For those in their 40s, planning for retirement should include saving for the unexpected
If you're in your 40s, paying for a child's college should take a back seat to protecting your own savings, financial experts say.
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Planning to retire at 65? Most Americans have to stop working earlier.
Most Americans are forced to retire earlier than they had expected, often disrupting their financial planning.
Saving for retirement a challenge for the "sandwich generation"
Many people in their 50s are part of the so-called "sandwich generation" of workers who support both young relatives and aging parents.
The "sandwich generation" and retirement
Many people in their 50s are part of the so-called "sandwich generation" of workers who support both young relatives and aging parents. Roughly 5 million U.S. households fall into this category, and as a result, the sandwich generation faces challenges saving for retirement. Jill Schlesinger explains.
IRS ruling on 401(k) company match
A new Internal Revenue Service ruling on 401(k) company matches could change the way employees apply the contributions made by their employers. CBS News senior business and technology correspondent Jo Ling Kent has more.
Changing jobs? Some 401(k) tips
When changing jobs, there are a couple of choices you can make with your 401(k) plan. CBS News business analyst Jill Schlesinger breaks down the options to consider.
Gen Xers are nearing retirement. About half say they need a miracle.
Older Gen Xers are turning 59 ½ this month, when they can withdraw retirement assets without a penalty. But many don't have enough saved.
Some 401(k) plans may cut you a monthly check
Some companies are offering fixed monthly checks from a portion of workers' 401(k) retirement plans, according to a new report by the Wall Street Journal. CBS News contributor Javier E. David breaks down the process gaining momentum.
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.
What to know about taking out a 401(k) loan
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).
U.S. approaches "Peak 65"
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.
401(k) opportunities from market volatility
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.
Where $1M in retirement savings will last the longest around the U.S.
How far retirees are able to stretch their savings depends largely on where they choose to settle down, one analysis shows.
U.S. gets a C+ in retirement, on par with Kazakhstan and Colombia
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.
IRS catch-up contribution mandate delayed
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.
Disparity in access to retirement plans
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.
Half of Americans lack a retirement plan. Here are the worst states.
States with many workers without retirement savings are likely to face a spike in senior poverty, researchers say.
Millions of older workers are nearing retirement with nothing saved
Over the next few years, the U.S. could see a surge in seniors living in poverty, one retirement expert predicts.
How much money do you need to retire? Americans have a magic number.
People say they need more money than ever to retire comfortably, but most employees are far from reaching their financial goal.
Millions to lose popular 401(k) tax break
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.
Millions of Gen-Xers have almost nothing saved for retirement
"The American Dream of retirement is going to be a nightmare for too many Gen-Xers," one expert said.
Half of U.S. moms have no retirement savings
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.
Expert tips on preparing for next tax season
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.
Risks of early 401(k) withdrawals
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.
Setting money aside for emergencies
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.
Senate passes bill to avert government shutdown
The stopgap measure to fund the government and provide tens of billions in disaster relief passed the Senate and now goes to President Biden for his signature.
Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
Car slams into Christmas market in Germany in suspected attack
Police say the driver is under arrest after plowing into the crowd at a Christmas market in Magdeburg, Germany, killing at least 2 people and injuring dozens.
Biden's top hostage envoy travels to Syria to ask for help in finding Austin Tice
Hostage envoy Roger Carstens traveled to Syria Friday, making the first known U.S. in-person contact with the caretaker government, and seeking help in finding missing American Austin Tice.
Biden surpasses Trump with 235th federal judge confirmed
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
Here's a fact check on Trump's recent comments about the history of U.S. tariffs
Historians say Trump falsely said he was the only president to collect revenue from tariffs on Chinese goods, among other claims.
What to know about the winter solstice, 2024's shortest day
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, and is marked with traditions and celebrations around the world.
More than 119 million U.S. holiday travelers expected to hit roads, skies
More than 119 million people will travel at least 50 miles from home between Saturday and New Year's Day, which would top the previous holiday-season high set in 2019, according to AAA.
8 convicted of terrorism charges in teacher's 2020 beheading in France
Samuel Paty was killed by an Islamic extremist outside his school, days after showing his class cartoons of the Prophet Muhammad during a debate on free expression.
U.S.
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Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
What to know about the winter solstice, 2024's shortest day
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, and is marked with traditions and celebrations around the world.
How much more will it cost to heat your home this winter?
Here's what's driving up home heating costs, and how much families are expected to spend this winter.
IRS sending up to $1,400 to 1 million people. Here's who qualifies.
The IRS said it's sending out checks worth up to $1,400 to 1 million people. Here's what to know about the "special payments."
Biden surpasses Trump with 235th federal judge confirmed
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
MoneyWatch
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Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
How much more will it cost to heat your home this winter?
Here's what's driving up home heating costs, and how much families are expected to spend this winter.
IRS sending up to $1,400 to 1 million people. Here's who qualifies.
The IRS said it's sending out checks worth up to $1,400 to 1 million people. Here's what to know about the "special payments."
Feds sue Zelle, alleging nation's biggest banks failed to stop fraud
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
What would a government shutdown mean for flights and air travel?
