| Saving for the Future is Easier Than You May Think
If you're one of the millions of consumers receiving a tax refund or bonus this time of year, you may be uncertain about the best way to spend or save your hard-earned dollars. What's the best way to begin a savings plan or invest for the future? According to experts, the appropriate course depends upon life circumstances, including financial condition, short-and long-term goals, and the needs of your dependents. "Many people think of their tax refund as extra spending money, but they should consider setting at least a portion aside for the future," said Donna DeMaio, president of MetLife Bank. "Extra money represents an opportunity to start planning for a retirement or saving for a child's education. Saving is a critical issue, because financial advisors warn that many Americans are living paycheck to paycheck, and endangering their ability to live comfortably in their golden years."
Here are some options to consider: Pay off debt.
Reaction mixed to Social Security office closing
Next month, the Social Security office on North Street will be closing it's doors and moving to a new location with an unknown staff and service reduction — but visiting the office, you wouldn't know it. Friday afternoon, five out of 10 people surveyed as they exited the office said they had not heard that officials were planning to consolidate the Nacogdoches Field office with the office in Lufkin. There were no flyers or postings on the door, and they said no one inside the office had informed them of any such thing. Two weeks ago, the Social Security Administration announced it was consolidating Nacogdoches with the Lufkin office, and reducing the Nacogdoches presence. The news drew mixed reactions from those coming out of the building Friday.
Take Control of Your Retirement
Many of us have our heads buried in the sand when it comes to life after work. While we're confident of financial security in retirement, we're not doing a lot to make that happen. Instead, we're watching employers drop their pension and retiree health benefits but doing little to replace those benefits on our own. Think it won't happen to you? Maybe it already has. Maybe you never had a job that promised those benefits in the first place. Instead of expecting someone else to take care of you in retirement, take control of your own destiny. • Start now. There's no use lamenting the fact that you haven't gotten started yet. Now's not the time to procrastinate. The longer you let your savings pile up for retirement, the more opportunity you give that money to grow.
Bond probe continues
The investigation into the sale of an allegedly overpriced bond to a pension fund is likely to be wrapped up by the end of next month, the official heading the probe told MPs yesterday as authorities shut down the stockbrokerage at the center of the scandal. Giorgos Zorbas, the head of the committee formed to combat money laundering, said the investigation was focusing on the sale of a 280-million-euro Greek government bond to the civil servants' auxiliary pension fund. I am investigating whether the commission [on the bond sale] generated unlawful earnings, said Zorbas. The pension fund allegedly overpaid some 5 million euros for the bond. Zorbas said that investments by three other pension funds may also be investigated. The investigation will certainly be extended to other funds if there are indications that criminal acts have been committed, Zorbas told the parliamentary committee.
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