ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Retired Middlebury, Connecticut schoolteacher Bill Callahan waited 40 years for Congress to pass a bill to eliminate the reduction in Social Security benefits he receives, because he also has a pension. |
Now, the Social Security Administration says Callahan and about three million other affected public sector workers will have to wait a year or more before seeing any money the Social Security Fairness Act promised to deliver. |
Interest rate action today |
Whether you love or hate the current interest rate environment, you may have to learn to live with it. |
The Federal Reserve is widely expected to make no change to its benchmark federal funds rate at its January meeting, a decision to be announced at 2 p.m. ET today. |
If the Fed does nothing, the benchmark rate will remain at its current level, a range from 4.25% to 4.5%. And that would be noteworthy: The Fed ordered rate cuts in each of its last three meetings, reducing them by a full percentage point in the closing months of 2024. |
The $1m retirement question: long-term care |
If you think you've saved enough for retirement, you may not be thinking about long-term care. |
The long-term care industry serves people who cannot perform everyday activities, like dressing or eating, without help. More than 80% of Americans will need that help at some point, according to a new study from the Center for Retirement Research at Boston College. |
The costs of long-term care can be staggering. Many Americans have watched long-term care play out for a parent or grandparent. But many of us seem to be in denial about whether we might need long-term care ourselves, and about what it costs. |
📰 More stories you shouldn't miss 📰 |
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. | | | | It took 40 years for Congress to pass a law to boost Social Security for public workers. Now, SSA says they must wait at least a year for the money. | | | | The Federal Reserve is widely expected to make no change to its benchmark federal funds rate at its January meeting, a decision to be announced today. | | | | If you think you've saved enough for retirement, you may not be thinking about long-term care. | | | | U.S. stocks recovered some ground on Tuesday after getting hammered by fears over China's DeepSeek AI model built on a shoestring budget. | | | | Workers at a flagship Whole Foods Market in Philadelphia, Pennsylvania voted to unionize and become the first union in the grocery chain's history. | | | | Prior to 2025, the idea of adding meme coins to a long-term investment portfolio would have sounded absurd. But then something happened in January. | | | | Meta just announced that it plans to spend up to $65 billion this year on AI infrastructure. | | | | Each year, people wonder if they should do their own taxes or enlist a professional. We'll help you decide what to do for tax season 2025. | | | | The Fed will likely pause its rate cuts this week. After that, uncertainty over Trump's tariff, immigration plans make forecasting rates a dice roll. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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