There are many options for banking these days. You can choose a traditional brick-and-mortar institution and do your banking in person or online. Or you can choose an internet bank, which generally requires you to do almost everything online or through the mail. Some brokerage firms also offer traditional checking accounts and savings accounts, and credit unions expand your options even further.
With so many choices, there's no reason to stick with a bank you don't like. This article will discuss some reasons why you might want to switch banks, difficulties you might encounter along the way and how to complete the process. More from Investopedia.com:
• 9 Ways to Go Bankrupt
• Digging Out of Debt in 8 Steps
• 5 ATM Scams to Avoid
Reasons to Switch Banks
Moving - If you like to visit the bank in person or simply don't want to pay ATM fees, you may need to switch banks if you move to a different city. Sometimes, branches of a bank that are popular in one city are scarce or nonexistent in another.
Opening a new joint account - If you get married or form a domestic partnership, you may want to get a joint account with your spouse. If the two of you use different banks, at least one of you will need to switch. The same holds true in any situation where two people decide to combine finances into a joint account.
High fees - Some banks charge higher fees than others, especially if you don't maintain a high balance. There's generally no reason to tolerate monthly maintenance fees or low balance fees because you can usually find a bank that doesn't impose these charges.
Poor customer service - A repeated pattern of negative interactions with customer service can be frustrating, especially if you prefer a human touch on your cold-hard finances. Again, there's no reason to put up with this when you can easily go elsewhere.
Higher interest rates - It used to be that checking accounts didn't pay interest and savings accounts only paid minuscule rates, such as 0.2%. Now, if you get the right account, even your checking account can pay interest. If you're not getting paid to lend the bank your money (which is what you're doing whenever you deposit money in your account), you might want to move your funds.
Possible Bank-Switching Difficulties
Before making the switch, consider that there may be some negative implications of moving your account and make sure you are prepared to deal with them. Ask yourself the following questions before proceeding:
How likely are you to forget to switch an automatic payment? How much will that cost you? Is that risk worth it? The longer you've had your current account, the more accounts and automatic payments might be linked to it and the more trouble it will be to switch.
Will opening a new account result in a hard credit pull? If you're in the middle of trying to get a mortgage or an auto loan, you shouldn't risk this ding to your credit score.
Is the increased interest rate worth the trouble? If you're moving your account to chase a higher interest rate, keep in mind that you'll lose interest in the few days it takes your money to transfer from the old account to the new one. Use an online interest rate chaser calculator to determine whether the new interest rate is high enough to be worth your trouble.
How to Switch to a New Bank
If you've determined that switching banks is right for your situation and worth the work, take the following steps to move your account.
Research banks and choose the right one for your needs. Are you comfortable with an online-only bank? Many issue ATM cards and reimburse ATM fees. Or, perhaps you would be more comfortable using a bank with ATMs all over the country because you travel frequently.
Open and fund the account. You can do this online if you want. You'll need your social security number and driver's license number.
Switch direct deposits and automatic payments, and write any checks from the new account. This begins the process of turning your new account into your primary one.
Update your checking account information for any linked online accounts, such as credit cards or money transfer accounts (like Paypal).
Wait for checks and other payments to clear at your old bank. Don't rush to close your old account or move all your money out. You don't want any checks or automatic payments to bounce. It might be a good idea to leave some money in the old account and wait an extra month after you think you've switched everything over before you close it just to make sure you didn't forget anything and to make sure other financial institutions changed over their account info on time.
Empty your safe deposit box at the old bank, if you have one.
When all outstanding checks and scheduled payments have cleared and your safe deposit box is empty, it is safe to close your account. Simply contact the bank by email, phone, mail or in person and let them know you'd like to close your account. The bank will cut you a check for your remaining balance, or you can link your old checking account to your new one and transfer the funds out electronically. If your old account has a minimum account balance requirement, it may be safer to let the bank cut you a check so you don't risk incurring any fees.
2008年11月1日星期六
13 Financial Frights
Talk about a nightmare. Home values are down, credit has dried up, unemployment is rising and the stock market has tanked.
If the financial crisis has hit home for you, don't fear. We have the solutions you need to cope, no matter what haunts you.
Half Your Nest Egg Is Gone
If you're about to retire or have retired into this bear market, don't panic -- your account has time to recover. Remember, retirement is a 20- to 30-year proposition. And if you sell your stocks or stock funds, you'll lock in the losses and won't benefit when the market recovers.
