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News

LASD approves advisory committee expansion

Los Altos School District trustees approved a resolution Aug. 25 to expand their Facilities Master Plan Advisory Committee, which provides the district with advice on future facilities projects.

The resolution broadened the membership of the committ...

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Schools

Program turns parents into school-day advocates

Program turns parents into school-day advocates


Courtesy of Sonia Maiello.
Project Cornerstone parent reader Sonia Maiello regales a Montclaire classroom.

Parent volunteers at Montclaire Elementary School in Los Altos are gearing up for the seventh year of Project Cornerstone, a countywide YMCA ...

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Community

'Yeah, yeah, yeah!': Beatlemania invades 'Rock Back the Clock'

'Yeah, yeah, yeah!': Beatlemania invades 'Rock Back the Clock'


Town Crier File Photo
The Hula-Hoops of previous “Rock Back the Clocks” are giving way to moptops at this year’s “Beatlemania”-themed event.

Rancho Shopping Center’s annual “Rock Back the Clock” edges into a new era of rock ‘n’ roll this year. ...

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Sports

Eagles, Spartans gear up for gridiron season

Eagles, Spartans gear up for gridiron season


Photos by Ellie Van Houtte/Town Crier
Los Altos and Mountain View highs have new starting quarterbacks this year, with Kyle Gnoud, above, taking over for the Eagles.

If any game defined the 2013 football seasons for Los Altos and Mountain View highs...

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Comment

You may have already won!: A Piece of My Mind

There is something irresistible in the idea of buried treasure brought to light. We love to hear about the dusty picture in the attic that turns out to be a genuine Rembrandt, the stock certificate in the bottom of the neglected safe deposit box tha...

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Business

Modern art exhibit comes to Los Altos: Passerelle teams with Christie's on pop-up venture

Modern art exhibit comes to Los Altos: Passerelle teams with Christie's on pop-up venture


images courtesy of Christie’s 2014
Christie’s auction house will host a pop-up exhibit Sept. 10-18 in downtown Los Altos. Works on display will include Roy Lichtenstein’s “Girl in Mirror,” valued at $2 to 3 million and a 2013 untitled work by Korak...

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Books

‘The Humans’ transcends alien genre to glean human insights

‘The Humans’ transcends alien genre to glean human insights


A good story about aliens is always great fun to read – after all, it’s only by attempting to understand the human race from another perspective that we can see ourselves more objectively.

But readers who might be tempted to dismiss ye...

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People

SARA MITTELMAN

Sara Mittelman, 97, was born May 10, 1917 and died August 15, 2014 at Menorah Medical Center. She was born in Pilica, Poland and came to the USA in 1950. Sara was a Holocaust survivor who lost her entire family during the war. She was one of the olde...

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Travel

Visiting Vancouver Western Canada's premier destination has much to offer

Visiting Vancouver Western Canada's premier destination has much to offer


Photos courtesy of TOURISM VANCOUVER
Outdoor adventures abound in and around Vancouver, including a boat excursion into Horseshoe Bay and a jaunt on the Cliffwalk at Capilano Suspension Bridge Park, among the most popular attractions in British Col...

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Stepping Out

Los Altos Stage Company attaches itself to

Los Altos Stage Company attaches itself to "Trailer"


COURTESY OF LOS ALTOS STAGE COMPANY
The cast of “The Great American Trailer Park Musical” includes, clockwise from left, Mylissa Malley (Lin), Christina Bolognini (Pickles) and Vanessa Alvarez (as Betty).

Los Altos Stage Company launches its 19t...

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Spiritual Life

Spiritual Briefs

Meditation group meets at Foothills Congregational

A Weekly Meditation Practice group meets 7-8:15 a.m. Tuesdays at Foothills Congregational Church, 461 Orange Ave., Los Altos.

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Magazine

Los Altos Hills home showcases resort-inspired living

Los Altos Hills home showcases resort-inspired living


Courtesy of Spectrum Interior Design
In place of a more traditional fireplace, this modern living room features a linear-flame firebox that emits heat while offering a sculpturelike design element.

After traveling the world and visiting a host o...

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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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