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CNA
10 hours ago
- General
- CNA
From standalone sites to mall tenants: Is this the future of Singapore's libraries?
SINGAPORE: On a weekday morning at the Ang Mo Kio library, seats in the two-storey building are half-filled. Elderly patrons scroll on their phones, young adults work on laptops and others read quietly or nap in the cool air-conditioning. Despite the whir of nearby construction outside, calm prevails in the library. 'Here is very quiet, the ambience is very good,' said retiree Seak Teik Song, 72, who visits the library to borrow books, read e-newspapers or use the computer. 'When it goes to AMK Hub, it might not be so,' he added, comparing it to the Serangoon library at Nex shopping mall, which he also visits regularly. 'It becomes like a marketplace.' The Ang Mo Kio library will move to the nearby AMK Hub in 2026, the National Library Board (NLB) said on Jul 1. The current site the library stands on, along Avenue 6, is earmarked for a healthcare facility. The library is one of several standalone libraries that will be relocated to shopping malls or integrated complexes in the coming years. The Geylang East library will shift to Tanjong Katong Complex in 2030 and the Toa Payoh library will become part of a new integrated development expected to be completed the same year. Similarly, Jurong Regional Library is slated to move to an integrated transport hub in 2028. Currently, 13 of NLB's 28 public libraries are in malls, while a handful are housed in integrated complexes such as community centres. Once the relocations are complete, the conserved Queenstown library and the Bishan library will remain among the few standalone libraries in Singapore. IMPROVED ACCESS, HIGHER FOOTFALL In response to CNA's queries, NLB said library sites are selected in reference to the Urban Redevelopment Authority's land use plans, with easy access to MRT stations and bus interchanges. "By siting our libraries at convenient locations, at least 80 per cent of the resident population stays within 15 minutes (by public transport) of a public library. This allows Singapore residents to visit their favourite libraries 'at their doorstep'," an NLB spokesperson said. MP Tin Pei Ling, who appealed to NLB to reconsider its decision to relocate the Geylang East library, said the agency cited significantly higher visitorship for libraries located in malls. "This is because of the synergy with other activities in a shopping mall," said the Marine Parade-Braddell Heights MP in a Facebook post on Jul 2. "Therefore ... NLB's strategy is to move standalone libraries to shopping malls when the opportunities come about." Recently, it was announced that the Geylang East Public Library will be relocated to the Tanjong Katong Complex in 2030.... Posted by Tin Pei Ling 陈佩玲 on Wednesday, July 2, 2025 Experts generally agree that mall locations make libraries more accessible. Associate Professor of Sociology Daniel Goh from the National University of Singapore (NUS) said malls have become the go-to venue for families to do everything in one place. 'I see it as actually just keeping up with the times,' he said, adding that the function of a library – as a central space where people gather and read – has not changed. Instead, what has changed is our urban spaces, with the concept of a 'mall' shifting from traditional open-air town centres to the shopping centres we know today, he said. Associate Professor Loh Chin Ee, who researches literacy and equity at the National Institute of Education, said that while avid readers will still seek out libraries, mall locations can attract casual visitors who may develop reading habits. 'Maybe they are looking for a place to chill with their friends, but they might pick up books in the process,' she said. 'So in a sense, it is a strategy that will increase the number of library users.' Former president of the Library Association of Singapore Sadie-Jane Huff called the shift a "strategic pivot" to stay relevant amid rising digital consumption. In an era of e-books and shorter attention spans, having the convenience of a library in a mall reminds people that there are physical books to read. 'With each generation, you need to be relevant in different ways,' said Dr Huff. However, she acknowledged it is uncertain whether greater footfall will translate to higher borrowing rates. NLB said the Woodlands and Punggol libraries – both located in integrated hubs – were the most visited in 2024, drawing 1.38 million and 1.31 million visitors respectively. Libraries situated in shopping malls attract an average of over 700,000 visitors annually, the agency added. It did not provide data on changes in visitorship for standalone libraries that were relocated to malls. SYMBOLIC POWER OF LIBRARIES Beyond accessibility, practical considerations such as cost and land use are key factors. NLB said it evaluates several criteria before deciding whether to revamp a library in place or relocate it, such as the library's age and time since its last major renovation. For Geylang East library, Ms Tin said a revamp was considered but deemed cost-ineffective due to ageing infrastructure. Associate Professor Lee Kah-Wee from NUS' Department of Architecture described the relocations as part of the 'Singapore dilemma' – the ongoing need to optimise land use while preserving non-commercial institutions. 'It is fair to say that when a library moves into a mall, an economic calculation has taken place. (The) value released from vacating the original site exceeds the cost of renting a space in the mall,' he said. Still, concerns linger about what is lost in the shift. A standalone library has symbolic weight that a space in a mall cannot replicate, said Assoc Prof Lee. "It represents a commitment to certain values about public education and knowledge that trumps raw economic calculations.' Writer and literary critic Gwee Li Sui said libraries in integrated complexes feel 'less extreme' as they in relatively community-facing spaces, unlike malls, which are 'fundamentally commercial'. 