401(k) plans favor rich people. Here's how to change that.
Expanding a federal retirement savings program could decrease inequality and boost wealth for the poorest, experts say.
401k
Many Americans feel they can use their 401(k) as a source for extra cash
Many Americans feel they can use their 401(k) as a source for extra cash, but there are a lot of fees and penalties for withdrawing money early. CBS MoneyWatch contributor Ray Martin shares the best way to tap into your retirement savings if you really need to.
Suzanna de Baca of Ameriprise Financial joins MoneyWatch's Amey Stone to discuss the spending and saving habits of Millenials and why cutting back on smaller items like eating out and clothing might not be enough.
Suzanna de Baca of Ameriprise Financial joins MoneyWatch's Amey Stone to discuss the spending and saving habits of Millenials and why cutting back on smaller items like eating out and clothing might not be enough.
CBS MoneyWatch's Ray Martin shows you how to achieve the basic goals of financial security and independence for your golden years
Whether you are ready to retire or planning to do so in the distant future, CBS MoneyWatch's Ray Martin shows you how to achieve the basic goals of financial security and independence for your golden years.
COVID relief deal lets you raid your 401(k) without a tax penalty. Is that a good idea?
Workers can withdraw or borrow up to $100,000 from 401(k)s under new COVID-19 aid package. Retirement planners say only do this if necessary.
How to manage financial stress
According to the American Psychological Association's "Stress in America" survey, nearly two in three adults this year said money is a significant source of stress in their life, and about half of adults said they have experienced negative financial impact due to the COVID-19 pandemic. Walser Wealth Management president Rebecca Walser joins CBSN to discuss how to manage financial anxiety.
How to make the most of your investments
Investing can seem intimidating when you have no background information or resources, but it may be more accessible than you think. Something as simple as a 401(k) or IRA can lead to greater retirement earnings than using a traditional savings account. CBS News business analyst Jill Schlesinger joined CBSN with more on how to make the most out of your investments.
What's behind the massive stock market drop?
Your 401(k) may be taking a hit this week after another sell-off in the markets. The Dow, Nasdaq and S&P each lost more than 1.5% of their value Wednesday, the second straight day of losses. President Trump placed the blame on his political foes, and "impeachment nonsense." CBS News business analyst Jill Schlesinger joins “CBS This Morning” to discuss what's really behind the drop.
Now may be the time for a Roth IRA conversion
Financial fallout caused by the COVID-19 pandemic is impacting many Americans' retirement savings. But for some, there could be a silver lining. If you've been considering converting a traditional IRA to a Roth IRA, now could be a beneficial time to do so. CBS News business analyst Jill Schlesinger joins CBSN to help navigate whether this may be a smart move for you.
Wall Street hopes "Santa Claus rally" extends year's gains
Stocks tend to do well this time of the year, but some question whether 2019's near 30% gains can continue in 2020.
Your 401(k) could soon include new types of investments
The act would expand lifetime-income options like annuities and allow part-time workers to join 401(k) plans
Critics: Fidelity charity fund gives to "hate groups"
Mutual fund giant's affiliated charitable fund gave $330,000 to a group that equates homosexuals with pedophiles.
Here's how many of Fidelity's 401(k) accounts have $1 million
Still, only 1% of the firm's 401(k) plans have amassed that level of savings, while most people have far less
How Trump's trade war could do real damage to your 401(k)
Here's why investors saving for retirement should pay close attention to President Trump's latest China tariff threat
How gig economy workers can save for retirement
Several types of plans are available, but figuring out which one is right for you can be confusing, so here's some help
Congress' big chance to help workers save for retirement
Approved overwhelmingly in the House, the Secure Act would do much to help employers and retirement savers
Consider these options before cracking your 401(k)
Need money urgently? Before taking a hardship withdrawal from your 401(k) plan, consider these alternatives
Hardship withdrawals from your company's 401(k)
The rules for hardship withdrawals are strict and the costs of taking money from your future retirement can be sky-high
1 in 4 millennials raiding 401(k)s early to pay debt
A generation defined by high levels of debt often thinks paying off credit cards and student loans trumps saving for retirement
Some millennials tap 401(k)s to pay down debt
For a generation defined by unprecedented levels of debt, paying down credit card and student loan bills trumps saving for retirement.
