last-minute surprises.
How Our Agency Can Help You

Navigating today’s complex insurance landscape isn’t something you have to do alone. Our agency partners with business owners every day to help them make confident, informed decisions about their insurance coverage—especially as market conditions continue to evolve.

National Wellness Month

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National Wellness Month, recognized annually in August, is meant to encourage people to prioritize self-care, build healthy routines, and support their physical, mental, and emotional well-being.

Wellness goes beyond physical health. It encompasses mental clarity, emotional resilience, and a sense of balance in daily life.

When we invest in our well-being, we’re better equipped to handle stress, maintain relationships, and perform at our best—both personally and professionally. This month is an opportunity to slow down and focus on the following key well-being components:

Movement—You don’t need a gym membership to stay active. Stretch in the morning, take the stairs, or go for a walk during lunch. Movement boosts mood and energy.

Nutrition—Fuel your body with whole foods, stay hydrated, and avoid skipping meals. Even small changes, such as swapping soda for water, can make a big difference.

Mindfulness—This skill involves focusing on being present. Try meditation apps, journaling, or simply taking a few deep breaths during stressful moments.

Self-care—It’s important to take time each day to do something just for you. Whether it’s reading, listening to music, or having a cup of tea, self-care helps you recharge.

Stress management—Identify your stress triggers and create healthy coping strategies. These could include setting boundaries, unplugging from screens, or talking to a friend.

You can start taking small steps now to prioritize both your body and mind. Over time, these habits build a foundation for a healthier, more balanced you. If you’re struggling with any aspect of your wellness, seek help from health care professionals, including therapists, counselors, or wellness coaches. They can provide tailored guidance and support for your personal needs.

Understanding Your Cortisol Levels

Cortisol levels continue to trend on social media as people want to understand energy levels, manage stress, and boost their overall well-being. So, what exactly is cortisol? It’s your body’s primary stress hormone, helping regulate various functions, such as metabolism, blood sugar, blood pressure, immune response, and energy. While it’s normal for cortisol to fluctuate throughout the day (usually going up in the morning and slowly down during the day), consistently high or low levels can cause health issues. Ideal cortisol levels fall within a specific range that varies slightly based on the time of day and the type of test used.

To get a better understanding of your cortisol levels, seek the advice of a medical professional who can administer a cortisol test that measures the cortisol in your blood, urine, or saliva. Standard blood panels generally don’t test for cortisol levels. Cortisol testing is usually ordered separately by a physician to learn more about your health conditions.

Understanding how cortisol works can help you stay aware of potential symptoms that could indicate an imbalance. Talk to your doctor to learn more.

Medications That Make It Hard to Handle the Heat

Commonly prescribed medications can impact people more in the heat, causing dehydration or sun sensitivity or limiting the body’s ability to regulate body temperature. As such, these medications have heat intolerance, photosensitivity, or similar documented side effects:

  • Antibiotics and nonsteroidal anti-inflammatory drugs like ibuprofen may make you more sensitive to sun exposure, resulting in severe sunburn or rashes.
  • Antidepressants can cause excessive sweating, dehydration, and UV light sensitivity. They could also decrease sweat production, preventing the body from cooling down.
  • Antihistamines can make your body produce less sweat, making it difficult to regulate body temperature in hot weather.
  • Blood pressure medications can increase sweat production and dehydration. Sun exposure can cause a blood pressure dip, too.
  • Decongestants like pseudoephedrine can decrease the blood flow to the skin, making it more difficult to sweat and regulate.
  • Stimulants can increase your metabolic rate, impairing the body’s ability to cool down.

Keep in mind that the heat can also degrade certain medications like insulin, inhalers, and EpiPens.

The first sign of heat intolerance is feeling hot or uncomfortable. You may also experience headaches, dizziness, cramps, nausea or vomiting, weakness, or flushed skin. If you experience heat-related symptoms, go inside immediately and try to cool down. In addition to monitoring for symptoms, it’s important to stay hydrated, limit your exposure to direct sunlight, and wear protective clothing.

If you have questions about your medications or potential side effects, talk to your doctor. Also, don’t discontinue taking any prescribed medications without talking to them first.

