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Tuesday, January 23, 2024

The Daily Money: Year-end bonus checks were lighter in 2023

That year-end bonus you banked in December may have felt both affirming and underwhelming.

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Tue Jan 23 2024

 

Daniel de Visé Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

That year-end bonus you banked last month may have felt both affirming and underwhelming. December bonuses  averaged $2,145 in 2023, down from $2,730 in 2022 and $3,583 in 2019, according to a report released this month by Gusto, a payroll software firm.

Bonus checks are smaller because the job market is relatively stable, the report said, which means employers don't have to do as much to attract and retain their workers. And employers are feeling the pinch of inflation, just like their employees.

If you were lucky enough to land a year-end bonus, you need to think now about how the pay bump might affect the taxes you pay in 2024. And if you haven't already spent the bonus, you need to consider what to do with the extra cash. We'll tell you how to proceed.

Syndication Times Record News

Prescription drugs on shelves at ScriptCo on Apr. 13, 2022.

Lauren Witte/The Texas Tribune / USA TODAY NETWORK

In search of a better deal on prescription drugs

The United States' per capita pharmaceutical spending was more than $1,400 per person  in 2022, Bailey Schulz reports, higher than any peer nation, according to the Organisation for Economic Co-operation and Development. (Yes, that is its name: Continental spelling.)

For some Americans, the cost is simply unaffordable. About 30% of Americans said they haven't taken their prescribed medications at some point in the past year because of cost, opting instead for over-the-counter drugs, cutting doses or skipping doses altogether, according to a 2023 poll of more than 1,000 adults  from nonprofit health policy organization KFF.

But experts say patients can lower their prescription drug costs by shopping around, especially if they are taking generic medications.

"It's unfortunate that you have to be a pretty astute consumer and patient these days to navigate the system," said Geoffrey Joyce, an associate professor in the University of Southern California's department of pharmaceutical and health economics. 

Read Bailey's story to find out where to look for cheaper drugs, and other ways to save costs on prescriptions. 

📰 More stories you shouldn't miss 📰

🍔 Today's Menu 🍔

Date night at Applebee's, as it turns out, is a coveted thing.

The pass, sold exclusively online, gets customers $30 off more than 50 meals at any Applebee's location through 2025, Amaris Encinas reports.

The "excitement and demand from guests for Applebee's Date Night Pass far surpassed our expectations," an Applebee's spokesperson observed. 

The restaurant chain did not say how many date night passes were sold -- but hinted at a five-figure sum.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Daniel de Visé covers personal finance for USA Today.

In Knoxville, there are a variety of strategies employers are using, from fully remote to fully in-office. At the e|spaces coworking facility in Bearden, many businesses rent smaller office spaces and employees can come in when it's necessary.

Bonus checks are smaller because the job market is relatively stable, which means employers don't have to do as much to attract and retain workers.

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Prescription drugs on shelves at ScriptCo on Apr. 13, 2022.
 

Prescription drugs are expensive. Where to look for better deals.

Experts say patients can lower their prescription drug costs by shopping around, especially if they are taking generic drugs.

Many economists believe the U.S. (and much of the world) will fall into a recession later this year. The primary cause will be inflation. There have been some radical solutions suggested. Larry Summers, a prominent economist who has been Treasury Secretary and President of Harvard, recently commented to Bloomberg: "The right thing to do is […]
 

Downside to the inflation drop? Falling profits could mean layoffs, some experts say

Falling inflation, along with lower consumer demand, could squeeze corporate profit margins and spark layoffs and recession, some economists say

Disney's Caribbean Beach Resort is a hub for Disney's Skyliner, which carries guests between select resort hotels, EPCOT and Disney's Hollywood Studios.
 

What to know about staying at Disney hotels

Disney hotels can get expensive. Here's why many fans are willing to pay to stay on property.

23. Applebee's     • Menu category:  Varied     • Total U.S. sales (2021):  $3.7 billion     • Change over total U.S. sales (2020):  34.40%
 

Applebee's Date Night Pass sale left few with opportunity to purchase

Many took to social media after Applebee's Date Night Pass sale Monday to say that the card sold out before they could opt into purchasing it.

Melon slices or cantaloupe (Cucumis melo) isolated on white background.
 

Salmonella outbreak linked to cantaloupes ends after 6 deaths

"Recalled cantaloupes are no longer available for sale and are past their use-by dates," the Centers For Disease Control announced.

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How to ask an employer to pay for relocation costs?

In today's economic climate, negotiations around relocation packages are not only acceptable but often expected.

Panera's Charged Lemonade drinks have been the subject of multiple lawsuits.
 

Timeline of Panera Charged Lemonade saga: Alleged deaths, multiple lawsuits

Panera Bread's caffeinated Charged Lemonade has been the subject of multiple lawsuits, with the drinks being blamed for the deaths of two people.

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Yelp's Top 100 US Restaurants of 2024 list is out: See the full list

Yelp has released their annual list of the top 100 restaurants in the United States for 2024. Did your favorite restaurant make the list?

Traders work on the floor of the New York Stock Exchange (NYSE) on January 19, 2024 in New York City. Stocks closed up over 350 points while the S&P 500 closed at an all-time high on Friday.
 

It's a good time to check your 401(k). Stocks hit another record.

The fresh highs for the stock market are welcome news for retirement accounts. The milestones follow major stock market declines in 2022.

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