'What such libraries gain in terms of footfall is easily offset by what they lose in terms of the values of a traditional library experience,' he said. Dr Gwee pointed out that mall libraries draw visitors whose primary interest may not be books. Even those who come specifically to read or study can become distracted or 'piggyback' their visit with errands, and consequently spend less time in the library. 'People are attached to standalone libraries because they feel distinctive, rooted and owned – whereas mall spaces are transient,' he said. Lawyer Shawn Ting, who frequents the Geylang East library with his three-year-old, said he is opposed to its relocation to Tanjong Katong Complex, about 1.3km away. 'To me, it is like a national treasure,' he said. 'You cannot find another library in Singapore that is like this.' FINDING A BALANCE Assistant Professor George Wong from Singapore Management University said standalone libraries evoke heritage and nostalgia for many. He linked current sentiment to memories of the former National Library at Stamford Road, which was demolished in 2004. 'Something that is very signature in the neighbourhood is being sort of disrupted, and people feel that disruption is something to be sad about,' said the sociology professor. The relocation of libraries to a mall may also feel like an 'over-commercialisation' of leisure, he added. Ultimately, the question is not whether standalone or mall libraries are superior, but how libraries can be designed to serve communities effectively, said Asst Prof Wong. NIE's Assoc Prof Loh agreed, emphasising the need for balance. 'It's a good strategy to have these different kinds of libraries, but I hope that there will be a balance between the different libraries, so that you can always find a space for yourself depending on what kind of user you are,' she said.
Forbes
2 days ago
- Business
- Forbes
How Federal Debts Can Lead To Social Security Garnishments In 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Social Security supports millions of Americans, but it isn't completely off-limits. Many recipients assume their benefits are safe once they arrive each month, but that's not always the case. In some circumstances, the federal government can legally garnish your Social Security payments—especially if you've fallen behind on specific federal debts like taxes or student loans. Since 2002, more Social Security recipients have become vulnerable to garnishment. Through the Federal Payment Levy Program, the IRS can take up to 15% of monthly benefits to cover unpaid federal taxes, even if that reduces payments below $750. There's no minimum protection in these cases. Previously, for nontax federal debts like defaulted student loans, the first $750 of monthly benefits was off-limits under the Debt Collection Improvement Act. However, that protection no longer applies to most payments made after 2002, meaning even more of a retiree's check can now be garnished. If you fall behind on your federal student loans , the government can step in to collect what you owe. It does this through the Treasury Offset Program (TOP), which allows it to take federal payments, including your Social Security checks. Before 2002, the law used to guarantee that you'd keep at least $750 a month after any garnishment. But now the government can take up to 15% of your Social Security benefits—even if your check is less than $750. This garnishment doesn't happen right away. It only kicks in if you default and don't work out a repayment plan or rehab your loan. Since Social Security is a lifeline for many retirees, this change means more people could lose a larger portion of their monthly benefits to repay student loans. Federal law also allows Social Security garnishment for court-ordered payments like child support, alimony or criminal restitution. These garnishments are often higher than the IRS cap—sometimes up to 65% of your benefit, depending on the situation. If the amount owed is large or if you're already subject to multiple garnishments, such as for taxes and child support, they may see most, or even all, of your benefits withheld. This is especially important for anyone with unresolved legal obligations. Even if the original case is decades old, the courts can still collect from your Social Security as long as a valid order exists. Most creditors, like credit card companies or medical debt collectors, cannot directly seize your Social Security benefits. When your benefits are sent straight to your bank account via direct deposit, the law says banks have to protect at least two months' worth of those payments from collection. But there's a catch. If your Social Security deposits get mixed with other cash in your account, or if your bank can't tell which money came from Social Security, those funds might not be safe from collection attempts. And if you receive your benefits by paper check, you don't have these same protections, leaving you even more exposed. To keep your benefits safe, make sure your bank knows which deposits are from Social Security and closely monitor your account. To avoid owing the IRS, filing your tax returns accurately and on time is important. Keeping up with student loan payments and fulfilling child support obligations can also help prevent unexpected collections or garnishments. To easily file your taxes, the best tax filing software inputs your tax forms, identifies possible deductions and provides access to experts when you need assistance. Social Security doesn't guarantee financial immunity. Falling behind on certain federal or court-mandated debts could shrink your benefits fast, especially if you're not proactive. If you're facing one of these issues, it's better to act early and seek help than to wait for a garnishment notice.