More from Kiplinger.com:
• 10 Things That Are Actually Going Right
• 5 Ways to Dig Yourself Out of Trouble
• How Safe Is Your Money?
However, if you need peace of mind and already have accumulated a comfortable nest egg, you might want to shift your portfolio's asset allocation to hold more money in money-market funds or bond funds. The rates of return will be small, but stable.
Your Long-Term Investments Have Tanked
Even if you're far from retirement, your recent brokerage statements probably have you wondering if your buy-and-hold strategy is for suckers.
It's not. But if you're feeling uneasy about your stock investments, now's a good time to reevaluate your holdings. Long-term investors should keep at least 70% of their investments in stocks and stock funds. Spread your stock money over several types of companies -- large and small, U.S. and foreign. Resist the urge to put all of your money into bonds and cash. Remember the old adage, "buy low, sell high?" Well, things are pretty low right now, so look at this as an opportunity.
You're Locked Out of a HELOC
Falling home prices have eroded many homeowners' equity, and banks are reducing or freezing home equity lines of credit as a result.
To regain access to your credit line, you'll have to pay for a $200 to $400 walk-through appraisal to prove that your home's value and equity have sufficiently increased. Or you may be able to provide "comps," a record of recent comparable sales in your area that meet your lender's specifications. Chat with your lender if you have a unique or special situation.
You Can’t Pay Your Mortgage
Don't wait until you've missed several payments to talk to your lender. The lender may be willing to reduce your payments for a few months.
Or you might qualify to refinance your loan -- and get lower payments as a result -- if your lender is participating in any of the new government programs, such as FHASecure or HOPE for Homeowners (see fha.gov). If you're worried about foreclosure, contact the HOPE NOW Alliance.
You Can't Sell Your House
You have to be willing to make trade-offs to sell a house in this market. Set a realistic price from the get-go -- now is not the time to try to make a big profit.
Get rid of all your clutter and neutralize your home so prospective buyers can imagine living there with their own things. Have your home inspectedso you can advertise it as "certified preowned," or offer a home warranty.
Your Student Can't Get a Loan
You still have options if your student doesn’t qualify for federal Stafford loans or your source of private student loans has dried up (about 30 lenders have left the business). Check with the school's financial-aid office, which may be able to give your strapped student a tuition discount, a bridge loan or a tuition payment plan. Consider a PLUS loan, which is non–need based and lets parents of dependent students borrow up to the full cost of attendance. Standards on these federally backed loans have been relaxed recently.
Consider Web sites, such as Fynanz.com, where lenders bid to give you loans.
Your Card Issuer Is Clamping Down
A majority of banks have tightened their credit-card lending standards by raising required credit scores or lowering credit limits. They're also scrutinizing your credit-card use more frequently, looking at where you live and what you buy, and they are less likely to cut you slack for minor infractions.
To stay in your card issuer's good graces, pay your bills on time< and use each of your cards once a quarter so the lender won't close the account. Also, ask the lender to waive fees or reduce the interest rate, or just look elsewhere if your card issuer cracks down despite your good record.
You're Considering Bankruptcy
You may be overwhelmed with bills, but get help before filing for bankruptcy. First, tell your lenders about your struggles; they could lower your interest rate or move your payment date. Also contact a reputable credit-counseling agency, which can help you set a budget, negotiate with creditors and dig out of debt. Consider a debt-management program: You send the credit-counseling agency money every month, which it distributes to your creditors. The agency can also lower your interest rates and wipe out your penalties.
For more help, contact a bankruptcy attorney.
If your bank was insured by the Federal Deposit Insurance Corp., you probably don't need to worry . Account holders now have $250,000 in FDIC coverage for single accounts and $250,000 for their share of joint accounts at each bank. As long as your account balance stays below that limit, you won't lose any money.
If you are making credit-card or mortgage payments to that bank, continue sending checks until you hear otherwise.
Your Brokerage Is Broke
The Securities and Exchange Commission has strict rules about segregating client investments from the brokerage firm's own money. Even if a broker goes under, investors' money should still remain intact.
However, if a firm used up its capital and misappropriated customers' securities, the Securities Investor Protection Corp. (SIPC) helps protect account holders. It first tries to transfer investors' securities to another firm. If that doesn't work, SIPC then attempts to rebuild the investors' portfolios, even buying new stocks or bonds to make up for any missing shares.
