Latest news with #000-plus
The Citizen
a day ago
- Business
- The Citizen
Gauteng's rental affordability appeals as semigration reverses
The reported reverse semigration from the Cape back to Gauteng has boosted the rental market, according to the Seeff Property Group. According to information from the Wise Move 2025 Migration Report, an estimated 25% of those who previously moved to the Cape have headed back to Gauteng. Much of the move back to Gauteng is driven by the affordability of property as well as economic opportunities. Property prices are about 27% lower than the Cape (average price of R1.3m versus R1.8m for the Cape), while rentals are about 20% lower according to PayProp (average monthly rental of R9,201 versus R11,285 for the Cape). The rental market is often where people returning or moving to the metros turn to before they even start thinking about purchasing property. Gauteng, as the biggest economy in the country, is therefore also the largest rental market with about 37.8% of households renting according to TPN. Despite the high demand, rents have remained affordable, increasing by only around 2.9% on average over the last year according to PayProp. That said, many areas have seen increases of 3% – 5% due to higher demand and a lack of stock, thus presenting opportunities for rental investors, according to rental agents from Seeff. Aside from more affordable rentals, the costs of living are also slightly lower in Johannesburg and Pretoria, according to The Gauteng metro areas also offer a much wider range of more affordable rentals including more entry level housing. Christa Roos, licensee for Seeff Helderkruin, says they have observed an influx of people heading to areas in the valley (Kloofendal, Helderkruin, Wilro Park and Roodekrans), largely due to the good value for money. Rental properties move very quickly in the R15,000-plus market. Joburg South and Alberton are very popular due to affordability, especially in the R4,500 to R8,000 per month range, says Ruth Sturgess from Seeff, adding that there are investor opportunities to earn steady rental incomes from R6,000 to R12,500 (family houses in Kibler Park). According to Carin Buitendach from Seeff Boksburg and Benoni, these areas are very popular for its affordability in the R5,000 to R7,000 per month range, with top end rentals reaching R15,000 for a freestanding house rented out by Seeff. Rents grew by about 5% over the last year, and there is opportunity for investors to earn steady monthly rentals of R6,000 to R6,500. Randburg offers a broad middle-class appeal, and a great choice of affordable rentals in the R7,000 to R14,000 per month range while larger homes tend to rent out in the R25,000 to R35,000-plus range. The Joburg North West area offers affordability for those who commute for work into Randburg and Sandton. Rochelle Holland, Seeff's sales and rentals manager for the area says people often rent before they buy in the area. There is also an opportunity for rental investors in the R500,000 to R950,000 price brackets as these are very popular rentals and can earn a steady income of R7,000 to R12,000 monthly. The Eagle Canyon Golf Estate is also very popular for rentals, priced mostly in the R20,000 – R30,000 range with high end homes renting out for up to R60,000 – R70,000. The northern suburbs of Sandton/Bryanston/Fourways are also hugely popular with a mix of status and wanting to be close to business areas driving demand, according to Seeff Sandton. The R10,000 – R20,000 bracket is the most popular, especially for sectional titles while luxury homes range up to R45,000 – R60,000, and super homes well above this. In the Pretoria metro, areas such as Centurion are popular for its proximity to the metro and Midrand, according to Tiaan Pretorius, manager for Seeff Centurion who says correctly priced rentals can go within hours or days. Prices start from R5,000 with the highest demand in the R14,000 to R25,000 range. Rental escalations have been in line with the CPI at between 3% – 5%. The Pretoria East rental market has been particularly busy this year with Seeff recording some of its best months, according to PG van der Linde, rentals manager for Seeff Pretoria East. The R12,000 to R20,000 bracket has been most active. He says an added boost has come from people who are still hesitant to buy and choosing to rent for the meantime. Issued by Gina Meintjes
Yahoo
14-05-2025
- Business
- Yahoo
Big changes at Social Security have readers on edge. We answer all your questions.
