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Monday, 8 June 2026

Do you need $1m to retire?

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Also: A tug of war over interest rates ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Jun 8 2026

 

Daniel de Visé Personal Finance Reporter

Good afternoon! It’s Daniel de Visé with your Daily Money.

Common wisdom in retirement planning dictates that you should aim to save 10 times your annual salary, or reach a “magic number” well past $1 million in savings, to retire in comfort. 

But research on actual retirees suggests that those savings targets may be way too high.

Trump: No reason to raise interest rates

The job market is doing well, prompting speculation that the Federal Reserve might opt to raise interest rates in the near future.

ICYMI: Stocks sank on Friday

Also, in case you missed it, the stock market sank on Friday in response to that strong jobs report.

Traders are growing concerned about the possibility of higher interest rates.

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Daniel de Visé covers personal finance for USA TODAY. The Daily Money breaks down complex consumer and financial news. Subscribe here.

Most Americans retire with much less than $1 million in savings.

Do you really need to hit a seven-figure "magic number" in retirement savings to retire in comfort? Here's a reality check.

U.S. President Donald Trump delivers remarks during the swearing-in ceremony for incoming Federal Reserve Chair Kevin Warsh in the East Room of the White House in Washington, D.C. on May 22, 2026.
 

Trump said there is 'no reason' to raise interest rates amid growth

Trump pushed back when asked about economists’ warnings that the Federal Reserve may have to raise rates following the most recent U.S. jobs report.

Traders work on the floor of the New York Stock Exchange in this file photo from June 04, 2026 in New York City.
 

Stocks, bonds swoon after jobs report comes in hot

A stronger-than-expected jobs report sent Wall Street tumbling as investors increasingly bet on rate increases from the Federal Reserve.

Older Americans can follow a few simple money tips to avoid financial pitfalls in the dating world.
 

'Check, please': 7 money tips for older daters

Life's too short to let money issues spoil a first date, especially in the autumn of your life.

Teenagers pose for a photo while holding smartphones in front of a Facebook logo in this illustration taken Sept. 11, 2025.
 

Second payment to be sent out in Facebook settlement. Who's eligible

Calling all Facebook users: You may be eligible for a bonus payment from a class-action settlement.

Warn notices
 

Job numbers are up, but see which companies are still cutting

USA TODAY tracked 250 mass layoff notices in May, affecting 32,000 workers.

WORCESTER - UMass Chan Medical School held graduation exercises on Sunday, June 5, 2022.
 

Why do doctors earn $350,000 a year? We asked economists.

The reasons for sky-high doctor salaries are about supply and demand, long hours and the lure of the almighty dollar.

The average federal income tax refund in 2024 was $3,138 based on IRS data through Dec. 27, down 0.9% from the same period in 2023.
 

Under pressure with July 10 COVID refund deadline ahead? Help is here.

Eligibility and claiming potential COVID-era IRS tax refunds can be complex and stressful with the July 10 deadline only weeks away. How to get help.

CarEdge offers three car warranty plans that cover repairs for your car's most expensive components and parts.
 

How to verify and handle a car recall

Millions of cars are recalled every year, even from reliable car manufacturers. Here's what you should do if you think your car is recalled.

USA TODAY
 

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