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 schools cut financial ties to Israel and divest from companies they say are enabling the conflict.
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.
Multiple tornadoes were reported in Nebraska and a destructive storm moved from a largely rural area into the Omaha area.
Harvey Weinstein's 2020 conviction on felony sex crime charges was overturned by the State of New York Court of Appeals.
Russia has launched a barrage of missiles against Ukraine directed at energy facilities.
The father of one now faces the potential of a mandatory minimum prison sentence of up to 12 years.
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.
Former Colorado paramedic Jeremy Cooper was sentenced to four years probation, 14 months work release and 100 hours of community service on Friday afternoon.
An emergency exit slide "separated" from a Delta flight Friday, prompting an emergency return to New York City's John F. Kennedy Airport.
A Moscow court has detained another suspect as an accomplice in the attack by gunmen on a suburban Moscow concert hall in March.
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.
Protesters nationwide are demanding that schools cut financial ties to Israel and divest from companies they say are enabling the conflict.
The CEO of the nation's largest online dating company responded to questions stemming from a yearlong CBS News investigation into the growing threat of romance scammers.
Harvey Weinstein's 2020 conviction on felony sex crime charges was overturned by the State of New York Court of Appeals.
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.
With a relatively low average monthly cost of living and a low crime rate, this little-known town has a lot to offer retirees according to one report.
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.
A U.S. MQ-9 Reaper has crashed in Yemen. It may be the third $30 million drone shot down by the Houthis since November.
"I am happy to debate him," President Biden said during an interview with Howard Stern.
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.
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.
The father of one now faces the potential of a mandatory minimum prison sentence of up to 12 years.
A U.S. MQ-9 Reaper has crashed in Yemen. It may be the third $30 million drone shot down by the Houthis since November.
Police are cracking down at some university protests over Israel's war against Hamas in Gaza.
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.
Fans vote for the award winners — often leading to surprise winners and collaborative performances.
Sophia Bush filed for divorce from entrepreneur Grant Hughes in August 2023 after a year of marriage and started dating the former world champion soccer player afterward.
Preview: In an interview to be broadcast on "CBS News Sunday Morning" April 28, the Oscar-nominated actress also talks about her debut as a singer-songwriter with the album "Glorious."
Looking for a place to live in NYC? Zillow is now listing Frank Sinatra and Mia Farrow's former home on the Upper East Side.
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.
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.
Mass timber is a type of wood being used to build large buildings, like high-rises and airports. Jeff Glor traveled to Oregon to understand more about the material, its safety, and whether it's sustainable to use long-term.
Public baths have been the center of city life in Japan for centuries. But since 2006, hundreds of such baths have closed. Some are working to preserve the ancient tradition, which they say allows for socializing and relaxation.
First there was "Tennis for Two," then Atari's "Pong." Tennis has been a popular subject for video games for decades. Now, gaming company 2K Games is putting a unique spin on the classic game with "Topspin Tennis," which features real-life athletes. Michelle Miller has more.
On this edition of CBS Mornings Deals, Ashley Bellman shows us items that might just become essentials in your everyday life. Visit cbsdeals.com to take advantage of these exclusive deals today. CBS earns commissions on purchases made through cbsdeals.com.