Ouch! Have you seen the high cost of funerals lately?
During these tough economic times Funeral Experts reveals the predicted cost of a funeral in 2014 will be 11,500. In the last decade the average cost of a funeral increased by over 90%.
With interest rates at an all time low, and home values not near rock bottom in mid-America. Older Americans are wondering how they will be able to afford a traditional funeral.
Many Americans that were laid-off or that depleted their savings over the last five years, could face sky high funeral costs without a plan.
Research from Funeral Plans reveals that from 1997 to 2008 funeral costs increased by over 40% and are predicted to rise another 20% by 2014.
It is thought that many people have lost so much money in the stock market, falling home values and high inflation over the last two years. The casket and funeral preparation will use up most of these costs.During a recent conversation with a funeral directors in the mid-Michigan area when I was pre-planning the funeral for my spouse and I. Here’s some of the informationI’ve gathered in talking to the experts and also in doing some more research I discovered some ways to save money by shopping online and off.
The success of the industry’s online funeral discounter should pique the interest of behemoth providers the likes of Service Corporation International and Stewart Enterprises, who are looking to grow their market share without costly overhead expenses.
Do your Funeral Planning early, people could save over $4000 on their casket alone rather than buying direct through the funeral home, rather than trying to cover ever-increasing funeral costs using a savings account.
In this time of financial uncertainty, funeral costs have been rising faster than inflation due to various factors such as increased casket costs.
Increasing Costs Of Funerals
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