You Lost Your Job
Of course you'll want to freshen up that resume, evaluate your career goals and start pounding the pavement. But also get your finances in order to help you weather this storm.
First, apply for unemployment benefits as soon as possible. Check if you qualify for health coverage through your spouse's employer, or ask your former employer about continuing your health insurance through COBRA.
Then draw up a survival budget, including the minimum payments you'll need to make to your creditors, and how long your emergency stash of cash will sustain you. Next, look for alternative sources of income, such as a part-time job -- even if it means waiting tables at night while you job-hunt by day.
Scammers Are Lurking
Just when you're feeling most vulnerable, the vultures swoop in. Scammers are taking advantage of the financial crisis to bilk Americans out of even more money, from questionable loans to get-rich-quick investment schemes.
Lower your risk of getting scammed by not giving in to financial panic, using common sense and doing your research before taking any action. Never give your credit-card number, bank-account number or Social Security number to someone who contacts you by phone or e-mail.
You Can't Make Ends Meet
Thanks to lower prices for gas and new cars, inflation overall in the U.S. is flat. But with the costs of health insurance, food and utilities going up, you're probably still feeling the pinch.
Start by taking an honest look at your spending -– almost everyone has fat they can trim. Check your tax withholding, too. If your situation requires more drastic action, consider getting a second job, selling your car and using public transportation, getting a roommate to cover housing costs or even moving to a cheaper city.
If the financial crisis has hit home for you, don't fear. We have the solutions you need to cope, no matter what haunts you.
Half Your Nest Egg Is Gone
If you're about to retire or have retired into this bear market, don't panic -- your account has time to recover. Remember, retirement is a 20- to 30-year proposition. And if you sell your stocks or stock funds, you'll lock in the losses and won't benefit when the market recovers.
More from Kiplinger.com:
• 10 Things That Are Actually Going Right
• 5 Ways to Dig Yourself Out of Trouble
• How Safe Is Your Money?
However, if you need peace of mind and already have accumulated a comfortable nest egg, you might want to shift your portfolio's asset allocation to hold more money in money-market funds or bond funds. The rates of return will be small, but stable.
Your Long-Term Investments Have Tanked
Even if you're far from retirement, your recent brokerage statements probably have you wondering if your buy-and-hold strategy is for suckers.
It's not. But if you're feeling uneasy about your stock investments, now's a good time to reevaluate your holdings. Long-term investors should keep at least 70% of their investments in stocks and stock funds. Spread your stock money over several types of companies -- large and small, U.S. and foreign. Resist the urge to put all of your money into bonds and cash. Remember the old adage, "buy low, sell high?" Well, things are pretty low right now, so look at this as an opportunity.
You're Locked Out of a HELOC
Falling home prices have eroded many homeowners' equity, and banks are reducing or freezing home equity lines of credit as a result.
To regain access to your credit line, you'll have to pay for a $200 to $400 walk-through appraisal to prove that your home's value and equity have sufficiently increased. Or you may be able to provide "comps," a record of recent comparable sales in your area that meet your lender's specifications. Chat with your lender if you have a unique or special situation.
You Can’t Pay Your Mortgage
Don't wait until you've missed several payments to talk to your lender. The lender may be willing to reduce your payments for a few months.
Or you might qualify to refinance your loan -- and get lower payments as a result -- if your lender is participating in any of the new government programs, such as FHASecure or HOPE for Homeowners (see fha.gov). If you're worried about foreclosure, contact the HOPE NOW Alliance.
You Can't Sell Your House
You have to be willing to make trade-offs to sell a house in this market. Set a realistic price from the get-go -- now is not the time to try to make a big profit.
Get rid of all your clutter and neutralize your home so prospective buyers can imagine living there with their own things. Have your home inspectedso you can advertise it as "certified preowned," or offer a home warranty.
Your Student Can't Get a Loan
You still have options if your student doesn’t qualify for federal Stafford loans or your source of private student loans has dried up (about 30 lenders have left the business). Check with the school's financial-aid office, which may be able to give your strapped student a tuition discount, a bridge loan or a tuition payment plan. Consider a PLUS loan, which is non–need based and lets parents of dependent students borrow up to the full cost of attendance. Standards on these federally backed loans have been relaxed recently.
