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Retirement Planning

Save Now

Saving for retirement is often put on the back burner, as people focus on more immediate financial needs and desires. While it may be tempting to spend money on things we want now, the future is unpredictable, and saving for retirement can help provide a safety net for when we no longer have a steady income.

Here are a few reasons to start saving for retirement as early as you can:

The power of compounding interest
Start saving as early as you can to take advantage of compounding interest, which allows your money to grow exponentially over time. For example, if you start saving $100 a month at age 25 and continue to do so until you retire at age 65, you could have over $330,000 saved up, assuming a 7% annual return rate. On the other hand, if you wait until age 35 to start saving, you would only have around $150,000 saved up by age 65, even if you save the same amount each month.

 

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Rising Food Prices

How to Navigate

In recent months, the rise in food prices has become a significant concern for consumers everywhere. Inflationary pressures, supply chain disruptions, and fluctuating commodity prices have contributed to an increased cost of groceries, putting a strain on household budgets. As consumers navigate this challenging landscape, it’s important to develop strategies to manage food costs while still enjoying healthy and satisfying meals.

The Causes of Rising Food Prices

  • Inflation: General inflation has been affecting many sectors, including food. As the cost of production rises, these expenses often transfer to consumers. ​​​​​​​
  • Supply Chain Issues: The pandemic and geopolitical events have disrupted supply chains, making it harder for food producers to deliver products efficiently.

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LAFCU Fundraiser

Toys for Tots

During November and December, LAFCU raised $15,500 for our 2024 U.S. Marine Corps Toys for Tots toy drive. Donations were gathered in our branches, from staff, from PayPal online, and from the donation/transfer function in mobile/online banking. Our initial goal of $5,000 was eclipsed quickly and we ultimately raised $10,500. Along with a $5,000 match from our 501(c)3 charity, the Los Angeles Charitable Association (LACA), the $15,500 donation will pay for over 1,500 toys that will be purchased then given to deserving children during the holidays.

In our branches, 250 toys were donated by members and credit union staff. Since its founding in 1947, the U.S. Marine Corps Toys for Tots foundation has distributed 677 million toys to 301 million deserving children. The foundation is also a 501(c)3 not-for profit public charity and since 2001 has ranked as one of the top-rated charities by “Philanthropy 400.” LAFCU has been a 30-year partner with Toys for Tots and is proud to be a part of its mission.

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