Good morning! This is Daniel de Visé with your Daily Money update.

Erion Taylor recalls receiving no formal warning about the wildfire threatening the mountainous area of Altadena, California. Instead, she learned through her neighborhood group chat: “We’re evacuating La Viña.”

She hoped that their charming, diverse town—located 13 miles north of Los Angeles—would be untouched. However, the following day brought devastating news from a neighbor: “I’m sorry to tell you, everything is gone.”

Kohl’s and Macy’s to close stores

Recently, two of the biggest department stores in America announced plans to close several locations nationwide. As a result, some communities will lose both Kohl’s and Macy’s, reports Jim Sergent.

On January 9, both companies stated they identified stores that weren’t performing well. For those in the Denver area, this means three fewer department stores—two Macy’s and one Kohl’s. In California, the cities of San Diego and Sacramento will each see one store from both chains shut down.

Here are additional communities that will be affected.

📰 Must-read Article 📰

Here’s a noteworthy article from earlier this year you might have overlooked. Be sure to read and share it!

For the very first time in 2024, Gen X workers have seen their 401(k) savings surpass those of baby boomers.

According to a Fidelity analysis of over 22 million accounts in the first quarter of the year, Gen X workers saving for 15 years have average balances of $543,400—about $200 more than their boomer counterparts.

Often labeled as the overlooked generation, Gen X (born from 1965 to 1980) has shown through surveys that many struggle to save adequately for retirement. However, Fidelity’s findings provide some encouraging indicators.

About The Daily Money

Every weekday, The Daily Money offers the latest consumer and financial news from YSL News, simplifying complex topics, providing a quick summary, and explaining the impact of events like Federal rate changes and bankruptcies on your life.

Daniel de Visé focuses on personal finance