Consider Web sites, such as Fynanz.com, where lenders bid to give you loans.
Your Card Issuer Is Clamping Down
A majority of banks have tightened their credit-card lending standards by raising required credit scores or lowering credit limits. They're also scrutinizing your credit-card use more frequently, looking at where you live and what you buy, and they are less likely to cut you slack for minor infractions.
To stay in your card issuer's good graces, pay your bills on time< and use each of your cards once a quarter so the lender won't close the account. Also, ask the lender to waive fees or reduce the interest rate, or just look elsewhere if your card issuer cracks down despite your good record.
You're Considering Bankruptcy
You may be overwhelmed with bills, but get help before filing for bankruptcy. First, tell your lenders about your struggles; they could lower your interest rate or move your payment date. Also contact a reputable credit-counseling agency, which can help you set a budget, negotiate with creditors and dig out of debt. Consider a debt-management program: You send the credit-counseling agency money every month, which it distributes to your creditors. The agency can also lower your interest rates and wipe out your penalties.
For more help, contact a bankruptcy attorney.
If your bank was insured by the Federal Deposit Insurance Corp., you probably don't need to worry . Account holders now have $250,000 in FDIC coverage for single accounts and $250,000 for their share of joint accounts at each bank. As long as your account balance stays below that limit, you won't lose any money.
If you are making credit-card or mortgage payments to that bank, continue sending checks until you hear otherwise.
Your Brokerage Is Broke
The Securities and Exchange Commission has strict rules about segregating client investments from the brokerage firm's own money. Even if a broker goes under, investors' money should still remain intact.
However, if a firm used up its capital and misappropriated customers' securities, the Securities Investor Protection Corp. (SIPC) helps protect account holders. It first tries to transfer investors' securities to another firm. If that doesn't work, SIPC then attempts to rebuild the investors' portfolios, even buying new stocks or bonds to make up for any missing shares.
You Lost Your Job
Of course you'll want to freshen up that resume, evaluate your career goals and start pounding the pavement. But also get your finances in order to help you weather this storm.
First, apply for unemployment benefits as soon as possible. Check if you qualify for health coverage through your spouse's employer, or ask your former employer about continuing your health insurance through COBRA.
Then draw up a survival budget, including the minimum payments you'll need to make to your creditors, and how long your emergency stash of cash will sustain you. Next, look for alternative sources of income, such as a part-time job -- even if it means waiting tables at night while you job-hunt by day.
Scammers Are Lurking
Just when you're feeling most vulnerable, the vultures swoop in. Scammers are taking advantage of the financial crisis to bilk Americans out of even more money, from questionable loans to get-rich-quick investment schemes.
Lower your risk of getting scammed by not giving in to financial panic, using common sense and doing your research before taking any action. Never give your credit-card number, bank-account number or Social Security number to someone who contacts you by phone or e-mail.
You Can't Make Ends Meet
Thanks to lower prices for gas and new cars, inflation overall in the U.S. is flat. But with the costs of health insurance, food and utilities going up, you're probably still feeling the pinch.
Start by taking an honest look at your spending -– almost everyone has fat they can trim. Check your tax withholding, too. If your situation requires more drastic action, consider getting a second job, selling your car and using public transportation, getting a roommate to cover housing costs or even moving to a cheaper city.
2008年10月31日星期五
10 Great Places to Retire for Democrats and Republicans
Some retirees want to live among members of their own political party
If you find yourself wanting to steal that McCain-Palin or Obama-Biden sign on your neighbor's lawn, you might want to factor that feeling in when you think about where you want to retire. More and more people are. Fact is, most retirees say they would like to live in a place where they fit in with the culture, and lifestyle choices increasingly tend to vary according to political party lines.
More from USNews.com: • Photos: Best Political Places to Retire • Why Democrats and Republicans Live Where They Do • Best Places to Retire
Americans have been sorting themselves into these like-minded groups for three decades. Bill Bishop, coauthor of The Big Sort: Why the Clustering of Like-Minded America Is Tearing Us Apart, and Robert Cushing, a retired sociology professor, found that 48 percent of voters lived in communities where the presidential election wasn't close at all in 2004, up from 39 percent in 1992. "It's not about single-payer healthcare and Iran. It's not policy," says Bishop. "It's people who have the same kind of way of life, people who think alike."
