Early 401(k) withdrawals hit record high
A recent report by Vanguard reveals a record number of Americans took early withdrawals from their 401(k) retirement savings in 2022 and 2023, signaling a concerning trend.
A recent report by Vanguard reveals a record number of Americans took early withdrawals from their 401(k) retirement savings in 2022 and 2023, signaling a concerning trend.
The Vanguard Group said new data showed around 13% of its customers took out a loan on their 401(k) retirement funds in 2023. Elizabeth O'Brien, senior personal finance reporter at Barrons, joins CBS News to discuss the pros and cons of tapping into your 401(k).
Many Americans are approaching retirement age in 2024, with more than 11,000 turning 65 years old every day. Elizabeth O'Brien, a personal finance senior reporter with Barron's, joins CBS News with advice for those considering retirement.
If you're looking to grow your 401(k) you may need to keep an eye on it more than usual this year as an unsettled market presents opportunities. Bourree Lam, an author of The Wall Street Journal book "The New Rules of Money," joined CBS News to talk about ways to increase your retirement fund.
How far retirees are able to stretch their savings depends largely on where they choose to settle down, one analysis shows.
The nation's system of Social Security and private savings leaves Americans less secure in retirement than residents of many other nations, a new study finds.
Last week, the IRS announced it is delaying until 2026 a mandate that says people 50 and older with high incomes are required to put "catch-up contributions" into Roth-style retirement accounts using post-tax dollars. Richard Rubin, a U.S. tax policy reporter for the Wall Street Journal, joined CBS News to discuss the delay in enforcement of the law, originally set to take effect next year.
A new study by the Economic Innovation Group has found more than a quarter of Americans 59 and older don't have any retirement savings, and more than half of U.S. workers don't have access to employer-sponsored retirement funds. Benjamin Glasner, associate economist with the Economic Innovation Group, joined CBS News to discuss the study's conclusions.
States with many workers without retirement savings are likely to face a spike in senior poverty, researchers say.
Over the next few years, the U.S. could see a surge in seniors living in poverty, one retirement expert predicts.
People say they need more money than ever to retire comfortably, but most employees are far from reaching their financial goal.
The loss of a popular tax deduction next year could reshape how millions of Americans save for retirement. Currently, people ages 50 and older are allowed to place "catch-up contributions" totaling up to $30,000 in their 401(k) accounts. But beginning in 2024, these funds will be funneled only into "after-tax" Roth accounts for people who made more than $145,000 the previous year. For more on this, CBS News was joined by Pratik Patel, head of family wealth strategies for integrated wealth management provider BMO Family Office.
"The American Dream of retirement is going to be a nightmare for too many Gen-Xers," one expert said.
A recent analysis showed that half of U.S. mothers have no retirement savings compared to 30% of fathers. Elaine Quijano and Meg Oliver are joined by CBS News MoneyWatch associate managing editor Aimee Picchi to break down the data.
Tax season comes to a close Tuesday. Thomas Godwin, an assistant professor of accounting at Purdue University, joins Elaine Quijano and Michael George to look ahead to next year's tax season and offer advice on how Americans can begin planning for it.
Both 401(k) withdrawals and loans can have big impacts on retirement savings. Stefanie O’Connell Rodriguez, host of Real Simple’s "Money Confidential" podcast, explains the risk and differences.
CBS News' Errol Barnett and Elaine Quijano are joined by behavioral economist and founder of Pension Plus, Shlomo Bernartzi, to discuss strategies for putting money away for the future.
According to U.S. Census Bureau data, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.
About half of all Americans ages 55 to 66 have no retirement savings, according to U.S. Census data. Janet Shamlian examines the financial struggles many face as they near retirement in the CBS News series "Retirement Ready."
Millions of Americans are retiring every day, and some experts say it's just as important to prepare for the change emotionally as it is financially. Janet Shamlian takes a look in this edition of "Retirement Ready."
More employees are tapping their nest eggs to cover financial emergencies, from medical care to avoiding eviction.
The fight over the nation's debt limit could have very real implications on everything from your 401(k) to Social Security.
"We don't have time for incrementalism anymore," said author Rick Warztman.
Experts say new legislation will make it easier to put money away, including for millions of Americans with student loans.
More Americans are taking retirement savings out of their accounts due to an "an immediate and heavy financial need."
Protesters nationwide are demanding that their schools divest from companies they say are enabling the Israel-Hamas war as officials say outside agitators "spew hate and antisemitism."
The hostages seen on the video were identified as Omri Miran and Keith Siegel by the campaign group the Hostages and Missing Families Forum.
There have been several injuries linked to tornadoes on Friday, but no fatalities have been reported.
Harvey Weinstein's 2020 conviction on felony sex crime charges was overturned by the State of New York Court of Appeals.
