Current:Home > InvestThe Daily Money: Can you afford to retire? -BeyondProfit Compass
The Daily Money: Can you afford to retire?
View
Date:2025-04-24 12:36:01
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! (2)
Related
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- Feds Pour Millions into Innovative Energy Storage Projects in New York
- Trump: America First on Fossil Fuels, Last on Climate Change
- Today’s Climate: August 16, 2010
- New data highlights 'achievement gap' for students in the US
- 20 teens injured when Texas beach boardwalk collapses
- Shaquil Barrett's Wife Jordanna Gets Tattoo Honoring Late Daughter After Her Tragic Drowning Death
- Southern State Energy Officials Celebrate Fossil Fuels as World Raises Climate Alarm
- Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
- UN Climate Summit: Small Countries Step Up While Major Emitters Are Silent, and a Teen Takes World Leaders to Task
Ranking
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Americans with disabilities need an updated long-term care plan, say advocates
- The Fate of Vanderpump Rules and More Bravo Series Revealed
- Real Housewives of Miami's Guerdy Abraira Shares Breast Cancer Diagnosis
- DoorDash steps up driver ID checks after traffic safety complaints
- Are the Canadian wildfires still burning? Here's a status update
- How banks and hospitals are cashing in when patients can't pay for health care
- Flying toilets! Sobering stats! Poo Guru's debut! Yes, it's time for World Toilet Day
Recommendation
The Louvre will be renovated and the 'Mona Lisa' will have her own room
Pruitt’s Anti-Climate Agenda Is Facing New Challenge From Science Advisers
Tesla's charging network will welcome electric vehicles by GM
Today’s Climate: August 5, 2010
Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
Today’s Climate: August 3, 2010
Control: Eugenics And The Corruption Of Science
Michelle Yeoh Didn't Recognize Co-Star Pete Davidson and We Simply Can't Relate