To pick 10 great retirement spots where Republicans and Democrats would feel right at home, U.S. News tapped our list of over 2,000 Best Places to Retire and sought out places in congressional districts that leaned heavily toward one political party in the past two presidential elections. (You can use our search tool to build a list of retirement spots based on your personal preferences, including recreational and cultural activities, healthcare, region, and climate.) "For most people, politics isn't at the center of their lives," says Diana Mutz, a political science and communication professor at the University of Pennsylvania and author of Hearing the Other Side: Deliberative Versus Participatory Democracy. "If you choose a community based on the availability of certain types of schools or amenities, that's going to attract other people with similar types of viewpoints."
There's nothing quite like the warm bath of expressing your political views in public and knowing they are whole-heartedly embraced by the majority of your neighbors. "Pretty much when you meet people you can assume they are on the same political wavelength that you are," Ashleigh Evans, 69, a retired actress and regional director for Oracle Resource Services, says about San Mateo, Calif. "If a plumber comes to the house, you can pretty much assume he is a Democrat and feels the same way about most things that I do."
Evans is now the secretary and a past chair of an approximately 70-member political club called San Mateo County Democracy for America. Members meet at least once a month to increase voter registration, write letters to the editor, and send E-mails and make phone calls to potential voters. They hold occasional protests, especially against the Iraq war. But those in the political minority may find San Mateo less hospitable. "Here Republicans might keep their views to themselves because they might not feel as comfortable talking about politics," says Evans.
The situation is reversed in Republican-majority communities. "We want to make sure that our community remains Republican," says Sharon Dale, 65, a retiree who is president of the Fort Worth (Texas) Republican Women's Club, an approximately 220-member group that meets once a month to support Republican candidates for office and work on charity projects, especially for American troops. "Even people who are not involved in campaigns are still conservative and share our way of thinking," Dale says about Fort Worth. And the desire to be part of a like-minded community isn't just confined to the two major parties. Ron Paul supporters have recently begun to establisha community, Paulville, in western Texas made up exclusively of those who share Paul's libertarian views.
It doesn't hurt when a retirement haven combines small-town charms with proximity to a world-class city. Democratic Maplewood, N.J., offers quaint neighborhoods, a walkable downtown, and nearby hiking in the 2,047-acre South Mountain Reservation, but it's just 20 miles from New York City. Retirees in the Republican stronghold of Hoover, Ala., can enjoy nine golf courses, the 250-acre Moss Rock Preserve, stimulating the economy at the more than 200 stores at the massive Riverchase Galleria shopping center, and a senior center that serves lunch daily to those over 60 for a suggested donation of $1. And Hoover is within 10 miles of Birmingham.
Anyone who's ever been the only Democrat or Republican in the room can probably recall the icy social isolation of peers who just don't understand your cherished and cultivated values. "People test the waters and find out who they have politically agreeable and disagreeable views with, and, if they are disagreeable, they avoid conversations with those people," says Mutz. Or you can fill the ideological space between you with small talk. "If you do find yourself in a divided community, you talk about your grandkids and investments," says Morris Fiorina, a Stanford University political science professor and author of Culture War: The Myth of a Polarized America. Fiorina says most Americans are moderate and don't have extreme liberal or conservative views.
Many retirees say they are able to find common ground with friends and neighbors in both parties. Big cities, like heavily Democratic Chicago and majority Republican Cincinnati, are sure to offer enough entertainment, culture, recreation, and education opportunities to allow any retiree with a taste for city life to find a niche. Smaller college towns like strongly Republican Idaho Falls, Idaho, and Democratic stronghold Dearborn, Mich., both offer major museums and ample opportunities for outdoor activities."If the people are nice, it doesn't matter whether they are Democrats or Republicans or uncommitted voters, but if they want to vote Democratic, I appreciate that," says Sophie Bock, 83, a retired bookkeeper and president of the Democratic club at her gated retirement community in Pembroke Pines, Fla., a town located in one of the hotly contested counties during the fateful Bush versus Gore attempted recount.
Frank Guliuzza, 51, a professor of political science and philosophy at Weber State University in Ogden, Utah, and the adviser to the college Republican student group, cultivates friendships in both parties. "I think the student body on the university campus is probably more conservative than you would find at a lot of communities, but I am in a university community where I would guess that, by far, the majority of people are Democrats," he says. Perhaps the three downhill ski areas, extensive trail system, minor league baseball team, and historic business district with mountain views offer enough distraction from party differences. Guliuzza is planning to stay in Ogden when he retires.