Yahoo
2 days ago
- Business
- Yahoo
What $500K in Retirement Savings Looks Like in Monthly Spending
According to Fidelity, the average person between the ages of 65 and 69 has a 401(k) balance of $251,400. However, add-ons like real estate, annuities, insurance, non-retirement CDs, savings accounts and brokerage accounts can add to that tally, perhaps bringing it all the way up to a half-million dollars. Discover Next: Trending Now: So, how much would a retiree with a $500,000 nest egg be able to spend every month without running out of money? Below we will break down the numbers, scenarios and possible outcomes. The 4% Rule Provides a Blueprint — With Caveats Retirement planners have spent decades promoting the 4% rule as a guideline for gradually spending down savings. The logic is that retirees can safely spend 4% of their savings in the first year, then adjust for inflation each consecutive year. However, Charles Schwab shared several reasons why this is only a general guideline that must be tailored to each retiree, rather than a fixed rule that can be applied uniformly to everyone. Retirees should consider the following factors about the 4% rule before customizing it to their unique situation. It assumes a 30-year retirement window. It assumes a 50/50 split of stocks and bonds. It assumes that your spending will increase each year in line with inflation, regardless of portfolio performance. It relies on historical market returns, which do not guarantee future performance. It excludes investment fees and taxes. For You: You'd Have Less Than $1,700 Per Month Your First Year As is, the 4% rule would give you $20,000 in your first year or 4% of $500,000. That comes out to roughly $1,666.67 per month. According to the most recent data from the Social Security Administration, the average monthly retirement benefit is $1,950.27. Adding that to the tally, a retiree with $500,000 who collects Social Security could spend a much more livable $3,616.94 per month. How Would the Second Year Change With Inflation? According to the most recent data from the Bureau of Labor Statistics, the current inflation rate is 2.4%. Presuming that number holds steady, here's how a retiree with $500,000 would calculate the second year's monthly spending amount. $20,000 x 1.024 = $20,480 In year two, the retiree adhering to the 4% rule with no variants would have $20,480, which leaves $1,706.67 per month. With Social Security, that's 3,656.94. More From GOBankingRates The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on What $500K in Retirement Savings Looks Like in Monthly Spending 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
2 days ago
- Business
- Yahoo
Tony Robbins' Top 3 Tips That Will Save Retirees From Financial Disaster
One of the most popular and well-known money gurus out there today is Tony Robbins. For decades, Robbins has been releasing books, conducting seminars and giving financial wisdom to those who are seeking answers for how to get their money on track. Read Next: Find Out: One group that might need an extra bit of help are retirees. Luckily, Robbins has a bounty of methods for making sure they do not run their finances into the ground. Here are Tony Robbins' top three tips that will save retirees from disaster. Plan For Your Retirement Now For some of us, retirement might be just around the corner. For others, it can feel like lightyears away. Don't miss out on that time, whatever it might be, to allow for your retirement savings to grow, which means starting as soon as you can. To figure out the number you'll need to retire comfortably, Robbins recommends that you take it in several steps: calculate how much money it takes to maintain your current lifestyle, multiply that total amount by 20. It's important to be conservative with your numbers instead of overly optimistic. Once that figure has been estimated, it's time to start figuring out a retirement plan. 'The number you come up with may be massive — but don't be afraid to dream big,' advised Robbins. 'With the right mindset and relentless focus, you can go beyond 'How much do I need for retirement?' and start asking 'How much do I want for retirement?'' Consider This: Build a Money Machine How much someone saves for retirement will vary, as well as how they do it. But Robbins urges everyone to start building what he calls the 'money machine.' This happens by 'harnessing the power of compounding to create an income stream for the rest of your lifetime. In other words, you must automate your savings in a tax efficient manner and utilize an investment strategy that will keep earning in any season,' according to Robbins. Robbins highlights that one way to build the money machine is through compounding interest, which only can be truly utilized to its fullest with time. You can cultivate money in savings so that interest from these investments eventually generates enough income without needing to work a job. 'When you enter the second act of your life, you will have the freedom to work only if you want to,' Robbins said. Coordinate Your Planning for Retirement and Taxes 'With traditional plans, you don't pay taxes on your contributions at the time they are made,' Robbins explained. 'Taxes are deferred until you begin withdrawing from your plan — and then you are taxed at the current tax rate for your income bracket.' The plans that Robbins recommends retirees or those who are starting to think about retirement include traditional ones such as a 401(k), an IRA, and a Roth IRA. Knowing how much of your retirement plan will be going to taxes each year will help you plan accordingly versus getting a surprise tax bill. 'Don't be blindsided by the hit taxes can take against your nest egg,' warned Robbins. 'Protect your nest egg and protect your road to retirement. Ultimately, you're protecting your financial future — and nothing is more important than that.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on Tony Robbins' Top 3 Tips That Will Save Retirees From Financial Disaster