Big changes are happening with Social Security, and you have questions. My recent columns drew thousands of comments, largely centered on three big themes: fear of delayed checks and crumbling customer service at the Social Security Administration, Roth conversions on tax-deferred retirement accounts, and heart-wrenching explanations of why filing for benefits at 62 is not always a matter of choice. The Trump administration has made considerable and controversial changes, including massive staff and field office cuts, limiting phone service. and significantly ramping up the amount it garnishes per monthly check from Social Security beneficiaries who receive overpayments. These changes are impacting the nearly 74 million retired senior citizens and disabled workers who currently receive benefits and the millions more on the cusp of doing so. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy The following is an edited sample of those 5,000-plus comments and my take on them. I am 62, retiring soon, and I'm ready to start my Social Security checks because I don't have any savings. I have an appointment with Social Security on June 9. When will I receive my first payment? Kerry Hannon: It typically takes at least a month, or 30 days, to receive your first Social Security check after your application is processed. It could be 45 days in some cases. The precise timing of your check delivery relies on processing times at the Social Security Administration. During a recent operations meeting in April at SSA, an official from the agency reported that the field offices 'are struggling right now to keep pace with the timeliness this year.' The fact that they are aware of this is a good thing, and, if they take action, will have this under control by the time you apply for your benefit. In general, however, I recommend applying up to four months before you want to start receiving benefits. I know a number of people who have claimed their Social Security benefits before their full retirement kicks in due to age bias in hiring. They can't get an interview for even part-time jobs, let alone anything that has benefits. The only guaranteed income they can find is Social Security. Sadly, this comment rings true. When you can't find a new job after a layoff, involuntary retirement might be your last option, which, in turn, forces you to claim benefits early. I'm an advocate for delaying benefits until age 70 if you can. But not everyone has the financial guardrails to pay for living expenses until they tap in or a steady income that allows them to wait it out. You can start receiving your Social Security retirement benefits at age 62. You're entitled to full benefits only when you reach your full retirement age (FRA). For example, if you turn 62 in 2025, your benefit would be roughly 30% lower than it would be at your full retirement age of 67. If you delay benefits from your FRA until age 70, you earn retirement credits. Those come to roughly an 8% per year increase until you hit 70, when the credits stop accruing. As to your point on age bias — ageism is real. For many employers, 62 is the cutoff for working, and 58 for hiring, per an analysis by Transamerica Center for Retirement Studies. Yet, nearly half of workers expect to work past 62, according to a new survey released by the Federal Reserve Bank of New York. And around a third expect to work past age 67. Most retirees — 3 in 5 — report retiring earlier than age 65, according to the nonpartisan Employee Benefit Research Institute (EBRI) data, with a median retirement age of 62. Nearly 7 in 10 say the reason was something out of their control. I retired at 60 but I started my Social Security at 70. Between those two points, I did IRA to Roth conversions. I'm now in my 70s, and all of my income is tax free, and I have no required minimum distributions each year. My retired friends who started Social Security at 62, are all struggling to make ends meet. Some have had to get part-time jobs. I'm having no financial worries. Minimizing future taxes in retirement is a benefit many people don't factor into their retirement decision. Learn more: Do you pay taxes on Social Security? If you're worried about higher tax rates in the future, Roth conversions can be a good solution for some folks. A conversion is when you shift assets from a traditional IRA or 401(k) to a Roth IRA. You pay taxes on the funds you move, but once your money is invested in the Roth IRA, it grows tax-free and can be withdrawn tax-free in retirement. For most people, it's best to tackle this with a series of smaller annual conversions to keep your immediate tax bill manageable. Keep in mind that Roth conversions are permanent. If you want the conversion to be for your 2025 tax year, you must complete it by Dec. let's turn to your comments slamming the cuts to the Social Security Administration's customer service. There were slews of these. Here are a handful. Gee, who would have thought eliminating phone service while at the same time closing field offices, plus adding extra verification steps, might have made things difficult for senior citizens to access their Social Security benefits? It took an uproar to get them to back off. And this comment: The idea that any agency that deals with the public by phone is overstaffed — insane. If you ever had to deal with SSA or the IRS, you know how long wait times are. Some days you cannot even get through. They need more staff, not less. One more: Where I live, the closest Social Security office is more than a four-hour drive. Better customer service is needed, especially in remote areas. Good phone service is needed for some, but also improving the online service would benefit most people. The Trump Administration's actions at SSA are already freaking out seniors who have flooded SSA's 800 number for help to the tune of a 25% jump in April over the same time a year ago. There have been service outages and longer wait times. Although the Social Security Administration backed off its plan to cut phone service due to the backlash, the situation is still dire. 'Already, DOGE has taken steps to eliminate 7,000 jobs at SSA and reportedly has plans for additional layoffs and cuts,' Kathleen Romig, director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities, told Yahoo Finance. 'Staff cuts this fast and this deep inevitably harm Social Security applicants and beneficiaries, forcing them to wait longer for service.' What should seniors expect moving forward? The experts I spoke to are not optimistic about what lies ahead, at least for now. 'While Congress can technically direct the SSA on how to spend some of its administrative budget, including staffing levels, to counteract what has happened because of DOGE's decisions, that is unlikely,' said Jason Fichtner, executive director of the Retirement Income Institute at the Alliance for Lifetime Income, who served in several positions at the Social Security Administration. 'With SSA staff being reduced while the agency was already operating at insufficient support levels and computer systems in need of modernization, continued service delays and breakdowns are likely,' he added. Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Big changes at Social Security have readers on edge. We answer all your questions.