Of course, if you'd like to whittle away your retirement engaged in heated debate, you just might want to try retiring in the opposite party's haven. Just throw up an Obama sign in red country or vice versa and let the arguments begin. "There is a tiny portion of the population that likes a good fight, but for most people it's uncomfortable," cautions Mutz. Just don't say we didn't warn you.
Here are 10 great retirement spots that have skewed heavily Democratic or Republican in the past two presidential elections.
Democratic:
Chicago, Ill.
Dearborn, Mich.
Maplewood, N.J.
Pembroke Pines, Fla.
San Mateo, Calif.
Republican:
Cincinnati, Ohio
Fort Worth, Texas
Hoover, Ala.
Idaho Falls, Idaho
Ogden, Utah
If you find yourself wanting to steal that McCain-Palin or Obama-Biden sign on your neighbor's lawn, you might want to factor that feeling in when you think about where you want to retire. More and more people are. Fact is, most retirees say they would like to live in a place where they fit in with the culture, and lifestyle choices increasingly tend to vary according to political party lines.
More from USNews.com: • Photos: Best Political Places to Retire • Why Democrats and Republicans Live Where They Do • Best Places to Retire
Americans have been sorting themselves into these like-minded groups for three decades. Bill Bishop, coauthor of The Big Sort: Why the Clustering of Like-Minded America Is Tearing Us Apart, and Robert Cushing, a retired sociology professor, found that 48 percent of voters lived in communities where the presidential election wasn't close at all in 2004, up from 39 percent in 1992. "It's not about single-payer healthcare and Iran. It's not policy," says Bishop. "It's people who have the same kind of way of life, people who think alike."
To pick 10 great retirement spots where Republicans and Democrats would feel right at home, U.S. News tapped our list of over 2,000 Best Places to Retire and sought out places in congressional districts that leaned heavily toward one political party in the past two presidential elections. (You can use our search tool to build a list of retirement spots based on your personal preferences, including recreational and cultural activities, healthcare, region, and climate.) "For most people, politics isn't at the center of their lives," says Diana Mutz, a political science and communication professor at the University of Pennsylvania and author of Hearing the Other Side: Deliberative Versus Participatory Democracy. "If you choose a community based on the availability of certain types of schools or amenities, that's going to attract other people with similar types of viewpoints."
There's nothing quite like the warm bath of expressing your political views in public and knowing they are whole-heartedly embraced by the majority of your neighbors. "Pretty much when you meet people you can assume they are on the same political wavelength that you are," Ashleigh Evans, 69, a retired actress and regional director for Oracle Resource Services, says about San Mateo, Calif. "If a plumber comes to the house, you can pretty much assume he is a Democrat and feels the same way about most things that I do."
Evans is now the secretary and a past chair of an approximately 70-member political club called San Mateo County Democracy for America. Members meet at least once a month to increase voter registration, write letters to the editor, and send E-mails and make phone calls to potential voters. They hold occasional protests, especially against the Iraq war. But those in the political minority may find San Mateo less hospitable. "Here Republicans might keep their views to themselves because they might not feel as comfortable talking about politics," says Evans.
The situation is reversed in Republican-majority communities. "We want to make sure that our community remains Republican," says Sharon Dale, 65, a retiree who is president of the Fort Worth (Texas) Republican Women's Club, an approximately 220-member group that meets once a month to support Republican candidates for office and work on charity projects, especially for American troops. "Even people who are not involved in campaigns are still conservative and share our way of thinking," Dale says about Fort Worth. And the desire to be part of a like-minded community isn't just confined to the two major parties. Ron Paul supporters have recently begun to establisha community, Paulville, in western Texas made up exclusively of those who share Paul's libertarian views.
It doesn't hurt when a retirement haven combines small-town charms with proximity to a world-class city. Democratic Maplewood, N.J., offers quaint neighborhoods, a walkable downtown, and nearby hiking in the 2,047-acre South Mountain Reservation, but it's just 20 miles from New York City. Retirees in the Republican stronghold of Hoover, Ala., can enjoy nine golf courses, the 250-acre Moss Rock Preserve, stimulating the economy at the more than 200 stores at the massive Riverchase Galleria shopping center, and a senior center that serves lunch daily to those over 60 for a suggested donation of $1. And Hoover is within 10 miles of Birmingham.