A tricky IRA trap that retirees need to avoid
The rules for annual required minimum distributions can hit you with investment losses if you aren't careful
What to do about a falling 401(k) account
It really depends on how old you are and whether you've got a strategy in place for inevitable market drops
Uncertainty behind declines in stock market
The Federal Reserve begins a two-day meeting Tuesday and is expected to raise interest rates. This comes amid sharp stock declines that are hammering Americans' 401(k)s. The Dow plunged 507 points Monday, and the S&P 500 dropped 54 points. It is down nearly five percent for the year. CBS News financial contributor Mellody Hobson joins "CBS This Morning" to explain the market uncertainty.
"I blame myself": Millions of Americans forced to hold off on retirement
"If I had planned harder when I was younger and if things had went better, I wouldn't be going to work this morning"
Why millions of Americans are working past the age of 65
Workers like 80-year-old Tom Coomer are still in the workforce long past when they thought they would be enjoying retirement
Live
U.S. restarts blockade and strikes Iran as Trump seeks control of Strait of Hormuz
As the U.S. restarts its Iran blockade and carries out more strikes, President Trump has called off a planned 20% fee on shipping through the Strait of Hormuz.
ICE halts most vehicle stops following deadly shootings, sources say
Neither of the victims of the ICE shootings in Maine or Texas were the target of enforcement operations, according to the Department of Homeland Security.
Houston prosecutor could bring charges against ICE agents in fatal shooting
Harris County District Attorney Sean Teare, who is investigating the fatal ICE shooting of Lorenzo Salgado Araujo, told CBS News ICE's tactics "in no way resemble" the behavior of police agencies he's worked with.
House passes bill to make daylight saving time permanent
The measure also allows states to opt out if they take action before the federal law is enacted.
State board: Musk may have broken election law by offering $1M checks to voters
The Wisconsin Elections Commission found billionaire Elon Musk may have violated the state's election bribery law by offering $1 million checks to voters during an election last year.
Cyclospora outbreak leaves consumers guessing which foods are safe
Officials are still searching for the source of the outbreak, prompting consumers to seek advice on social media about which foods to avoid.
Security video captures moments after man was fatally shot by ICE in Maine
A home security camera captured the sound of five gunshots when Johan Sebastián Durán Guerrero, a Colombian national, was fatally shot by an Immigration and Customs Enforcement officer.
DoD watchdog finds 155mm artillery plant built 2 years ago has produced nothing
An ammunition plant in Mesquite, Texas, has not produced any metal projectile parts after the Army spent $469 million to establish the facility.
Bipartisan senators introduce Russia sanctions and tariff bill Graham championed
The text of the bill had been finalized before Graham met with Zelenskyy last week in Kyiv.
U.S.
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Houston prosecutor could bring charges against ICE agents in fatal shooting
Harris County District Attorney Sean Teare, who is investigating the fatal ICE shooting of Lorenzo Salgado Araujo, told CBS News ICE's tactics "in no way resemble" the behavior of police agencies he's worked with.
Security video captures moments after man was fatally shot by ICE in Maine
A home security camera captured the sound of five gunshots when Johan Sebastián Durán Guerrero, a Colombian national, was fatally shot by an Immigration and Customs Enforcement officer.
State board: Musk may have broken election law by offering $1M checks to voters
The Wisconsin Elections Commission found billionaire Elon Musk may have violated the state's election bribery law by offering $1 million checks to voters during an election last year.
House passes bill to make daylight saving time permanent
The measure also allows states to opt out if they take action before the federal law is enacted.
