Tue09302014

News

Meet the Santa Clara Valley Water District Board of Directors candidates

Meet the Santa Clara Valley Water District Board of Directors candidates

Two candidates have filed to run for the District 7 seat on the Santa Clara Valley Water District Board of Directors in the Nov. 4 election. The water district, established in 1929, oversees and protects water resources in Santa Clara County....

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Schools

New LAHS assistant principal focuses on school activities

New LAHS assistant principal focuses on school activities


Ellie Van Houtte/Town Crier
Suzanne Woolfolk, assistant principal at Los Altos High, teaches a leadership course for Associated Student Body leaders.

Suzanne Woolfolk – new assistant principal at Los Altos High School – said she is happy...

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Community

Petting zoo, car show highlight Chamber's annual Fall Festival

Petting zoo, car show highlight Chamber's annual Fall Festival


Courtesy of Los Altos Chamber of Commerce
The petting zoo is a highlight of the Los Altos Fall Festival. This year’s event is slated Oct. 4 and 5.

The Los Altos Chamber of Commerce has scheduled its 23rd annual Fall Festival 10 a.m. to 5 p.m. Oc...

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Sports

Burlingame bowls over Los Altos

Burlingame bowls over Los Altos


Ellie Van Houtte/Town Crier
Los Altos High halfback Sean Lanoza looks for running room against Burlingame in Saturday’s home opener.

The opening drive of Saturday’s game against Burlingame couldn’t have gone much better for the Los Altos High fo...

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Comment

Does Los Altos have a parking problem, or is it a symptom? : Other Voices

Yes, and yes. It appears that the downtown Los Altos parking problem is a symptom of the city’s “Sarah Winchester” approach to planning that instead of resulting in staircases to nowhere resulted in a hotel without parking required by code.(1)

From ...

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Special Sections

Los Altos landmark Four families later, Shoup House goes on the market

Los Altos landmark Four families later, Shoup House goes on the market


Courtesy of Matthew Anello
The Shoup House dining room, above, features original elements. The 100-year-old house on University Avenue earned a spot on the National Register of Historic Places, a nod to its legacy as the home of city founder Paul S...

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Business

Longtime banker readies for retirement

Longtime banker readies for retirement


Ellie Van Houtte/Town Crier
Joanne Kavalaris is retiring at the end of October after spending the past 25 years of her banking career in downtown Los Altos.

A longtime Los Altos banker is calling it a career in a few weeks.

Joanne Kavalaris, Bank o...

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Books

A woman's perspective on the Greatest Generation

A woman's perspective on the Greatest Generation


During World War II, Virgilia Short Witzel, a young mother and U.S. Navy officer’s wife, grappled on the home front in Menlo Park with wartime rationing, shortages and loneliness. During the ensuing Cold War, she experienced adventure and misadventur...

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People

VINCENT (TIM) MURPHY JR.

VINCENT (TIM) MURPHY JR.

July 27, 1953 – August 12, 2014

Native Los Altan died Medford, OR. Graduated Bellarmine Prep. Married Josephine Domino, 1950. Licensed Auto Mechanic, Private Pilot, skilled Computer Scientist. Tim “could fix anything”. Afflicted with cancer 2001. ...

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Travel

Taking a Turkey trek: Winging it during the World Cup

Taking a Turkey trek: Winging it during the World Cup


Rich Robertson/Special to the Town Crier
The sun sets over the Aegean Sea in Bodrum, Turkey, left.

Tours that whisk you from Istanbul to Bodrum in 11 days are as plentiful as souvenir hawkers in Turkey, but traveling from the Blue Mosque to Topkapi ...

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Stepping Out

Pear builds wonderful 'House'

Pear builds wonderful 'House'


J. Smith/Special to the Town Crier
Betsy Kruse Craig portrays Trish in the Pear Avenue Theatre production of “House,” which closes Oct. 5.

Mountain View’s Pear Avenue Theatre is staging an unusual theater-going experience – producing two plays...

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Spiritual Life

Magazine

Local events add color to autumn calendar

Local events add color to autumn calendar


Van Houtte/town crier Visitors make their way through the Children’s Alley.

As Los Altos’ signature Chinese Pistache trees exchange their summer green for vibrant hues of yellow, orange and red in the fall, an abundance of local events also add ...

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Are there benefits to taking Social Security early?

Following is the first in a two-part series exploring the pros and cons of taking early Social Security payments.

I’ve written numerous articles over the years about strategies for maximizing Social Security benefits.

The most fundamental decision all retirees face is when to start taking payments. If you need the money, you may have no choice but to start taking payments as soon as you are eligible. But if that’s not the case, which is better: to start as early as possible and invest the proceeds or to wait and take advantage of higher payments?

It’s important to understand how Social Security payments work. Your Full Retirement Age (FRA), based on your date of birth, is the age at which you can begin collecting what the Social Security Administration calls your Primary Insurance Amount. This is the monthly amount the administration sends you for the rest of your life. The calculation of your Primary Insurance Amount is a bit complicated, but suffice it to say that it is based on your highest 35 years of earned income, adjusted for inflation.

To add to the complexity, the Social Security Administration allows some flexibility. You can choose to begin collecting your benefits at your FRA, as early as age 62 (even earlier in certain circumstances) or as late as age 70. If you choose to start early, you will receive reduced benefits for the rest of your life; if you choose to start later, you will receive expanded benefits (called delayed credits).

For every year you delay after age 62 until FRA, your initial monthly payment increases by 8 percent. The same is true for every year you delay between your FRA and age 70. For example, if you begin collecting benefits at age 62 and your FRA is age 66, your starting payment will be only 75 percent of your Primary Insurance Amount. If you wait until age 70 – the longest you can wait and still receive the 8 percent annual delayed credits – your initial payment will be 32 percent higher than your Primary Insurance Amount.

As you might surmise, the age at which you start can have a significant impact on the total income you receive over your retirement lifetime.

It’s also important to consider two other facts about Social Security benefits: If you start taking benefits before your FRA and you are currently working, your benefits will be reduced; and regardless of your starting age, your payments include cost-of-living adjustments that enable you to keep pace with inflation.

Break-even analysis

If you’re the analytical type, you might approach this question by doing a break-even analysis.

Calculate the age at which you would have accumulated the same total income regardless of whether you start collecting benefits at age 62 or at age 70. If you treat this as a simple mathematical exercise, the answer is age 82. That is, if you plan to die before age 82, it’s better to start your Social Security benefits as early as possible (i.e., at age 62), but if you plan to live longer, you should wait until age 70 to start.

However, such an analysis would be quite incomplete. Assuming that you plan to invest your Social Security income, realistically there are a couple of other factors you need to take into account:

• The return on investment of your Social Security income.

• The inflation rate, which impacts the growth over time of the Social Security payments.

• Your tax rate, which affects not only how much you may keep but also how much of your Social Security income is taxable.

Doug Lemons, retired Social Security Administration deputy assistant regional commissioner, recently completed the above analysis using various return on investment, inflation rate and tax rate assumptions. In part 2 of this series, I’ll share the very interesting conclusion he reached.

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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