Anyone who's ever been the only Democrat or Republican in the room can probably recall the icy social isolation of peers who just don't understand your cherished and cultivated values. "People test the waters and find out who they have politically agreeable and disagreeable views with, and, if they are disagreeable, they avoid conversations with those people," says Mutz. Or you can fill the ideological space between you with small talk. "If you do find yourself in a divided community, you talk about your grandkids and investments," says Morris Fiorina, a Stanford University political science professor and author of Culture War: The Myth of a Polarized America. Fiorina says most Americans are moderate and don't have extreme liberal or conservative views.
Many retirees say they are able to find common ground with friends and neighbors in both parties. Big cities, like heavily Democratic Chicago and majority Republican Cincinnati, are sure to offer enough entertainment, culture, recreation, and education opportunities to allow any retiree with a taste for city life to find a niche. Smaller college towns like strongly Republican Idaho Falls, Idaho, and Democratic stronghold Dearborn, Mich., both offer major museums and ample opportunities for outdoor activities."If the people are nice, it doesn't matter whether they are Democrats or Republicans or uncommitted voters, but if they want to vote Democratic, I appreciate that," says Sophie Bock, 83, a retired bookkeeper and president of the Democratic club at her gated retirement community in Pembroke Pines, Fla., a town located in one of the hotly contested counties during the fateful Bush versus Gore attempted recount.
Frank Guliuzza, 51, a professor of political science and philosophy at Weber State University in Ogden, Utah, and the adviser to the college Republican student group, cultivates friendships in both parties. "I think the student body on the university campus is probably more conservative than you would find at a lot of communities, but I am in a university community where I would guess that, by far, the majority of people are Democrats," he says. Perhaps the three downhill ski areas, extensive trail system, minor league baseball team, and historic business district with mountain views offer enough distraction from party differences. Guliuzza is planning to stay in Ogden when he retires.
Of course, if you'd like to whittle away your retirement engaged in heated debate, you just might want to try retiring in the opposite party's haven. Just throw up an Obama sign in red country or vice versa and let the arguments begin. "There is a tiny portion of the population that likes a good fight, but for most people it's uncomfortable," cautions Mutz. Just don't say we didn't warn you.
Here are 10 great retirement spots that have skewed heavily Democratic or Republican in the past two presidential elections.
Democratic:
Chicago, Ill.
Dearborn, Mich.
Maplewood, N.J.
Pembroke Pines, Fla.
San Mateo, Calif.
Republican:
Cincinnati, Ohio
Fort Worth, Texas
Hoover, Ala.
Idaho Falls, Idaho
Ogden, Utah
Consumers' mood posts record drop
Friday October 31, 9:57 am ET
NEW YORK (Reuters) - Consumer confidence suffered its steepest monthly drop on record in October, a survey showed on Friday, as the worst financial crisis in generations continued to take its toll.
The Reuters/University of Michigan Surveys of Consumers said its final reading of its index of confidence plunged to 57.6 in October from 70.3 in September.
That was just slightly below economists' expectations for a reading of 57.8, according to the median of their forecasts in a Reuters poll. It was up marginally from 57.5 recorded in the Surveys' of Consumers preliminary report released on October 17.
"Consumers reported the most dismal assessments of their current financial situation ever recorded," the report said.
The index was its lowest since a reading of 56.4 in June of this year.
The report said there have previously only been four surveys that posted double-digit declines, "and all resulted from severe economic dislocations, with the losses accelerated by fear and panic."
The University of Michigan confidence index dates back to 1952. Its record low was 51.7, which it hit in May 1980.
Consumers rated current economic conditions the worst on record, with this gauge falling to 58.4 from September's 75.0.
The gauge of one-year inflation expectations eased to 3.9 percent from September's 4.3 percent.
Five-year inflation expectations eased to 2.9 percent from 3.0 percent in September.
The outlook for the future was dire, with the index of consumer expectations falling to its lowest since July this year, when soaring energy prices were still hitting sentiment.
(Reporting by Chris Reese; Editing by James Dalgleish)
NEW YORK (Reuters) - Consumer confidence suffered its steepest monthly drop on record in October, a survey showed on Friday, as the worst financial crisis in generations continued to take its toll.
The Reuters/University of Michigan Surveys of Consumers said its final reading of its index of confidence plunged to 57.6 in October from 70.3 in September.