 

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. Readers should contact a health professional for appropriate advice. © 2025 Zywave, Inc. All rights reserved.

Long-Term Investment Strategy

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Sure, there are some lucky people who do get rich quickly. People do win lotteries, hit the jackpot on the slot machine, and even pick the “right” stock at the “right” time, turning their investment into a potential fortune overnight.

But these fairy tales rarely come true.

More often, we achieve our financial and personal goals when following the principle at the heart of Aesop’s Fable, The Tortoise and The Hare — that “slow and steady wins the race,” or more specifically, that consistent, effective effort leads to success. In the investment world, this is more likely to be true.

Stick to a consistent plan

In the simplest terms, if you start early and consistently stick to an ongoing savings schedule where you set aside money on a regular basis, you should start to see your savings accumulate over the long term. However, just as in the Fable, (where the turtle used “smarts” — not just time—to his advantage), when investing, there are time-tested strategies that can help you reach your goal.

Stay ahead of inflation

For the same reason you wouldn’t stash your cash under your mattress, when saving for the long term, most professionals wouldn’t recommend “banking” all of your money. While it’s true that investments with a fixed rate of return, such as CDs (certificates of deposit), offer principal protection that others do not, they may not provide the growth you need when you factor in inflation.

Inflation refers to a general rise in prices of goods and services. Even low inflation reduces purchasing power over time, because as prices rise, a dollar buys less. And inflation levels can fluctuate over time.

This is a primary reason people invest in stocks, or equities. Over the long term, stocks historically have been an investment choice for some to outpace inflation.

Diversify

However, no one can control or predict the performance of the stock market, let alone a single equity. That’s why it’s important to diversify your portfolio across major asset classes to help you pursue optimal returns for the risk level that you’re willing to take. In addition, you’ll want to diversify within each asset class to take advantage of different styles and market sectors so strong performance in one area may be able to help offset downturns in another.

The goal is what professionals call “non-correlation.” That just means all of your investments are unlikely to move the same way at the same time. On any given day, some may be up and others may be down in value. In a well-diversified portfolio, you can realize the profit on the gains without losing too much on the losses. It all goes back to the age-old adage — don’t put all your eggs in one basket.

Dollar cost averaging

Another popular long-term investment strategy is called “dollar cost averaging.” It works like this …

Say you decide to invest $10 every week in a mutual fund. If in the first week, the cost of a share in this hypothetical fund was $1, then your $10 would get you 10 shares. If the price of a share in the fund rose to $2 in the second week, your $10 would only get you 5 shares. But if the price of a share fell to 50 cents on the third week, $10 would get you 20 shares. (A stock’s price usually isn’t this volatile, but we’ve made it so for the purposes of demonstrating the principle of dollar cost averaging).

At the end of the three weeks, you’d have 35 shares after spending $30. So, your average cost per share would be about 85 cents a share.

In short, more shares were purchased when the price was low, and fewer were bought when the price was high. It’s important to note that the dollar cost averaging practice doesn’t eliminate risk.1 But investors use this method to make the cost of taking on the risk lower by lowering the average purchase price.

Make it as easy as possible: Go automatic

Whenever possible, you should consider setting up an automatic investment plan.

For example, if you invest in an employer-sponsored 401(k), you can set up automatic investments for each pay period. The percentage of your total pay (up to the maximum permitted) is taken out of your paycheck before any taxes and invested in the mutual funds or asset allocation strategy you choose. Your employer might even match a portion of your contribution. Not only do your savings accumulate, but the taxes on any investment gains you may realize are deferred until you retire and begin taking distributions. 2

  Be consistent — and smart

Consistency is the name of the game — as well as making a plan and sticking with it. Investors who change course a lot may be more likely to lose money.

Many investors put money regularly in a well-diversified portfolio, and reinvest all their gains and dividends along the way. But what’s financially appropriate can differ from individual to individual. Many people opt to consult with a financial professional to set an investment plan. But whether you’re saving for retirement, a new home, or a college education, slow and steady investing can help you win the race.

