Current:Home > ScamsThe Daily Money: Can you afford to retire?-LoTradeCoin
The Daily Money: Can you afford to retire?
lotradecoin versus binance comparison View Date:2024-12-25 12:36:00
Good morning! It’s Daniel de Visé with your Daily Money.
Theresa Edwards thought these would be her golden years. Instead, she gets up at dawn to crisscross Los Angeles by bus to work as a caregiver. Waiting at home at the end of a long day is her last patient: Edwards' husband of 55 years, who is recovering from a serious car accident.
Retirement is increasingly becoming a luxury many American workers cannot afford, Jessica Guynn reports. With rising housing costs and medical expenses, and without the pensions that buoyed previous generations, millions of older Americans can’t stop working.
Read the full report.
Are interest rate cuts coming?
Federal Reserve Chair Jerome Powell told Congress Tuesday the labor market "has cooled really significantly across so many measures," a development economists say could make the central bank more likely to lower interest rates soon, Paul Davidson reports.
Yet, Powell added that he was "not going to be sending any signal about the timing of future action."
Powell, speaking before the Senate banking committee, noted several times that the central bank faces more balanced risks between slicing rates too soon and reigniting inflation, and waiting too long and weakening the economy and job market. The Fed's mandates are to achieve stable prices and maximum employment.
Here's when analysts expect rate cuts.
📰 More stories you shouldn't miss 📰
- Feds open investigation into recalled Jeep Wranglers
- A higher bar for free shipping at Sam's Club
- How does the Albertson's-Kroger merger affect your store?
- Couches get the most household abuse
- Best long-distance movers
📰 A great read 📰
Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!
The U.S. government’s national debt recently topped $34 trillion, a new record, Bailey Schulz reports. But how worried should you be about the country’s borrowing?
The debt has been a source of tension among politicians, with lawmakers narrowly avoiding a default last year through a debt ceiling deal. Neither side of the aisle was completely happy with the agreement; conservative members had been advocating for deeper cuts, while liberals objected to components like expanded work requirements for food stamps and future spending caps.
Economists don’t agree on how worrisome the debt levels are today, but studies show an increasing number of Americans believe it needs to be addressed as federal spending consistently outpaces revenue.
Here's more on the national debt.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
veryGood! (8349)
Related
- Oregon lawmakers to hold special session on emergency wildfire funding
- Cheryl Burke Reveals Her Thoughts on Dating Again After Matthew Lawrence Split
- 11 stranded fishermen rescued after week without food or water, 8 feared dead at sea after powerful cyclone hits Australia
- Kenyan cult deaths at 73, president likens them to terrorism
- Stock market today: Asian shares advance, tracking rally on Wall Street
- When Tracking Your Period Lets Companies Track You
- Spotify will add a COVID advisory to podcasts after the Joe Rogan controversy
- As the jury deliberates Elizabeth Holmes' fate, experts say 'fraud is complicated'
- Mega Millions winning numbers for Tuesday, Dec. 10 drawing: $619 million lottery jackpot
- TikTok bans misgendering, deadnaming from its content
Ranking
- Mega Millions winning numbers for Tuesday, Dec. 10 drawing: $619 million lottery jackpot
- How subsidies helped Montreal become the Hollywood of video games
- 2 Sudan generals are at war with each other. Here's what to know.
- Giant panda on loan from China dies in Thailand zoo
- Sabrina Carpenter reveals her own hits made it on her personal Spotify Wrapped list
- Pentagon considers sending contingent of troops to Port Sudan to help remaining American citizens amid war
- Cars are getting better at driving themselves, but you still can't sit back and nap
- Facebook bans 7 'surveillance-for-hire' companies that spied on 50,000 users
Recommendation
-
Fewer U.S. grandparents are taking care of grandchildren, according to new data
-
Antiquities plucked from storeroom on Roman Forum display, including colored dice and burial offerings
-
Mexico seizes 10 tigers, 5 lions in cartel-dominated area
-
Kevin Roose: How can we stay relevant in an increasingly automated workforce?
-
Secretly recorded videos are backbone of corruption trial for longest
-
Kate Spade 24-Hour Flash Deal: Get This $380 Backpack for Just $89
-
Kicked off Facebook and Twitter, far-right groups lose online clout
-
Jockey Dean Holland dies after falling off horse during race in Australia