That was just slightly below economists' expectations for a reading of 57.8, according to the median of their forecasts in a Reuters poll. It was up marginally from 57.5 recorded in the Surveys' of Consumers preliminary report released on October 17.
"Consumers reported the most dismal assessments of their current financial situation ever recorded," the report said.
The index was its lowest since a reading of 56.4 in June of this year.
The report said there have previously only been four surveys that posted double-digit declines, "and all resulted from severe economic dislocations, with the losses accelerated by fear and panic."
The University of Michigan confidence index dates back to 1952. Its record low was 51.7, which it hit in May 1980.
Consumers rated current economic conditions the worst on record, with this gauge falling to 58.4 from September's 75.0.
The gauge of one-year inflation expectations eased to 3.9 percent from September's 4.3 percent.
Five-year inflation expectations eased to 2.9 percent from 3.0 percent in September.
The outlook for the future was dire, with the index of consumer expectations falling to its lowest since July this year, when soaring energy prices were still hitting sentiment.
(Reporting by Chris Reese; Editing by James Dalgleish)
Worst Month Since 1987: Investors Say Good Riddance to October
Posted Oct 31, 2008 10:59am EDT by Aaron Task in Investing, Commodities, Recession
Related: ^dji, ^gspc, ^ixic, SPY, DIA, AXP, QQQQ
A big rally this week has salved something for the bulls, but October 2008 is going to go down as one of the worst months in financial market history.
Heading into Friday, the Dow was down 15.4% for the month, on track for the 11th-worst in its history and the worst month since 1987. (Earlier this week the Dow and S&P were on track for the worst month since 1931 so "worst in 21 years" doesn't seem as awful.)
October was the worst-ever month for Japan's Nikkei, despite this week being its best week ever.
The Reuters/Jefferies CRB Index of commodities plunged 24% this month, the steepest decline since 1956. Crude is on track for a record monthly drop, copper its biggest retreat in two decades and gold its worst performance in 25 years, Bloomberg reports.
Even as the markets seemed to find some footing this week, the economic hits keep on coming, which is why San Francisco Fed President Janet Yellen used such stark language yesterday.
Thursday's Q3 GDP report, while better than feared, was the weakest since 2001 and featured the first drop in consumer spending since 1991 and the biggest since 1980.
Friday's personal spending data showed a 0.3% decline in September, the biggest drop in four years.
In October, the Chicago Purchasing Managers Index fell to its lowest level since 2001.
Friday's U. of Michigan consumer confidence survey was the weakest on record, confirming the Conference Board's earlier report.
At the same time the economy is slowing, consumers are reigning in spending as they worry about job security. Getting out from under a mountain of debt is certainly good for individuals. But from a societal perspective in a consumer-fueled economy it raises what economists call "the Paradox of thrift."
Related: ^dji, ^gspc, ^ixic, SPY, DIA, AXP, QQQQ
A big rally this week has salved something for the bulls, but October 2008 is going to go down as one of the worst months in financial market history.
Heading into Friday, the Dow was down 15.4% for the month, on track for the 11th-worst in its history and the worst month since 1987. (Earlier this week the Dow and S&P were on track for the worst month since 1931 so "worst in 21 years" doesn't seem as awful.)
October was the worst-ever month for Japan's Nikkei, despite this week being its best week ever.
The Reuters/Jefferies CRB Index of commodities plunged 24% this month, the steepest decline since 1956. Crude is on track for a record monthly drop, copper its biggest retreat in two decades and gold its worst performance in 25 years, Bloomberg reports.
Even as the markets seemed to find some footing this week, the economic hits keep on coming, which is why San Francisco Fed President Janet Yellen used such stark language yesterday.
Thursday's Q3 GDP report, while better than feared, was the weakest since 2001 and featured the first drop in consumer spending since 1991 and the biggest since 1980.
Friday's personal spending data showed a 0.3% decline in September, the biggest drop in four years.
In October, the Chicago Purchasing Managers Index fell to its lowest level since 2001.
Friday's U. of Michigan consumer confidence survey was the weakest on record, confirming the Conference Board's earlier report.
At the same time the economy is slowing, consumers are reigning in spending as they worry about job security. Getting out from under a mountain of debt is certainly good for individuals. But from a societal perspective in a consumer-fueled economy it raises what economists call "the Paradox of thrift."
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