Worried about Social Security going broke?

Concerns about Social Security running out of money pop up from time to time in the financial media. Beyond the headlines are a number of misconceptions regarding what that really means. Below I’ll explain what could happen and what the consequences might be. The situation is a lot less dire than the media would have you believe.

There are two primary sources of funding for Social Security benefits: the Social Security trust fund and payroll taxes collected from current workers and their employers. The trust fund currently holds approximately $2.8 trillion but is projected to become depleted by 2034, based on the number of retirees drawing benefits over the next 15 years.

Transactions for the week of Feb. 19

Los Altos

1542 Arbor Avenue, Dalrymple Family Trust to Kumar Family Trust for $2,670,000

1145 Brucito Avenue, Bahrs Trust to K. & V. Kirshnan for $2,075,000

Free tax prep services offered next week in MV

The Intuit Financial Freedom Foundation is scheduled to offer free tax preparation services to lower-income earners ($36,000 or under last year) and active-duty military noon to 7 p.m. Feb. 27 at the Mountain View Public Library, 585 Franklin St.

All qualifying taxpayers will have the opportunity to prepare and file their federal and state tax returns at no cost, using TurboTax Free File Program software, according to a city of Mountain View press release. Volunteers will be on hand to assist as needed.

MIXXing it up: Rancho studio blends cardio, Pilates

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Melissa Hartman/Town Crier
Nellie Brook recently moved to Los Altos from New Jersey and opened MIXX Fitness at Rancho Shopping Center.

MIXX Fitness officially opened for business at Rancho Shopping Center in Los Altos last week after a four-month soft-opening phase.

On the Market: The ABCs of schools and homebuying

Good schools are one of the many reasons people are so attracted to this area. But understanding school scores and school boundaries can be a bit confusing. Often homebuyers will tell me which school district they are looking in rather than which city. Remember that school district boundaries were developed long before city boundaries, so in most cases, they are not the same.

Transactions for the week of Feb. 12

Los Altos

852 Carmel Avenue, Chang Trust to D. & A. Bhashyam for $3,125,000

675 Jay Street, 663 Jay Street LLC to M. & J. Shen for $5,080,000


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