Latest news with #Trustees
Yahoo
a day ago
- Business
- Yahoo
This Could Wreck Your Retirement Way More Than Social Security Cuts
Key Points Social Security is facing the possibility of benefit cuts in less than a year's time. Sweeping cuts could upend many workers' retirement plans. One mistake on your part could hurt your retirement finances more so than a broad reduction in Social Security benefits. The $23,760 Social Security bonus most retirees completely overlook › If you've been following the news on Social Security, you may have heard recently that the program is even closer to potentially having to cut benefits. And unfortunately, that's not just a rumor. The most recent Social Security Trustees report contained a pretty dire update. The program's combined trust funds are expected to be depleted by 2034. Once that happens, Social Security may have to cut benefits to the tune of 19%, leaving retirees with just 81% of the monthly checks they'd normally be entitled to. If you're still working, you might assume that not being able to collect your Social Security benefits in full could seriously upend your retirement. But there's another factor that could cause you even more financial pain once your career comes to an end. This mistake could cost you more than Social Security cuts Clearly, the idea of losing 19% of your future Social Security checks is scary. But if you don't save decently for retirement, you could end up in an even scarier situation. One thing to realize about Social Security is that even if benefits are not cut, they'll still only replace about 40% of your pre-retirement wages, assuming you earn a pretty typical salary. Now it's true that retirees can often get by on less money than they needed when they were working. But the general rule of thumb is to expect to need 70% to 80% of your former income in retirement -- not 40%. For some context, the typical Social Security recipient today gets about $2,000 a month. If you're a higher earner, you might get more. But either way, you cannot expect those monthly benefits to cover all of your retirement needs -- not even close. So if you don't make an effort to save for retirement, you could end up in a truly bad spot even if Social Security doesn't end up cutting benefits at all. And to be clear, it's possible that Social Security won't have to move forward with benefit cuts. Though the program's finances are in trouble, lawmakers can look at different ways to avoid a sweeping reduction in benefits. At that point, though, it'll still be on you to help ensure that you don't end up struggling. Relying on Social Security alone is not a good idea, no matter what happens with it. Slow and steady wins the race The idea of building a sizable retirement nest egg might seem daunting. But if you give yourself plenty of time to do it, you may be surprised at how seamlessly those 401(k) or IRA contributions fit into your budget. Imagine you start saving for retirement at age 30, contributing $300 a month. If your portfolio gives you an 8% yearly return, which is a bit below the stock market's average, then by age 65, you could be sitting on about $620,000. Now, let's say you want to limit your withdrawals from savings to 4% per year, which is what experts have long recommended. That gives you about $25,000 of income, which is a nice supplement to your Social Security and a nice cushion against benefit cuts if they do come to be. It's too soon to know what will happen as far as Social Security cuts are concerned. But even if lawmakers can prevent them, you need extra retirement income -- period. The sooner you begin saving, the more confident you should feel that you'll be able to cover your financial needs in the future. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. This Could Wreck Your Retirement Way More Than Social Security Cuts was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
16-07-2025
- Business
- National Post
Choice Properties Real Estate Investment Trust Declares Cash Distribution for the Month of July, 2025
Article content Not for distribution to U.S. News Wire Services or dissemination in the United States. Article content TORONTO — Choice Properties Real Estate Investment Trust ('Choice Properties') (TSX: announced today that the trustees of Choice Properties have declared a cash distribution for the month of July, 2025 of $0.064167 per trust unit, representing $0.77 per trust unit on an annualized basis, payable on August 15, 2025 to Unitholders of record at the close of business on July 31, 2025. Article content Article content About Choice Properties Real Estate Investment Trust Article content Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive. Article content We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. Article content Article content Article content Article content Article content Contacts Article content
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Allied Announces July 2025 Distribution
TORONTO, July 15, 2025 (GLOBE NEWSWIRE) -- Allied Properties REIT ('Allied') (TSX: announced today that the Trustees of Allied have declared a distribution of $0.15 per unit for the month of July 2025, representing $1.80 per unit on an annualized basis. The distribution will be payable on August 15, 2025, to unitholders of record as at July 31, 2025. About Allied Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities. Allied's mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people. FOR FURTHER INFORMATION, PLEASE CONTACT:
Yahoo
14-07-2025
- Business
- Yahoo
Social Security's Financial Outlook Just Got Worse -- but Here's Why You Should Still Wait to Sign Up for Benefits