Yahoo
3 days ago
- Business
- Yahoo
4 Dividend Stocks To Buy And Hold In Retirement
Two in three Americans have said that they are concerned about the prospects of their retirement savings, with the majority worrying more about running out of money than death, according to a 2024 Annual Retirement Study by Allianz Life. For many would-be retirees, saving for their golden years has become increasingly challenging, with sticky inflation driving up prices and interest rates sitting stubbornly high after years of monetary tightening. Not only have economic prospects started to change in the last couple of years, but political dynamics have further complicated matters for many soon-to-be retirees and those who have already exited the workforce. The Power Of Dividend-Supported Income Building a retirement portfolio takes many years of understanding market conditions and buying high-yielding assets that will provide you and your family with a useful source of income once you have entered retirement. Dividend stocks have become a smart and effective way to supplement your income. These payouts can boost retirement savings or become an alternative source of retirement income when you are no longer working. When buying dividend stocks, it's important to consider that a higher yield, or dividend payout, is not always a better option and can sometimes create long-term instability or unreliable payout ratios. Financial health indicators should provide you with an overview of the company's financial condition, including debt levels, availability of free cash flow, and earnings stability. Second to this, having a strong balance sheet and consistent cash generation from business growth will help determine the possible advantages of adding a particular stock to your portfolio. There are many benefits and drawbacks to owning dividend stocks. Market conditions change, consumer behavior shifts , and regulatory changes impact the performance of entire industries. Remember to look out for companies that can provide long-term sustainable performance with a strong track record and hold a competitive advantage over market peers. Stocks with deep dividends The universe of dividend-paying stocks stretches far and wide, but only a handful of them can present promising yield delivery in a vulnerable market. AT&T (T) Dividend Yield: 4.01% Strong growth delivery in the first quarter of 2025 has shown that AT&T (T) continues to maintain solid momentum in capturing new profitability and increasing its footprint in the 5G and fiber delivery segments. For Q1 2025, the telecommunications company generated $30.6 billion in revenue, a 2% increase from Q1 2024, and reported a diluted earnings per share (EPS) of $0.61 or adjusted EPS of $0.51. Besides the rosy revenue delivery, the company reported strong activity in new cash generation, with free cash flow at $3.1 billion, up $300 million year-over-year. Elsewhere, AT&T (T) delivered firm insights into expanding its national presence. In total, the company garnered 324,000 postpaid phone net adds, while mobility services revenue increased 4.1% year over year to $16.7 billion. Adjusted EBITDA was $11.5 billion, showing an increase from $11 billion for the same period a year before. AT&T (T) has become aware that available market share is steadily shrinking due to higher churn rates and more competition. However, this challenge presents the company with a new approach to further diversify its service and product delivery, and begin shifting expertise in wireless and fiber connectivity. Hedge fund positions on T have been declining slightly. Hedge funds reduced their holdings by approximately 1.65 million shares, which dropped by 2.1% from 78.8 million shares in Q4 2024 to 77.2 million shares. Despite this, the stock had performed strongly with shares trading at $27.64 as of May 1, 2025, reflecting a year-to-date gain of 24.2%. Verizon Communications Dividend Yield: 6.26% Ken Wolter / Another major telecommunications player is Verizon (VZ), and being in direct competition with AT&T the company showed impressive growth over the first quarter of 2025 and reported stronger-than-expected revenue and earnings. For one, the company reported an improvement in operating revenue of 1.5% totaling $33.5 billion and net income of $5.0 billion. The company's consolidated adjusted EBITDA was $12.6 billion versus $12.1 billion in Q1 2024. In line with expected results, Verizon showed resilience despite a challenging consumer spending market