Provided by Cross Coastal Advisors, courtesy of Massachusetts Mutual Life Insurance Company (MassMutual). ©2025 Massachusetts Mutual Life Insurance Company (MassMutual®), Springfield, MA 01111-0001. All rights reserved. MM202712-311184

 

RV Insurance-What You Need to Know

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What Does RV Insurance Cover?

RV insurance typically combines elements of both auto and homeowners insurance, reflecting the hybrid nature of RV use. While coverage needs can vary depending on your vehicle, personal circumstances, and location, you’ll likely find value in the following:

  • Bodily injury liability coverage—Similar to auto insurance, this type of coverage in your RV policy can help pay for other parties’ losses if you’re at fault for an accident on the road.
  • Property damage liability coverage—Also bearing a resemblance to its auto insurance counterpart, this part of your RV insurance may assist with vehicle repair or building rebuild costs if you damage someone else’s property in an accident.
  • Vacation/campsite liability coverage—This part of an RV insurance policy can extend liability coverage to include incidents occurring while your vehicle is parked, such as if a guest is injured while visiting your campground.
  • Collision coverage—If you’re involved in a crash while driving your RV, such as striking a tree, colliding with another vehicle or scraping against a guardrail, this part of your policy can financially assist with repairing your vehicle.
  • Comprehensive coverage—Fires, theft, vandalism, and natural disasters can all represent significant threats for your vehicle, but this part of RV insurance can account for subsequent losses.
  • Personal property coverage—Your RV can house more than just you and your passengers. This coverage can assist with losses involving its contents, including appliances, electronics, camping gear, and other belongings.
  • Medical payments coverage—This part of RV insurance can provide financial aid for medical bills if you or your passengers are injured in an accident, regardless of fault.
  • Loan assessment coverage—If you live in a campground or RV park, this part of your policy can help with losses and expenses if the managing association charges you for repairs to common areas.
  • Roadside assistance coverage—Exploring the world in your RV may require you to be equipped with this type of coverage, which can help pay for towing and other fees should your vehicle break down during a trip.

While shopping for RV insurance, you may encounter the term “full-time RV insurance.” This policy typically includes more of the aforementioned components, such as vacation/campsite liability coverage and loan assessment coverage, and is generally advisable if you use your vehicle as your primary residence.

Is RV Insurance Required?

In most states, self-driven RVs require you to have RV insurance. These laws typically mandate at least bodily injury and property damage liability coverages, although details may vary depending on where you live and plan to travel. Alternatively, if you tow your RV, such as a fifth-wheel trailer or pop-up camper, you might not have to follow the same legal requirements, since your towing vehicle’s auto insurance can cover potential third-party damages.

You should also be aware of other possible obligations. For example, if you’ve purchased your RV with the assistance of a lender, they’ll likely require you to carry certain levels of RV insurance until you’ve paid off your vehicle. Specifically, many lenders may require collision and comprehensive coverage. Additionally, some campsites and RV parks may require insurance before you can settle in.

How Much Does RV Insurance Cost?

Since there are many types of RVs and ways to use them, RV insurance rates can vary significantly. Carriers must carefully analyze your situation and personal details to assess risk levels and calculate appropriate pricing. While exact quoting processes may vary, you can generally expect the following criteria to be considered when shopping for RV insurance:

  • Location, including where you live, travel, and store your RV
  • Vehicle specifications, such as its size, type, features, age, and value
  • Your details, including age and driving record of all insureds
  • Use habits, such as whether you live in your RV full time and its estimated annual mileage
  • Claims history
  • Coverage levels, such as your deductible and what you include in your policy

How to Get the Right Policy

Your RV can unlock the world, allowing you, your family, and your guests to embark on epic adventures and enjoy time off the grid. However, even a single accident or mishap can derail your travels, disable your vehicle, and impose expensive financial ramifications. Acquiring and maintaining appropriate RV insurance may, therefore, not only be a legal requirement but also a critical investment. Contact Cleary Insurance, Inc. today to begin exploring your coverage options and building an optimal policy.

© 2025 Zywave, Inc. All rights reserved. This Know Your Insurance document is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.