Hamas says it received the cease-fire proposal from Israel after a high-level Egyptian delegation wrapped up a visit to Israel.
The NFL draft has a new attendance record after more than 700,000 fans flooded downtown Detroit for the three-day event.
Russia has launched a barrage of missiles against Ukraine directed at energy facilities.
Another climbing party saw the pair fall and cared for the surviving climber until help arrived the next morning.
Pop music icon Britney Spears reached a settlement this week over attorney fees sought by her father and former conservator, Jamie Spears.
The union struck a four-year agreement with the German company on Friday evening, just before the expiration of the previous contract.
There have been several injuries linked to tornadoes on Friday, but no fatalities have been reported.
Another climbing party saw the pair fall and cared for the surviving climber until help arrived the next morning.
Regulators have closed Republic First Bank's 32 branches in Pennsylvania, New Jersey and New York and they will be taken over by Fulton Bank.
Hamas says it received the cease-fire proposal from Israel after a high-level Egyptian delegation wrapped up a visit to Israel.
The union struck a four-year agreement with the German company on Friday evening, just before the expiration of the previous contract.
Intimacy coordination is a relatively new and growing field with movie and television productions required to make a good-faith effort to hire one if needed on set.
Under the new law signed this week, ByteDance has nine to 12 months to sell the platform to an American owner, or TikTok faces being banned in the U.S.
The income needed to join your state's top earners can vary considerably, from a low of $329,620 annually in West Virginia to $719,253 in Washington D.C.
About 7 in 10 retirees stop working before they turned 65. For many of them, it was for reasons beyond their control.
Regulators have closed Republic First Bank's 32 branches in Pennsylvania, New Jersey and New York and they will be taken over by Fulton Bank.
South Dakota Gov. Kristi Noem — a potential running mate for presumptive Republican presidential candidate Donald Trump — is getting attention again.
Prosecutors in former President Donald Trump's criminal trial in New York called two new witnesses to the stand on Friday, rounding out the first week of testimony.
Border officers have broad authority to search travelers' electronic devices without a warrant or suspicion of a crime.
The White House had been due to decide on the menthol cigarette rule in March.
Around 1 in 5 retail milk samples had tested positive for the bird flu virus, but further tests show it was not infectious.
The White House had been due to decide on the menthol cigarette rule in March.
The discovery of drug-resistant bacteria in two dogs prompted a probe by the CDC and New Jersey health authorities.
First known HIV cases from a nonsterile injection for cosmetic reasons highlights the risk of unlicensed providers.
Are you using your smartwatch to the fullest? Here are 4 metrics doctors say can be useful to track beyond your daily step count.
The hostages seen on the video were identified as Omri Miran and Keith Siegel by the campaign group the Hostages and Missing Families Forum.
Iraqi authorities are investigating the killing of a well-known social media influencer Um Fahad who was shot by an armed motorcyclist in front of her home in central Baghdad.
Hamas says it received the cease-fire proposal from Israel after a high-level Egyptian delegation wrapped up a visit to Israel.
A Moscow court has detained another suspect as an accomplice in the attack by gunmen on a suburban Moscow concert hall in March.
Russia has launched a barrage of missiles against Ukraine directed at energy facilities.
Intimacy coordination is a relatively new and growing field with movie and television productions required to make a good-faith effort to hire one if needed on set.
A descendent of American folk hero Davey Crockett, Charley Crockett was raised in a Texas trailer park. He bought his first guitar in a pawn shop and taught himself how to play it. In 2015, he started releasing records independently. Fourteen albums later, Crockett has established himself as one of the leaders in traditional country music's revival. From his new album "$10 Cowboy," here is Charley Crockett with "Solitary Road."
A descendent of American folk hero Davey Crockett, Charley Crockett was raised in a Texas trailer park. He bought his first guitar in a pawn shop and taught himself how to play it. In 2015, he started releasing records independently. Fourteen albums later, Crockett has established himself as one of the leaders in traditional country music's revival. With the title track from his new album, here is Charley Crockett with "$10 Cowboy."
A descendent of American folk hero Davey Crockett, Charley Crockett was raised in a Texas trailer park. He bought his first guitar in a pawn shop and taught himself how to play it. In 2015, he started releasing records independently. Fourteen albums later, Crockett has established himself as one of the leaders in traditional country music's revival. From his new album "$10 Cowboy," here is Charley Crockett with "America."
Comedian Nate Bargatze is having quite the year: He's bringing laughs across the country with his "Be Funny" tour, and this week he's a headline comic at the Hollywood Bowl with stars like Jerry Seinfeld. Dana Jacobson sat down with Bargatze to talk about his journey to the stage.
NYU Langone Health and Meta have developed a new type of MRI that dramatically reduces the time needed to complete scans through artificial intelligence. CBS News correspondent Anne-Marie Green reports.
