Current:Home > ContactThe Daily Money: What is $1,000 a month worth? -WealthMindset Learning
The Daily Money: What is $1,000 a month worth?
View
Date:2025-04-16 04:56:10
Good morning! It’s Daniel de Visé with your Daily Money.
Millions of Americans struggle to afford basics like food and rent. A new study spearheaded by the CEO of ChatGPT’s parent company shows that regular, unconditional cash payments could help.
A three-year study from OpenResearch, a nonprofit backed by OpenAI CEO Sam Altman, examined the effects of a no-strings-attached $1,000-per-month cash transfer on recipients’ health, employment and spending. It’s the latest and largest study of its kind to show how unconditional cash could help lower-income families meet basic needs like food and housing.
Here's what the researchers found.
Navigating the retirement surge
How will baby boomers retiring affect the economy?
A historic inflation spike is easing, but there’s a powerful force that’s likely to keep wage and price increases higher than normal over the next few years: baby boomer retirements.
A record 4.1 million Americans are set to turn 65 this year and each year through 2027, Paul Davidson reports. Although not all of those boomers will hang it up, the surge of freshly-minted 65-year-olds – known as "peak 65" – will likely mean record retirements, as well.
How will the retirement wave affect the economy?
Should retirees own a home?
Age-old wisdom instructs that a home is a good investment for Americans of any age. But what if you are retired and still paying it off?
More Americans are entering retirement with mortgaged homes, and the average balance of those loans is rising.
The share of Americans ages 75 and over who are carrying mortgage debt has risen steadily for decades, according to the federal Survey of Consumer Finances: from 5% in 1995 to a historic high of 25% in 2022. The amount those homeowners owe has risen apace, from a median $14,000 in 1995 to $102,000 in 2022.
Here's why homeownership doesn't always work in retirement.
📰 More stories you shouldn't miss 📰
- The 'DEI' attacks on Kamala Harris
- A new owner for Red Lobster?
- Is another Great Resignation coming?
- These are the most frustrating expenses
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! (274)
Related
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
- Beyoncé Drops Surprise Song “My House” After Renaissance Film Release
- Dead longhorn found on Oklahoma State fraternity lawn the day before championship game with Texas
- Oklahoma executes Philip Dean Hancock, who claimed self-defense in double homicide
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Inmate stabbed Derek Chauvin 22 times, charged with attempted murder, prosecutors say
- Philadelphia votes to ban ski masks to decrease crime. Opponents worry it’ll unfairly target some
- Oregon State, Washington State, Mountain West agree to 2024 football scheduling arrangement
- Retirement planning: 3 crucial moves everyone should make before 2025
- Millions more older adults won't be able to afford housing in the next decade, study warns
Ranking
- Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week
- With ‘shuttle diplomacy,’ step by step, Kissinger chased the possible in the Mideast
- New York Times report says Israel knew about Hamas attack over a year in advance
- Chicago and other northern US cities scramble to house migrants with coldest weather just ahead
- Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
- Largest US publisher, bestselling authors sue over Iowa book ban
- 'May December': Natalie Portman breaks down that 'extraordinary' three-minute monologue
- After Beyoncé attended her concert film, Taylor Swift attends premiere for Renaissance concert film
Recommendation
Military service academies see drop in reported sexual assaults after alarming surge
A 5.5 magnitude earthquake jolts Bangladesh
15 abandoned dogs rescued from stolen U-Haul at Oregon truck stop, police say
Hezbollah and Israeli troops exchange fire along the border as 2 people are killed in Lebanon
Senate begins final push to expand Social Security benefits for millions of people
Biden rule aims to reduce methane emissions, targeting US oil and gas industry for global warming
Why is George Santos facing an expulsion vote? Here are the charges and allegations against him
What’s streaming this weekend: Indiana Jones, Paris Hilton, Super Mario and ‘Ladies of the 80s’