Here's how much money Americans in their 40s have in their 401(k) accounts
The earlier you start saving for retirement, the better. To help you know if you're on track, retirement-plan provider Fidelity set benchmarks for how much you should have saved at every age. By 40, Fidelity recommends having three times your salary put away. If you earn $50,000 a year, you should aim to have $150,000 in retirement savings by the time you are 40. If your annual salary is $100,000 a year, you should aim to have $300,000 saved.
cnbc.comHere's what to do with your 401(k) if you lose your job
Retirement might be the last thing you are thinking about if you lose your job. But if you have a 401(k), there are a few decisions you can make to protect your future. Being proactive is the most important thing you can do with your 401(k) when you change employers, according to financial expert and radio host Chris Hogan. Check out this video to learn the moves Hogan recommends everyone should make with their retirement accounts if they are unemployed. More from Invest in You:'Predictably Irrational' author says this is what investors should be doing during the pandemicCoronavirus forced this couple into a 27-day quarantine amid their honeymoon cruiseHow to prepare for a family member with Covid-19Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
cnbc.comHow much you need to save every month to earn $50,000 a year in interest for retirement
Retirement usually involves giving up your annual salary, but you will still need an income to survive. While Social Security will cover a part of your budget, the rest of your money will most likely need to come from your savings and investments. If you want bigger drawdowns, you'll need to save up a much larger nest egg before you retire. NerdWallet crunched the numbers, and we can tell you how much you need to save now to get $50,000 every year in retirement, without taking a bite out of your principal. We do not factor in inflation, taxes or any additional income you may get from Social Security.
cnbc.comHere's what your monthly budget will look like if you retire with $2 million
Having a six-figure budget in retirement requires a large nest egg. You will need to save at least $2 million if you want to spend $100,000 per year in retirement, according to experts. You should aim to spend around 4% of your nest egg per year in retirement, according to financial advisor Winnie Sun. Check out this video to see a few different case studies of how much spending money you'll have if you retire on $2 million. CHECK OUT: Why January is a particularly great time to invest your money via Grow with Acorns+CNBC.
cnbc.comTigers manager Gardenhire announces immediate retirement
A Comerica Park videoboard displays a thank you message to Detroit Tigers manager Ron Gardenhire, who announced his retirement prior to a baseball game against the Cleveland Indians, Saturday, Sept. 19, 2020, in Detroit. This year was taking more of a toll on the 62-year-old Detroit Tigers manager than he'd necessarily let on. General manager Al Avila said he made a routine visit to Gardenhire’s office Saturday, when the manager told him about the decision. “On behalf of all of us with the Detroit Tigers, congratulations to Ron Gardenhire on a tremendous managerial career,” Tigers CEO Christopher Ilitch said in a statement. “Always, you'll miss baseball,” Gardenhire said.
How you can live large after your retirement
Nearly 4.5 million retired homeowners paid a mortgage in 2014. In one decade, the median mortgage debt for older homeowners jumped 82 percent to $79,000. In this "Eye on Money" series, CBS News business analyst Jill Schlesinger joins “CBS This Morning” to discuss what you need to know about mortgage debt, buying and renting homes and common mistakes to avoid before your retirement.
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