Big changes are happening with Social Security, and you have questions. My recent columns drew thousands of comments, largely centered on three big themes: fear of delayed checks and crumbling customer service at the Social Security Administration, Roth conversions on tax-deferred retirement accounts, and heart-wrenching explanations of why filing for benefits at 62 is not always a matter of choice. The Trump administration has made considerable and controversial changes, including massive staff and field office cuts, limiting phone service. and significantly ramping up the amount it garnishes per monthly check from Social Security beneficiaries who receive overpayments. These changes are impacting the nearly 74 million retired senior citizens and disabled workers who currently receive benefits and the millions more on the cusp of doing so. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy The following is an edited sample of those 5,000-plus comments and my take on them. I am 62, retiring soon, and I'm ready to start my Social Security checks because I don't have any savings. I have an appointment with Social Security on June 9. When will I receive my first payment? Kerry Hannon: It typically takes at least a month, or 30 days, to receive your first Social Security check after your application is processed. It could be 45 days in some cases. The precise timing of your check delivery relies on processing times at the Social Security Administration. During a recent operations meeting in April at SSA, an official from the agency reported that the field offices 'are struggling right now to keep pace with the timeliness this year.' The fact that they are aware of this is a good thing, and, if they take action, will have this under control by the time you apply for your benefit. In general, however, I recommend applying up to four months before you want to start receiving benefits. I know a number of people who have claimed their Social Security benefits before their full retirement kicks in due to age bias in hiring. They can't get an interview for even part-time jobs, let alone anything that has benefits. The only guaranteed income they can find is Social Security. Sadly, this comment rings true. When you can't find a new job after a layoff, involuntary retirement might be your last option, which, in turn, forces you to claim benefits early. I'm an advocate for delaying benefits until age 70 if you can. But not everyone has the financial guardrails to pay for living expenses until they tap in or a steady income that allows them to wait it out. You can start receiving your Social Security retirement benefits at age 62. You're entitled to full benefits only when you reach your full retirement age (FRA). For example, if you turn 62 in 2025, your benefit would be roughly 30% lower than it would be at your full retirement age of 67. If you delay benefits from your FRA until age 70, you earn retirement credits. Those come to roughly an 8% per year increase until you hit 70, when the credits stop accruing. As to your point on age bias — ageism is real. For many employers, 62 is the cutoff for working, and 58 for hiring, per an analysis by Transamerica Center for Retirement Studies. Yet, nearly half of workers expect to work past 62, according to a new survey released by the Federal Reserve Bank of New York. And around a third expect to work past age 67. Most retirees — 3 in 5 — report retiring earlier than age 65, according to the nonpartisan Employee Benefit Research Institute (EBRI) data, with a median retirement age of 62. Nearly 7 in 10 say the reason was something out of their control. I retired at 60 but I started my Social Security at 70. Between those two points, I did IRA to Roth conversions. I'm now in my 70s, and all of my income is tax free, and I have no required minimum distributions each year. My retired friends who started Social Security at 62, are all struggling to make ends meet. Some have had to get part-time jobs. I'm having no financial worries. Minimizing future taxes in retirement is a benefit many people don't factor into their retirement decision. Learn more: Do you pay taxes on Social Security? If you're worried about higher tax rates in the future, Roth conversions can be a good solution for some folks. A conversion is when you shift assets from a traditional IRA or 401(k) to a Roth IRA. You pay taxes on the funds you move, but once your money is invested in the Roth IRA, it grows tax-free and can be withdrawn tax-free in retirement. For most people, it's best to tackle this with a series of smaller annual conversions to keep your immediate tax bill manageable. Keep in mind that Roth conversions are permanent. If you want the conversion to be for your 2025 tax year, you must complete it by Dec. let's turn to your comments slamming the cuts to the Social Security Administration's customer