Here's what the anticipated record number of holiday travelers should know about how a government shutdown could affect trips.
Politics
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Biden surpasses Trump with 235th federal judge confirmed
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
Here's a fact check on Trump's recent comments about the history of U.S. tariffs
Historians say Trump falsely said he was the only president to collect revenue from tariffs on Chinese goods, among other claims.
Feds sue Zelle, alleging nation's biggest banks failed to stop fraud
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
Mayorkas warns of "serious" consequences for Homeland Security if government shuts down
The warning came before the House passed a last-minute stopgap funding bill with bipartisan support Friday night, sending it to the Senate.
Biden issues likely last round of student debt forgiveness before leaving office
The Biden administration is canceling federal student loans for another 55,000 workers to the tune of $4.28 billion in what's expected to be the last such round before he leaves office.
HealthWatch
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Why fish, birds and other animals yawn too, according to an expert
Humans aren't alone when it comes to yawning — all vertebrates do it. But why? An expert explains the likely reason behind this "evolutionarily ancient" act.
Stuffing stockings with skincare? Here's what kids should and shouldn't be using
Skin care is all the rage for teens and tweens these days, but be careful not to give products that could cause more harm than good.
He went in for a colonoscopy. The hospital charged $19,000 for two.
A Chicago man was stuck with a big medical bill after undergoing a colonoscopy that found no evidence of cancer. Here's why.
Frito-Lay recalls some Lay's chips over "life-threatening" allergy risk
Some 13 oz. bags of Lay's Classic Potato Chips may contain an undeclared allergen, according to the snack company.
"Sleepmaxxing" trend has young adults optimizing their sleep
Sleep optimization, or "sleepmaxxing," is a popular trend among a younger demographic, but experts share a few words of caution.
World
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8 convicted of terrorism charges in teacher's 2020 beheading in France
Samuel Paty was killed by an Islamic extremist outside his school, days after showing his class cartoons of the Prophet Muhammad during a debate on free expression.
Car slams into Christmas market in Germany in suspected attack
Police say the driver is under arrest after plowing into the crowd at a Christmas market in Magdeburg, Germany, killing at least 2 people and injuring dozens.
Hip-hop star reportedly shot dead in parking garage in Sweden
In a video, seemingly filmed with a camera worn by the shooter, a person carrying a handgun can be seen firing multiple shots in a parking garage.
7 killed in prison riot as officers try to transfer 2 dangerous inmates
One of the inmates with a gun held out for about three hours, protected by 20 fellow prisoners, officials said.
7-year-old killed, 6 other people wounded in stabbing attack at Croatia school
A 7-year-old girl was killed and at least five other students and a teacher were wounded in a knife attack at a school in Croatia, police said.
Entertainment
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Entertainment
The untold WWII story of "Six Triple Eight"
Tyler Perry and Kerry Washington team up on the film "Six Triple Eight," spotlighting the only all-Black women's battalion in Europe during WWII. Washington stars as Charity Adams, the highest-ranking Black female officer.
Alicia Keys surprises students at her former high school
The 16-time Grammy winner returned to the Professional Performing Arts School in New York, where she first began her career, and shares advice with current students.
Quirky Guinness World Records of 2024 include a skateboarding cat
As 2024 comes to a close, we took a look at some of the oddest Guinness World Records of the year.
Alicia Keys surprises students at alma mater
Sixteen-time Grammy winner Alicia Keys celebrates her Broadway musical "Hell's Kitchen" earning a Grammy nomination for Best Musical Theater Album. In an exclusive interview, she revisits her alma mater to honor the teacher who inspired her and surprises students.
Apollo Theater honored by Kennedy Center
For 90 years, the Apollo Theater has shaped American culture, launching icons like James Brown and Aretha Franklin. This year, it became the first institution honored by the Kennedy Center, cementing its legacy as a hub of innovation.
Technology
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Technology
Supreme Court agrees to hear case about TikTok ban
The Supreme Court said Wednesday it will hear an appeal from TikTok over a federal law that would ban the social media giant if it is not sold by its Chinese parent company. Jan Crawford has more.
Teen victim of deepfake porn urges Congress to pass "Take It Down Act"
Elliston Berry's life was turned upside down after a photo she posted on Instagram was digitally altered online to be pornographic.
How AI powered robots are helping small farms
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.
Supreme Court to decide on future of TikTok
The Supreme Court plans to hear arguments in January on a challenge to a new law that could lead to the popular social media app TikTok being banned in the U.S. The Biden administration and lawmakers say the Chinese government's ability to collect data from TikTok poses a significant national security risk, while the app and its Chinese parent company ByteDance argue that the law is unconstitutional. CBS News Supreme Court producer Catherine Cole has more.
FAA: Lithium battery fires on flights now occur nearly twice a week
FAA data shows that lithium battery fires on U.S. flights have risen 388% since 2015, now occurring nearly twice a week.
Science
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What to know about the winter solstice, 2024's shortest day
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, and is marked with traditions and celebrations around the world.
Class-action lawsuit over plastic recycling
This week a group of plaintiffs in Missouri, Kansas, California and Florida filed a class-action lawsuit against dozens of companies and organizations, claiming they've falsely promoted how easy it is to recycle plastics. CBS News Los Angeles climatologist Marina Jurica has the details.