Spain reaches World Cup final with dominant 2-0 win over France
In a match Tuesday featuring two of soccer's biggest heavyweights, Spain put in a masterful performance, frustrating France to the tune of a 2-0 win to advance to Sunday's World Cup final.
MoneyWatch
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Scammers are using FaceTime to steal bank account passwords
The scheme begins with fake fraud alerts before shifting to a FaceTime call, where victims are tricked into exposing sensitive banking information.
Senators introduce bipartisan plan to tackle Social Security insolvency
The Promise Act would establish a legislative procedure with the goal of preserving Social Security's trust funds for the next 50 years.
Cyclospora outbreak leaves consumers guessing which foods are safe
Officials are still searching for the source of the outbreak, prompting consumers to seek advice on social media about which foods to avoid.
Social Security's 2027 COLA could be the biggest in years
New estimates call for a 3.6% to 3.8% benefit increase next year, although the final adjustment will depend on inflation readings released this summer.
Rare T. rex fossil sells for record $50.1 million at auction
The T. rex, nicknamed Gus, is a towering figure, standing at 12.5 feet fall and roughly 38 feet long.
Politics
More Politics
Houston prosecutor could bring charges against ICE agents in fatal shooting
Harris County District Attorney Sean Teare, who is investigating the fatal ICE shooting of Lorenzo Salgado Araujo, told CBS News ICE's tactics "in no way resemble" the behavior of police agencies he's worked with.
Security video captures moments after man was fatally shot by ICE in Maine
A home security camera captured the sound of five gunshots when Johan Sebastián Durán Guerrero, a Colombian national, was fatally shot by an Immigration and Customs Enforcement officer.
State board: Musk may have broken election law by offering $1M checks to voters
The Wisconsin Elections Commission found billionaire Elon Musk may have violated the state's election bribery law by offering $1 million checks to voters during an election last year.
House passes bill to make daylight saving time permanent
The measure also allows states to opt out if they take action before the federal law is enacted.
Senate Democrats block must-pass defense policy bill over Iran war objections
Senate Democrats blocked a must-pass annual defense policy bill from moving forward on Tuesday as they voiced opposition to the Trump administration's handling of the war with Iran.
HealthWatch
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HealthWatch
Taco Bell removes some items amid outbreak
As of Tuesday, nearly 7,000 people in 34 states reported symptoms tied to a parasitic illness that, so far, has no official source. Carter Evans reports on what's suspected of being behind the cyclosporiasis outbreak.
Cyclospora outbreak leaves consumers guessing which foods are safe
Officials are still searching for the source of the outbreak, prompting consumers to seek advice on social media about which foods to avoid.
"Miracle on the Hudson" pilot, Capt. "Sully," shares Alzheimer's diagnosis
Capt. Chesley "Sully" Sullenberger, who famously landed a passenger jet on the Hudson River in 2009, said he has been diagnosed with Alzheimer's disease.
States call out big businesses with employees on Medicaid
With the federal Medicaid work requirement looming in January, Democrats are considering state legislation to call out big companies that employ workers enrolled in the safety net health program.
Dr. Céline Gounder: Lindsey Graham died of aorta disease. My husband did too.
Lindsey Graham's aorta tore at 71. Grant Wahl's burst at 49. One is common and age-driven; the other is inherited, silent, and findable.
World
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Iraq seizes mounds of gold and millions in cash in corruption crackdown
An anti-corruption probe in Iraq leads to seizure of 825 pounds of gold and tens of millions in cash from lawmakers and government officials.
Spain reaches World Cup final with dominant 2-0 win over France
In a match Tuesday featuring two of soccer's biggest heavyweights, Spain put in a masterful performance, frustrating France to the tune of a 2-0 win to advance to Sunday's World Cup final.
Bipartisan senators introduce Russia sanctions and tariff bill Graham championed
The text of the bill had been finalized before Graham met with Zelenskyy last week in Kyiv.
