Tue07292014

News

LASD, BCS boards finalize 5-year agreement

LASD, BCS boards finalize 5-year agreement

Bullis Charter School board members unanimously approved a five-year agreement with the Los Altos School District just before midnight Monday. The agreement, also unanimously approved by LASD trustees earlier in the evening, outlines facilities uses ...

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Schools

MVLA rolls out laptop integration this fall

MVLA rolls out laptop integration this fall


Town Crier File Photo
Starting in the fall, daily use of laptops in the classroom will be standard operating procedure for students at Los Altos and Mountain View high schools as the Mountain View Los Altos Union High School District launches a pil...

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Community

Generations blend behind the scenes at 'Wizard of Oz'

Generations blend behind the scenes at 'Wizard of Oz'


Altos Youth Theatre and Los Altos Stage Company rehearse a scene from “The Wizard of Oz.” ELIZA RIDGEWAY/ TOWN CRIER

A massive troupe of young people and grownups gathered in Los Altos this summer to stage the latest iteration of a childhood sta...

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Sports

Football in July

Football in July


Town Crier file photo
Mountain View High’s Anthony Avery is among the nine local players slated to play in tonight’s Silicon Valley Youth Classic.

Tonight’s 40th annual Silicon Valley Youth Classic – also known as the Charlie...

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Comment

Pools should be included: Editorial

Los Altos residents should be receiving calls this week from city representatives conducting a survey to determine priorities for a revamped Hillview Community Center.

Notice that we did not say “civic center” – chastened by a lack of public support...

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Special Sections

Looking for life without lows, local diabetic tests artificial pancreas

Looking for life without lows, local diabetic tests artificial pancreas


Photo by Ellie Van Houtte/Town Crier
Dr. Trang Ly, left, reviews blood sugar readings on a smartphone with Los Altos resident Tia Geri, right, and fellow participant Noa Simon during a closed-loop artificial pancreas study for Type 1 diabetics.
...

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Business

Palo Alto law firm coming to 400 Main

Palo Alto law firm coming to 400 Main


Ellie Van Houtte/ Town Crier
Longtime Palo Alto law firm Thoits, Love, Hershberger & McClean plans to open an office at 400 Main St. in Los Altos after construction is complete in November.

A longtime Palo Alto law firm plans to expand int...

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Books

"Frozen in Time" chronicles harrowing WWII rescue attempts


Many readers can’t resist a true-life adventure story, especially those that shine a spotlight on people who exhibit supreme courage in the face of adversity and end up surviving – or not – against the odds.

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People

RICHARD PATRICK BRENNAN

RICHARD PATRICK BRENNAN

Resident of Palo Alto

Richard Patrick Brennan, journalist, editor, author, adventurer, died at his Palo Alto home on July 4, 2014 at age 92. He led a full life, professionally and personally. He was born and raised in San Francisco, joined the Arm...

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Travel

Travel Tidbit: Ritz-Carlton, Lake Tahoe offers spa getaway

Travel Tidbit: Ritz-Carlton, Lake Tahoe offers spa getaway


Courtesy of Ritz-Carlton
The Ritz-Carlton in Lake Tahoe offers fall getaway packages that include spa treatments and yoga classes.

Fall in North Lake Tahoe boasts crisp mornings and opportunities to spend quality time in the mountains. Specially ...

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Stepping Out

PYT stages 'Shrek'

PYT stages 'Shrek'


Lyn Healy/Spotlight Moments Photography
Dana Cullinane plays Fiona in Peninsula Youth Theatre’s “Shrek The Musical.”

Peninsula Youth Theatre presents “Shrek The Musical” Saturday through Aug. 3 at the Mountain View Center for the Performing Arts...

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Spiritual Life

Foothills Congregational: 100 years and counting

Foothills Congregational: 100 years and counting


Courtesy of Carolyn Barnes
The newly built Los Altos church in 1914 featured a bell tower and an arched front window. Both continue as elements of the building as it stands today.

Foothills Congregational Church – the oldest church building in L...

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Magazine

Festival features fun for everyone

Festival features fun for everyone


TOWN CRIER FILE PHOTO
The Los Altos Arts & Wine Festival boasts more than 375 craft and arts booths.

This weekend’s 35th annual Los Altos Arts & Wine Festival promises to be jam-packed with fun activities for just about everyone. The eve...

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The ramifications of burgeoning student debt

New college graduates these days face the same financial challenges that young workers have faced for the last several generations.

As they enter the workforce, there’s the cost of an apartment, perhaps a used car if public transportation is lacking and, of course, their personal preferences for entertainment. At some point during their evolution, they may begin to think about marriage, starting a family and possibly buying a home. And perhaps most important, at some point, they begin saving for retirement.

Unfortunately, a number of recent economic trends – slow wage growth and higher required down payments from homebuyers – are likely to delay some of the above milestones. But the biggest culprit that impacts young Americans’ ability to achieve these financial goals now is the growth in student loans.

According to The Institute for College Access & Success (ticas.org), a nonprofit policy research group in Oakland, two-thirds of the 2011 graduating class – the latest year for which data are available – carried student loan debts. For those with loans, the average amount of debt was $26,600. And that reflects only student debt at public and private nonprofit four-year colleges. Forbes Magazine reports that more than 90 percent of students earning two-year degrees at for-profit schools carry debt. The average debt at a public two-year institution, now the second-highest form of consumer debt behind mortgages, is $7,000.

Delaying retirement saving

I can see two possible long-term trends resulting from this situation. One is a decline in the number of Americans owning their own homes. Indeed, rental markets in those cities that have had the greatest job growth in the last several years are exploding. And while housing markets in those very same locations are also doing well, foreign and institutional investors are driving much of the latter growth, as are low interest rates.

Probably the most concerning trend is the potential for young workers to postpone saving for retirement. The $300 per month that they could be stashing away into an IRA must instead go to paying off college loans. And the consequences of delaying retirement savings can be dramatic.

If you begin saving $300 per month starting at age 35, earn 7 percent per year on your savings and retire at age 65, you will have amassed a total of $366,000. Contrast that with someone starting at age 25, who will net more than twice as much ($788,000). Imagine how much more comfortable the latter nest egg could make you.

What can a college student do? First, consider the return on investment (ROI) of the chosen university. PayScale.com, a website that reports pay scales for various types of jobs, reports on the ROI from more than 500 schools. They calculate the ROI by surveying alumni to estimate lifetime earnings, measuring the costs of getting a degree and comparing that to the earnings of noncollege graduates. Although the data are limited and fraught with assumptions, it’s the most rigorous approach I’ve seen for analyzing the college investment decision. For more information, visit payscale.com/college-education-value-2013.

Next, students should try to use federal loans before considering the riskier (and more expensive) private loans. There are a number of features of federal loans that make them beneficial, such as income-based payback caps and the opportunity to have the loan forgiven in 25 years (or 10 if you work in a public or nonprofit company). But they also have drawbacks: Federal loans cannot be dismissed through bankruptcy.

Keep in mind that retirement planning, just like debt management, is a necessary part of sound financial planning. Even if it’s difficult, every month you put it off will cost you.

Artie Green, a Los Altos resident, is a Certified Financial Planner and professional investment adviser. For more information, call (408) 747-1222.

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