Why fish, birds and other animals yawn too, according to an expert
Humans aren't alone when it comes to yawning — all vertebrates do it. But why? An expert explains the likely reason behind this "evolutionarily ancient" act.
Americans coexisted with 4-ton sloths for millennia, research shows
Early Americans may have spent millennia sharing prehistoric savannas and wetlands with enormous beasts, research shows.
EPA tackling pollution in at-risk communities
The Environmental Protection Agency under President Biden created a new Office of Environmental Justice that seeks to address pollution levels in disadvantaged and marginalized communities. However, there is concern that the incoming Trump administration could do away with the new department. David Schechter reports.
Crime
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Crime
Dozens injured in Germany Christmas market attack
At least two people are dead and dozens more injured after a vehicle plowed into a crowd at a Christmas market in Magdeburg, Germany. Authorities say the driver of the car was arrested and that it appears to be a deliberate attack. Elaine Cobbe has details.
German Christmas market attack update
At least two people were killed and over 60 were injured after a car crashed into a Christmas market in eastern Germany. Authorities arrested a suspect, saying they believe he acted alone in the deliberate act. CBS News national security contributor Sam Vinograd has more details.
Toddler killed in German market attack, police say
At least two people, including a toddler, were killed, and at least 60 more hurt, after a car crashed into a Christmas market in Magdeburg, Germany, in what authorities said appeared to be a deliberate attack. German police said a Saudi man has been arrested, but a motive has not yet been determined. CBS News reporter Anna Noryskiewicz has more.
Details on suspect in crash at German market
More than 60 people were injured and at least two killed Friday after a driver rammed into a crowded Christmas market in Magdeburg, Germany. The driver is in custody and local government officials say they suspect the crash was deliberate. CBS News reporter Haley Ott has the latest details.
JonBenét Ramsey's dad on key evidence
John Ramsey, JonBenét Ramsey's dad, says he thinks DNA technology will lead to an answer in his daughter's brutal murder. "48 Hours" correspondent Erin Moriarty breaks down her latest reporting on the case.
Space
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Discovery of "tipped over" black hole surprises NASA scientists
New analysis techniques and decades-old research helped NASA scientists identify an unusual black hole in a distant galaxy.
Why are the Boeing Starliner astronauts stuck in space?
Here's why NASA astronauts Suni Williams and Butch Wilmore are stuck, but not stranded, at the International Space Station after launching into space in June.
NASA delayes return date for astronauts
NASA has delayed the return date for Boeing's Starliner astronauts Butch Wilmore and Suni Williams. CBS News' Manuel Bojorquez reports on the decision to keep the two in space.
NASA leader weighs in on Elon Musk, SpaceX and plans for moon rocket
NASA Administrator Bill Nelson says he's optimistic the Trump administration will support the space agency's agenda.
Boeing Starliner crew's return delayed again
Two astronauts who have been stuck in space since June will have to wait until at least the end of March to come home after NASA on Wednesday again pushed back their return date. Derrick Pitts, chief astronomer for the Franklin Institute, joined CBS News to discuss what's causing the delays.
Latest Galleries
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Notable Deaths in 2024
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Scott Peterson case: New evidence?
Peterson's death sentence for the murder of his pregnant wife Laci has been overturned. Now his supporters are pushing for a complete retrial.
The troubled marriage of Ashley and Doug Benefield
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
Texas couple investigates teen daughter's unusual death
Cayley Mandadi's mother and stepfather go to extreme lengths to prove her death was no accident.
Summer music heats up 2024
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Latest CBS News Videos
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Latest CBS News Videos
Eye on America: Inside human smuggling rings
In California, we speak to an anthropologist whose new book offers firsthand accounts from human smugglers helping people cross into the U.S. illegally. And in Nebraska, we hear from experts raising the alarm that road barricades aren’t strong enough against heavier electric vehicles. Watch these stories and more on "Eye on America" with host Michelle Miller.
A unique spin on the classic holiday eggnog
It's the time of year when we indulge in some favorite holiday treats and drinks like eggnog. Chef JJ Johnson, the founder of fast-casual restaurant Field Trip NYC, joins CBS News to showcase several holiday recipes.
Sports' biggest moments in 2024
2024 marked a sensational year in the world of sports. Some highlights included another Super Bowl win for the Kansas City Chiefs and the rise of women's sports on the college and professional level. Cbssports.com writer Austin Nivision breaks it all down.
Drone expert unpacks mysterious sightings
A string of drone sightings across parts of the Northeast has prompted federal officials to ban drone flights temporarily in 22 towns throughout New Jersey and some neighborhoods around airports in New York City. Michael Innella, drone photographer and founder of North Jersey Drone Shots, joins CBS News to discuss the logistics behind the aircraft.
Kids inspired by Secret Santa hand out money
An Arizona elementary teacher uses Steve Hartman's "On the Road" stories to teach kindness and character. One about a Secret Santa that gives out money to random strangers has inspired his students to do the same over the holidays -- and this year was no different.