U.S. marine biologist shot dead in the Philippines, companion injured
Kent Carpenter and his Filipina companion were at his house in the coastal town of Sibulan when masked men forced their way in.
China rejects report that a U.S. scientist is being wrongfully detained
Asked about the case of U.S. national Youlin Chen, China's foreign ministry said there was no "wrongful detention," but it did not deny the scientist was imprisoned.
Entertainment
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Insider at "The Wolf of Wall Street" firm opens up: "My lifestyle was insane"
The Paramount+ documentary "The Real Wolf of Wall Street" gives an inside look at Jordan Belfort's scandal-ridden firm, Stratton Oakmont.
Gelfand on "The Real Wolf of Wall Street"
"The Real Wolf of Wall Street," a new documentary from See It Now Studios on Paramount+, focuses on the real-life story of infamous stockbroker Jordan Belfort and his brokerage firm Stratton Oakmont. Howie Gelfand, a former partner at Stratton Oakmont, explains why he decided to be part of the documentary and how the 2013 film, "The Wolf of Wall Street," starring Leonardo DiCaprio, got the real story wrong.
Alan Ritchson on thriller "Motor City"
Alan Ritchson talks about starring in "Motor City," which has nearly no dialogue, how his process was different and why he thinks it will resonate with audiences.
States sue to block Paramount-WBD merger
A coalition of a dozen states on Monday sued to block Paramount Skydance's acquisition of Warner Bros. Discovery, posing a new challenge to the $110 billion deal that would unite two of the nation's largest media companies. Paramount Skydance is the parent company of CBS News. CBS News' Jo Ling Kent reports.
Mick Jagger on music and politics
Mick Jagger spoke with The New York Times recently about the role of politics in his music. Political strategists Erin Maguire and Dan Kanninen join "The Takeout" to discuss.
Technology
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Technology
Major utility bill increases requested
Utility companies requested $9.2 billion worth of rate increases in the second quarter of 2026, potentially impacting over 56 million Americans, according to a new report from PowerLines. Former Michigan utility commissioner Tremaine Phillips joins CBS News to discuss.
Scammers are using FaceTime to steal bank account passwords
The scheme begins with fake fraud alerts before shifting to a FaceTime call, where victims are tricked into exposing sensitive banking information.
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.
Hochul halts NY data center construction
New York Gov. Kathy Hochul imposed a year-long moratorium on "hyperscale" AI data centers, halting construction as the state investigates the wider economic and environmental impacts. Shanelle Kaul explains more.
Apple files lawsuit against OpenAI
Apple is suing OpenAI over apparently stolen trade secrets that may be linked to hardware ambitions. CBS News contributor Patrick McGee joins with more.
Science
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Russian Soyuz rocket launches fresh crew to space station
The new crew will replace three other Soyuz fliers wrapping up a 240-day stay aboard the International Space Station.
Astronomer's name deciphered from ancient Mayan ruins for first time
The name "White-chested Fox" was found in drawings dating from 400 BC to 900 AD at the San Bartolo-Xultun archaeological site.
Disclosure Foundation head on new UFO files
The Pentagon on Friday released a new batch of UFO files, spanning 19 videos and more. Jordan Flowers, executive director of the Disclosure Foundation, joins CBS News to discuss.
Watch: Pentagon releases 19 new UFO videos
The Defense Department released a fourth batch of UFO files on Friday, nearly one month after its third drop. These are all of the videos in the latest tranche, plus analysis from astrophysicist Avi Loeb.
2,000-year-old gold rings and human bones found by archaeologists
Archaeologists have discovered eight human skeletons, bronze and gold jewelry and other artifacts indicating a ceremonial burial of wealthy people.
Crime
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U.S. marine biologist shot dead in the Philippines, companion injured
Kent Carpenter and his Filipina companion were at his house in the coastal town of Sibulan when masked men forced their way in.