and elevated interest rates. On a per-share basis, EPS of $1.15 in Q1 2025, up from $1.09 reported in the first quarter of 2024. Overall, the company estimates that stronger revenue was largely driven by wireless service revenue growth and the impact of higher upgrade volumes. On the downside, the company noticed a further decline in business wireless revenue for the period. Broadband, mobility, and net consumer additions maintained steady momentum over the quarter, and the company reported wireless service revenue growth for the 18th consecutive quarter. In total, wireless revenue was up 2.7% to $20.8 billion, and driven by new pricing implementations. Outlook for the year ahead delivers promising growth, with management expecting free cash flow of $17.5 billion to $18.5 billion. In addition, cash flow from operations is forecasted to increase between $35.0 billion to $37.0 billion, with adjusted EPS estimated to rise over the next 12 months. Insider hedge fund holdings show Alyeska Investment Group and Millennium Management taking an increasingly bullish stance on VZ by boosting holdings by 3,602% and 337%, respectively. Share performance has been trending upward at $43.61 as of May 2, 2025, gaining approximately 8% since the turn of the year. Realty Income Corp (O) Dividend Yield: 5.64% Investors looking to diversify their portfolios with property have seen impressive yields from Realty Income (O), a real estate investment trust that largely operates in the development and investment of free-standing single-tenant commercial properties. Most of their portfolio consists of properties in the U.S., the United Kingdom, and Europe. Due to the most recent findings in Q4 2024, the company delivered strong results showing net income available to investors to common stocks being $199.6 million, or $0.23 per share. Additionally, the report delivered an adjusted fund from operations (AFFO) of 4.0% per share or $1.05 compared to the same period in 2023. The REIT had a particularly strong quarter, raising $947.8 million from the sale of common stock, which was primarily driven by at-the-market (ATM) programs. Stock prices averaged around $58.12 per share. Despite the seemingly rocky real estate market in the U.S., Realty Income reported owning or holding interests in 15,621 properties, leased to 1,565 clients. Their diverse real estate portfolio of commercial properties is mainly signed under long-term net lease agreements, with average remaining lease terms of approximately 9.3 years. Realty Income promises steady growth over the long term, holding a mix of clients that operate across multiple industries. This performance would provide the REIT with long-term buoyancy and the ability to continuously increase its portfolio holdings while returning more cash to investors through dividends and share buybacks. Chevron Corp (CVX) Dividend Yield: 5.02% Investors have given the energy sector a more bullish outlook following Trump's victory at the polls in November last year. Under Trump's pro-business economic agenda, Wall Street is expecting key energy players such as Chevron (CVX) to experience improved operational expansion. Reduced regulations and the removal of Biden-era red tape could play in favor of major fossil fuel exploration companies, as Trump and his cabinet look to bolster investment and market activity in the fossil fuels markets, including the onshoring of key exploration projects, and further reducing export restrictions. Chevron would likely benefit from new energy and exploration policies under Trump. Reported Q1 2025 earnings showed the company returned $6.9 billion in cash to shareholders. Furthermore, the company kept its quarterly dividend at $1.71 per share. In terms of production, Chevron has averaged its global production output with the equivalent of 3.35 million barrels of oil per day. Other key financial metrics had shown that reported earnings for the quarter of $3.5 billion were equal to $2.00 per share (diluted), down from $6.6 billion or $3.46 per share (diluted) in Q1 2024. Outside of domestic improvements, the company's earnings were reduced by $138 million due to foreign currency effects. Although it still showed adjusted earnings of $3.8 billion, $2.18 per share (diluted). Insider hedge fund holdings remain steady. Berkshire Hathaway (BRKB) is still the largest shareholder with a total holding value of $19.8 billion as of Q1 2025, with Citadel Investment Group placing a call on CVX and increasing their holdings by 21%. The stock trades up 6.4% year-to-date at $137.10 as of May 2, 2025. Building Stability Dividend-yielding stocks provide investors with long-term stability, helping them hedge inflationary pressures and economic downturns. For retirees, dividend stocks make for an attractive option to diversify their portfolio holdings, but further boost retirement income or supplement their finances as weaker economic performance lowers the purchasing power of their retirement savings. Disclosure: I own BRK.B, no positions in any other stocks mentioned. Related Content 15 Best Low Priced Dividend Stocks to Buy Now 30 Growing Dividend Stocks with Low PE Ratios 25 High Dividend Stocks Being Targeted By Short Sellers 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
