Posted by: coastcontact | December 4, 2013

Saving for Retirement

Living in one of the highest cost of living cities in the nation made saving for retirement a very difficult task.  Los Angeles-Long Beach California had a composite index of 136.4% on 2010.  The issue is the cost of housing.  That is 207.1% or more than twice the national average.  Costs for other things like food, utilities, and transportation are just slightly over the national average.  A middle class income left little for savings.

Even if you don’t live on the Pacific coast or in Manhattan you are probably unprepared to meet retirement expenses.  That is the results according to a survey by Fidelity Investments.

The problem with this survey is the sponsor.  Fidelity Investments wants to encourage you to increase your savings rate because managing savings investments is their business.

We live in a consumption economy.  The stores keep trying to sell you the latest, greatest whatever.  There is hardly a day that does not have a Macy’s ad in the newspaper.  Internet web sites all have links to the things you probably didn’t know you needed.  The credit card only helps you to buy the stuff you really do not need.

Ban credit cards in your house. Shop at Sears and Penney’s.  Stay out of Macy’s, Lord and Taylor’s, and Nordstrom’s.

Before you pay a single bill each month pay yourself in the form of a fixed amount of savings.



  1. Sadly for too many in our country, there isn’t enough money to meet even basic needs, much less save for retirement. When the housing bubble crashed, many in our country overnight lost everything and now owed on a mortgage that was twice the worth of the house. Factor in how many lost jobs and they were in their fifties and no job in site-all money saved was quickly used. That means that for many in our country, there only retirement is now SS and Medicare. For myself a car accident 21 years ago ended my hopes of saving for retirement. Since I started paying into SS and Medicare with my first check at 15-I collect SSD-I only mention this to point out how in the blink of an eye-your whole life can change.

  2. This is also a very important department in the bank that plays very vital role and it is the main factor for running a banking business. Because banks give loans from the people’s savings to other persons and they pay some interest on that loan amount that becomes bank’s income. Simply when a local customer comes to the bank he has the direct dealings with the credit manager. Bank offered different type of loans depending on the customer’s security. Customer has to give some security to the bank for the sake of money. Then banks reserve the papers of customer’s security and give him a loan for any specific period. Credit manager take the all necessary information from the customer and give him loan with the approval on some simple terms and conditions.

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