The Federal Communications Commission voted to adopt net neutrality regulations, a reversal from the policy adopted during former President Donald Trump's administration. Christopher Sprigman, a professor at the New York University School of Law, joins CBS News with more on the vote.
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Are you using your smartwatch to the fullest? Here are 4 metrics doctors say can be useful to track beyond your daily step count.
Local and federal authorities face challenges in investigating and prosecuting romance scammers because the scammers are often based overseas. Jim Axelrod explains.
Bats have often been called scary and spooky but experts say they play an important role in our daily lives. CBS News' Danya Bacchus explains why the mammals are so vital to our ecosystem and the threats they're facing.
Pediatrician Dr. Mona Hanna-Attisha, whose work has spurred official action on the Flint water crisis, told CBS News that it's stunning that "we continue to use the bodies of our kids as detectors of environmental contamination." She discusses ways to support victims of the water crisis, the ongoing work of replacing the city's pipes and more in this extended interview.
Ten years ago, a water crisis began when Flint, Michigan, switched to the Flint River for its municipal water supply. The more corrosive water was not treated properly, allowing lead from pipes to leach into many homes. CBS News correspondent Ash-har Quraishi spoke with residents about what the past decade has been like.
According to the University of California, Davis, residential energy use is responsible for 20% of total greenhouse gas emissions in the U.S. However, one company is helping residential buildings reduce their impact and putting carbon to use. CBS News' Bradley Blackburn shows how the process works.
Emerging cicadas are so loud in one South Carolina county that residents are calling the sheriff's office asking why they can hear a "noise in the air that sounds like a siren, or a whine, or a roar." CBS News' John Dickerson has details.
Angel Gabriel Cuz-Choc was found hiding in a wooded area after his girlfriend and her 4-year-old daughter were found dead in Florida.
Dramatic bodycam footage shows the moment Florida deputies and K-9 dogs close in on a double murder suspect hiding in a thickly wooded area.
A new "48 Hours" investigation is looking into the death of a Kansas woman after she was found dying from a gunshot wound in 2019. The coroner initially ruled Kristen Trickle's death a suicide, but the local prosecutor said evidence on the scene didn't add up. "48 Hours" correspondent Erin Moriarty has the story.
A Bucharest court has ruled that a case against social media influencer Andrew Tate meets the required legal criteria and can go ahead, but there's no date set yet.
After Kristen Trickle died at her home in Kansas, her husband Colby Trickle received over $120,000 in life insurance benefits and spent nearly $2,000 on a sex doll supposedly to help him sleep.
Astronauts Barry Wilmore and Sunita Williams say they have complete confidence in the Starliner despite questions about Boeing's safety culture.
In 1961, Ed Dwight was selected by President John F. Kennedy to enter an Air Force training program known as the path to NASA's Astronaut Corps. But he ultimately never made it to space.
The creepy patterns were observed by the European Space Agency's ExoMars Trace Gas Orbiter.
The Shenzhou 18 crew will replace three taikonauts aboard the Chinese space station who are wrapping up a six-month stay.
In November 2023, NASA's Voyager 1 spacecraft stopped sending "readable science and engineering data."
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
When Tiffiney Crawford was found dead inside her van, authorities believed she might have taken her own life. But could she shoot herself twice in the head with her non-dominant hand?
We look back at the life and career of the longtime host of "Sunday Morning," and "one of the most enduring and most endearing" people in broadcasting.
Cayley Mandadi's mother and stepfather go to extreme lengths to prove her death was no accident.
In Oklahoma, Nate Burleson shares his family’s personal connection to one of America’s darkest chapters. Then in Texas, we tour the renowned Kinsey Collection, the largest private holding of African American art and artifacts. Watch these stories and more on Eye on America with host Michelle Miller.
A police officer becomes a guardian angel for a little girl struggling at school. A New Jersey toddler goes viral for the way she speaks, bringing joy and laughs to millions. A 7-year-old makes history at the rodeo. Plus, more inspiring stories.
Recap of former president Donald Trump's New York trial; Chef works to bring unique flavors to over 30 cruise ship restaurants.
A descendent of American folk hero Davey Crockett, Charley Crockett was raised in a Texas trailer park. He bought his first guitar in a pawn shop and taught himself how to play it. In 2015, he started releasing records independently. Fourteen albums later, Crockett has established himself as one of the leaders in traditional country music's revival. From his new album "$10 Cowboy," here is Charley Crockett with "America."
A descendent of American folk hero Davey Crockett, Charley Crockett was raised in a Texas trailer park. He bought his first guitar in a pawn shop and taught himself how to play it. In 2015, he started releasing records independently. Fourteen albums later, Crockett has established himself as one of the leaders in traditional country music's revival. From his new album "$10 Cowboy," here is Charley Crockett with "Solitary Road."