Social Security's Trustees just delivered some bad news about the state of the program's finances. Benefit cuts may be closer than previously anticipated. Despite an unfavorable outlook, you still shouldn't rush to claim Social Security early. The $23,760 Social Security bonus most retirees completely overlook › Social Security isn't exactly known as a program whose finances are stable. There's been talk of Social Security needing to cut benefits for years. But the program's most recent Trustees Report just delivered some bad news. Social Security's combined trust funds are expected to run dry by 2034. And the OASI (Old-Age and Survivors Insurance) is expected to be depleted by 2033. This means that Social Security cuts could easily be less than a decade away. In light of that, you may be inclined to claim Social Security as early as you can. But here's why you may want to rethink that plan. You're entitled to your Social Security benefits without a reduction if you hold off until full retirement age to file for them. Full retirement age is 67 for anyone born in 1960 or later. However, you're allowed to sign up for Social Security at any point once you turn 62. And you may now be thinking of filing for Social Security at 62 to get your money before benefit cuts arrive. One thing you should know, though, is that benefit cuts aren't guaranteed to happen. Lawmakers have different options they can work with to avoid that unwanted scenario. These include raising full retirement age, increasing the Social Security tax rate, and increasing the amount of wages that are subject to Social Security taxes each year. If you're on the cusp of turning 62, it pays to at least sit tight a bit and see what ideas lawmakers come up with rather than rush to file for benefits right away. Even though lawmakers have been slow to react to the issue of Social Security's impending financial shortfall, this year's Trustees Report might give them the push they need to start prioritizing a solution that stops benefit cuts from happening. You may be inclined to claim Social Security as soon as possible to get ahead of benefit cuts. But if they do happen, and you claim Social Security early, you'll only reduce your benefits even more. Say lawmakers can't prevent Social Security from cutting benefits, and those monthly payments end up decreasing by 20% universally. That's going to deal a blow to your retirement income. But if you claim Social Security at age 62 with a full retirement age of 67, you'll be slashing your benefits by 30% by virtue of that move alone. And then, if broad program cuts happen, you'll be looking at even less money in total. The larger a monthly check you start out with, the less benefit cuts are likely to hurt you. So it could pay to wait until full retirement age to file, or even beyond it. For each year you delay Social Security past that point, up until age 70, your monthly benefits rise 8%. It's pretty clear that Social Security's financial situation isn't rosy. But that doesn't mean claiming benefits early is an optimal solution. But before you commit to doing that, it could pay to see what potential fixes lawmakers come up with. And it definitely pays to run the numbers carefully and understand the financial implications of taking benefits ahead of full retirement age. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Social Security's Financial Outlook Just Got Worse -- but Here's Why You Should Still Wait to Sign Up for Benefits was originally published by The Motley Fool
Yahoo
02-07-2025
- Business
- Yahoo
Is Social Security Doomed? Here's the Truth.
Social Security's Trustees recently shared some bad news about the program's finances. It's clear that benefit cuts will be on the table if lawmakers don't intervene. The good news is that Social Security is not in danger of going away completely. The $23,760 Social Security bonus most retirees completely overlook › Many people would not be able to survive financially in retirement without Social Security. For those who enter their senior years without much or any savings, those monthly benefit payments can be a true lifeline. But given the number of Americans who rely so heavily on Social Security to make ends meet, the rumors that keep swirling about the program's demise aren't exactly great news. And they may be a huge source of stress for you. Thankfully, Social Security is not in danger of going away completely. However, the program is facing a serious financial shortfall that everyone should know about -- and that extends to current retirees and workers alike. Each year, the Social Security Trustees release a report about the state of the program's finances. This year's report indicated that Social Security's Old-Age and Survivors Insurance (OASI) trust fund, which is used to pay benefits to retired workers, is expected to run out of money by 2033. Once that happens, Social Security recipients could be looking at a 23% benefit cut. And future recipients could be looking at smaller benefits, too. To be clear, though, the depletion of the OASI trust fund won't spell the end of Social Security. The program can't go completely broke because it gets the bulk of its revenue from payroll taxes. The reason the depletion of the OASI trust fund is significant is that in the coming years, Social Security's estimated payroll tax revenue won't be sufficient in covering scheduled benefits. But because those payroll taxes will continue to be collected, the program won't disappear. Rather, the worst-case scenario is that benefits won't be payable in full. Social Security cuts aren't a given. The above scenario outlines what could happen, based on recent Trustee projects, if lawmakers do nothing to address Social Security's impending financial shortfall. However, if lawmakers step in and find a way to drive more revenue into Social Security, benefit cuts may be either completely or partially preventable. In other words, cuts could still happen, but perhaps to a less devastating degree than 23%. The problem, of course, is that many of the solutions that have been floated to prevent Social Security cuts aren't desirable. Raising the payroll tax rate could give Social Security the money it needs to continue paying benefits in full. But that would come at the cost of workers' losing more of their income and seeing their near-term paychecks shrink. Given how so many people are already living paycheck to paycheck in the wake of rampant inflation, this doesn't seem like an optimal solution. There's also been talk of raising full retirement age for Social Security purposes. It's currently 67 for people born in 1960 or later, but moving it up to 69 could help Social Security conserve funds. This change, however, might force millions of people to work longer than they want. It could also force more people to inevitably claim Social Security ahead of full retirement age, reducing their monthly benefits in the process. All told, there are ways to avoid Social Security cuts, but they're very much imperfect. For this reason, retirees and workers alike should brace for a broad reduction in benefits and prepare by cutting spending and boosting savings where possible. While Social Security isn't doomed completely, the program's finances just don't look good. And while it's OK to stay positive, it's important to face that reality. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Is Social Security Doomed? Here's the Truth. was originally published by The Motley Fool