service. There were slews of these. Here are a handful. Gee, who would have thought eliminating phone service while at the same time closing field offices, plus adding extra verification steps, might have made things difficult for senior citizens to access their Social Security benefits? It took an uproar to get them to back off. And this comment: The idea that any agency that deals with the public by phone is overstaffed — insane. If you ever had to deal with SSA or the IRS, you know how long wait times are. Some days you cannot even get through. They need more staff, not less. One more: Where I live, the closest Social Security office is more than a four-hour drive. Better customer service is needed, especially in remote areas. Good phone service is needed for some, but also improving the online service would benefit most people. The Trump Administration's actions at SSA are already freaking out seniors who have flooded SSA's 800 number for help to the tune of a 25% jump in April over the same time a year ago. There have been service outages and longer wait times. Although the Social Security Administration backed off its plan to cut phone service due to the backlash, the situation is still dire. 'Already, DOGE has taken steps to eliminate 7,000 jobs at SSA and reportedly has plans for additional layoffs and cuts,' Kathleen Romig, director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities, told Yahoo Finance. 'Staff cuts this fast and this deep inevitably harm Social Security applicants and beneficiaries, forcing them to wait longer for service.' What should seniors expect moving forward? The experts I spoke to are not optimistic about what lies ahead, at least for now. 'While Congress can technically direct the SSA on how to spend some of its administrative budget, including staffing levels, to counteract what has happened because of DOGE's decisions, that is unlikely,' said Jason Fichtner, executive director of the Retirement Income Institute at the Alliance for Lifetime Income, who served in several positions at the Social Security Administration. 'With SSA staff being reduced while the agency was already operating at insufficient support levels and computer systems in need of modernization, continued service delays and breakdowns are likely,' he added. Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter 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
Yahoo
14-05-2025
- Business
- Yahoo
Social Security confusion: Yahoo Finance readers speak out
Big changes are happening with Social Security, and you have questions. My recent columns drew thousands of comments, largely centered on three big themes: fear of delayed checks and crumbling customer service at the Social Security Administration, Roth conversions on tax-deferred retirement accounts, and heart-wrenching explanations of why filing for benefits at 62 is not always a matter of choice. The Trump administration has made considerable and controversial changes, including massive staff and field office cuts, limiting phone service. and significantly ramping up the amount it garnishes per monthly check from Social Security beneficiaries who receive overpayments. These changes are impacting the nearly 74 million retired senior citizens and disabled workers who currently receive benefits and the millions more on the cusp of doing so. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy The following is an edited sample of those 5,000-plus comments and my take on them. I am 62, retiring soon, and I'm ready to start my Social Security checks because I don't have any savings. I have an appointment with Social Security on June 9. When will I receive my first payment? Kerry Hannon: It typically takes at least a month, or 30 days, to receive your first Social Security check after your application is processed. It could be 45 days in some cases. The precise timing of your check delivery relies on processing times at the Social Security Administration. During a recent operations meeting in April at SSA, an official from the agency reported that the field offices 'are struggling right now to keep pace with the timeliness this year.' The fact that they are aware of this is a good thing, and, if they take action, will have this under control by the time you apply for your benefit. In general, however, I recommend applying up to four months before you want to start receiving benefits. I know a number of people who have claimed their Social Security benefits before their full retirement kicks in due to age bias in hiring. They can't get an interview for even part-time jobs, let alone anything that has benefits. The only guaranteed income they can find is Social Security. Sadly, this comment rings true. When you can't find a new job after a layoff, involuntary retirement might be your last option, which, in turn, forces you to claim benefits early. I'm an