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.

Medora Lee has the story.

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.

Here's what to expect today.

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. 

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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.