Kagan opening statements on security funding
Supreme Court Justices Elena Kagan and Amy Coney Barrett are on Capitol Hill to testify before House lawmakers in response to a request for increased security funding amid growing threats against members of the highest court.
Second fatal ICE shooting in a week
Joan Sebastian Guerrero's death in Maine marks the second time in a week that Immigration and Customs Enforcement agents have shot and killed a civilian. The Department of Homeland Security alleged that a man "attempted to flee the scene" when stopped by ICE. Guerrero's killing has prompted calls for an investigation. CBS News' Lilia Luciano reports.
Apple files lawsuit against OpenAI
Apple is suing OpenAI over apparently stolen trade secrets that may be linked to hardware ambitions. CBS News contributor Patrick McGee joins with more.
Witnesses on ICE shooting in Maine
Witnesses are describing what they saw during the moments after an Immigration and Customs Enforcement agent fatally shot a man in Maine. One source with knowledge of the investigation says Joan Sebastian Guerrero was killed during the encounter. CBS News' Lilia Luciano reports.
Space
More Space
Russian Soyuz rocket launches fresh crew to space station
The new crew will replace three other Soyuz fliers wrapping up a 240-day stay aboard the International Space Station.
Astronomers discover sugar in space that's also found in raspberries
The sugar, called erythrulose, lurks in what's called the interstellar medium: thin clouds of gas and dust littered between stars.
Telescope spots most distant quasars ever discovered
Quasars — the brightest objects in the universe — are powered by supermassive black holes at the heart of early galaxies.
Mission launched to rescue a falling space telescope
Katalyst Space's LINK spacecraft is designed to capture and boost NASA's Swift observatory back to a safe altitude.
NASA astronauts operate on space station's broken robot arm
The orbital surgery on the International Space Station returned the Canadian-built robot arm to full health after its "wrist" joint failed last month.
Latest Galleries
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Notable Deaths in 2026
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Photos show celebrations at Obama Presidential Center
The Obama Presidential Center, museum and library opens in Chicago with a star-studded grand opening ceremony and public watch party on Midway Plaisance.
Summer music highlights of 2026
Summer is the time to enjoy live music, indoors and out. Scroll through our gallery of some of 2026's leading musical acts, featuring images by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Evidence in the Barbara Kendhammer case
Does the evidence show a cover-up, or was Todd Kendhammer wrongfully convicted for the murder of his wife?
Timeline: The disappearance of George Smith
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Latest CBS News Videos
More Latest CBS News Videos
Latest CBS News Videos
Officials speak on fatal ICE shootings
U.S. Immigration and Customs Enforcement officials shot and killed two men in the last week in Maine and in Texas. Maine's House speaker, a Houston prosecutor and a Minnesota attorney spoke with CBS News about the violence.
Anthropic launches "Claude for Teachers"
Anthropic is offering verified teachers a year of free access to its premium AI tools through its new "Claude for Teachers" program. Elizabeth Kelly, head of Beneficial Deployments at Anthopic, joins CBS News to discuss.
Houston prosecutor on ICE shooting witnesses
Harris County District Attorney Sean Teare, who is investigating the ICE killing of Mexican immigrant Lorenzo Salgado Araujo, says his office is filing paperwork to get visas for the witnesses of the fatal shooting, so they're not deported while the investigation unfolds.
Major utility bill increases requested
Utility companies requested $9.2 billion worth of rate increases in the second quarter of 2026, potentially impacting over 56 million Americans, according to a new report from PowerLines. Former Michigan utility commissioner Tremaine Phillips joins CBS News to discuss.
NASA astronaut flies to ISS for 8-month stay
Physician-astronaut Anil Menon, a former flight surgeon with NASA, rocketed into space Tuesday with two Russian cosmonauts for an eight-month stay aboard the International Space Station. CBS News' space consultant Bill Harwood has more.