advocate for delaying benefits until age 70 if you can. But not everyone has the financial guardrails to pay for living expenses until they tap in or a steady income that allows them to wait it out. You can start receiving your Social Security retirement benefits at age 62. You're entitled to full benefits only when you reach your full retirement age (FRA). For example, if you turn 62 in 2025, your benefit would be roughly 30% lower than it would be at your full retirement age of 67. If you delay benefits from your FRA until age 70, you earn retirement credits. Those come to roughly an 8% per year increase until you hit 70, when the credits stop accruing. As to your point on age bias — ageism is real. For many employers, 62 is the cutoff for working, and 58 for hiring, per an analysis by Transamerica Center for Retirement Studies. Yet, nearly half of workers expect to work past 62, according to a new survey released by the Federal Reserve Bank of New York. And around a third expect to work past age 67. Most retirees — 3 in 5 — report retiring earlier than age 65, according to the nonpartisan Employee Benefit Research Institute (EBRI) data, with a median retirement age of 62. Nearly 7 in 10 say the reason was something out of their control. I retired at 60 but I started my Social Security at 70. Between those two points, I did IRA to Roth conversions. I'm now in my 70s, and all of my income is tax free, and I have no required minimum distributions each year. My retired friends who started Social Security at 62, are all struggling to make ends meet. Some have had to get part-time jobs. I'm having no financial worries. Minimizing future taxes in retirement is a benefit many people don't factor into their retirement decision. Learn more: Do you pay taxes on Social Security? If you're worried about higher tax rates in the future, Roth conversions can be a good solution for some folks. A conversion is when you shift assets from a traditional IRA or 401(k) to a Roth IRA. You pay taxes on the funds you move, but once your money is invested in the Roth IRA, it grows tax-free and can be withdrawn tax-free in retirement. For most people, it's best to tackle this with a series of smaller annual conversions to keep your immediate tax bill manageable. Keep in mind that Roth conversions are permanent. If you want the conversion to be for your 2025 tax year, you must complete it by Dec. let's turn to your comments slamming the cuts to the Social Security Administration's customer service. There were slews of these. Here are a handful. Gee, who would have thought eliminating phone service while at the same time closing field offices, plus adding extra verification steps, might have made things difficult for senior citizens to access their Social Security benefits? It took an uproar to get them to back off. And this comment: The idea that any agency that deals with the public by phone is overstaffed — insane. If you ever had to deal with SSA or the IRS, you know how long wait times are. Some days you cannot even get through. They need more staff, not less. One more: Where I live, the closest Social Security office is more than a four-hour drive. Better customer service is needed, especially in remote areas. Good phone service is needed for some, but also improving the online service would benefit most people. The Trump Administration's actions at SSA are already freaking out seniors who have flooded SSA's 800 number for help to the tune of a 25% jump in April over the same time a year ago. There have been service outages and longer wait times. Although the Social Security Administration backed off its plan to cut phone service due to the backlash, the situation is still dire. 'Already, DOGE has taken steps to eliminate 7,000 jobs at SSA and reportedly has plans for additional layoffs and cuts,' Kathleen Romig, director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities, told Yahoo Finance. 'Staff cuts this fast and this deep inevitably harm Social Security applicants and beneficiaries, forcing them to wait longer for service.' What should seniors expect moving forward? The experts I spoke to are not optimistic about what lies ahead, at least for now. 'While Congress can technically direct the SSA on how to spend some of its administrative budget, including staffing levels, to counteract what has happened because of DOGE's decisions, that is unlikely,' said Jason Fichtner, executive director of the Retirement Income Institute at the Alliance for Lifetime Income, who served in several positions at the Social Security Administration. 'With SSA staff being reduced while the agency was already operating at insufficient support levels and computer systems in need of modernization, continued service delays and breakdowns are likely,' he added. Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Sign in to access your portfolio
