CBS News
Here’s how much Americans say they need to retire — and it’s 53% higher than four years ago
Americans have lofty goals for their retirement, with the typical worker believing they need $1.46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey from Northwestern Mutual.
But most people are far from reaching that objective, with the study finding that the average amount held in a retirement account today is just $88,400. That means that the typical worker has a $1.37 million gap between their actual savings and their retirement aspirations.
Due to the impact of inflation and other financial pressures, Americans today believe they need to sock away more for their golden years compared with 2020, when the typical worker pegged a comfy retirement as requiring $951,000 in savings, Aditi Javeri Gokhale, chief strategy officer at Northwestern Mutual, told CBS MoneyWatch.
But, she added, many workers are also expecting to live longer and spend more time in retirement, which may also explain why people believe they need bigger nest eggs than in prior years. Indeed, Gen Z workers, who are currently in their early 20s, want to retire at 60, and almost 1 in 3 think they’ll live to 100, meaning that they’ll need to fund a 40-year retirement, the study found.
“The magic number is at an all-time high — it’s 50% higher than what it was before the pandemic,” Gokhale said. “The cost of living in general, whether in reality or perception, seems to be more costly now than it was before.”
And more people are worried about Social Security, given that the program’s trust fund reserves are set to be depleted in 2033, which will lead to a cut in benefits if the program isn’t shored up before then.
“We’re all seeing stories about Social Security, and you’ll see more of that since it’s election year,” she noted. “So if my benefit will be cut, I have to shoulder more of the burden.”
How far does $1.46 million get you?
Many of the 4,588 adults who responded to the financial service company’s survey likely answered with a guesstimate, given that the study also found that only about half of boomers — many of whom are already retired — say they actually know how much they need to retire, Gokhale said.
In other words, while some people have talked with a financial adviser or worked out a detailed plan themselves for their retirement, many Americans are heading toward retirement without really sitting down and figuring out what they need.
“There is no major calculation; it’s a feeling,” Gokhale noted. “Some of them probably have done some math, in terms of saving and in terms of average burn to operate [in retirement], but it generally comes [down] to feeling.”
To be sure, retirement needs vary considerably, based on a person’s standard of living while working, their local cost of living, taxes and other financial details. Using the rule of thumb to withdraw 4% of one’s retirement savings annually, a nest egg of $1.46 million would result in about $58,400 in annual income.
After adding in Social Security benefits, which is about $23,000 annually, that results in retirement income of about $81,000 each year — or above the median household income of $74,580.
Of course, most Americans are far from reaching $1.46 million in savings — and many head into retirement with no savings at all.
A do-it-yourself system
The study underscores the do-it-yourself mentality of the current retirement system, which some experts have said has evolved from the shift to 401(k) programs from pensions, with the latter managed by companies to provide workers with a steady stream of income in retirement.
But with 401(k) programs, workers typically pick their own investments and decide how much of their income to save.
One of the system’s critics is retirement expert Teresa Ghilarducci, an economist and professor at the The New School for Social Research in New York, who recently told CBS News that the current approach has has left behind the bottom 90% of workers. For starters, only half of American workers even have access to a retirement plan, leaving the rest to cobble together a savings strategy.
Many Americans don’t believe they have enough money to consult a financial adviser, but it’s a step that she believes more people should take, noted Gokhale, whose company provides that service. “I don’t believe you have to be on your own and Google search, ‘What do I need for retirement’,” she added.
But other research indicates there are plenty of hurdles to overcome. For one, about 6 in 10 people over 50 have never talked with a financial professional, and the reasons range from their fears that they don’t have enough in savings to justify it and that it’s too expensive, according to a study published earlier this year from AARP.
“If you are trying to do this on your own, it becomes very very overwhelming and disheartening,” Gokhale said.
For most Americans, going it alone is the standard way to plan for retirement.
CBS News
Former Israeli hostages released in truce 1 year ago call for action to release those still held
Former Israeli hostages who were freed from Hamas captivity during a week-long humanitarian pause in fighting exactly one year ago Sunday called for immediate action to secure a deal for the release of those still held.
The only truce in the ongoing Israel-Hamas war on Nov. 24, 2023 – fewer than two months after fighting began – led to the release of 80 Israelis held by militants in Gaza. They were freed in exchange for 240 Palestinians detained in Israeli jails.
Repeated efforts since then by mediators from Qatar, Egypt and the United States to secure another truce and hostage release have failed. Qatar early this month said it was suspending its mediation role until the warring sides show “seriousness.”
Mostafa Alkharouf/Anadolu via Getty Images
Gabriella Leimberg was kidnapped during the Oct. 7, 2023, Hamas attack and was released along with her daughter, Mia, and sister Clara.
“For 53 days, the one thing that kept me going is that we, the people of Israel, the Jewish people, sanctify life — we don’t leave anyone behind,” she said.
Leimberg added: “Everything has already been said and now action is required. We don’t have any more time.”
Around 100 hostages are still in Gaza, and at least a third are believed to be dead.
“I survived and I was fortunate to get my entire family back,” Leimberg said. “I want and demand this for all the families of the hostages.”
Hamas wants Israel to end the war and withdraw all troops from Gaza. Israel has offered only to pause its offensive.
The Palestinian death toll from the war surpassed 44,000 this week, according to Gaza’s Health Ministry, which does not distinguish between civilians and combatants in its count.
Maya Alleruzzo / AP
Danielle Aloni, who was kidnapped with her five-year-old daughter, Emelia, and freed after 49 days, spoke at the ceremony of the “increasing danger” those still being held face every day.
She said those still in captivity “suffer physical, sexual, and psychological abuse, their identity and dignity crushed anew each day”.
“It took the Israeli government about two months to secure a deal for me and 80 other Israeli hostages. Why is it taking over a year to reach another deal to free them from this hell?” asked Aloni, whose brother-in-law, David Cunio, and his brother, Ariel Cunio, are still being held.
She emphasized that, even though she and the other hostages gained their freedom a year ago, “we haven’t really left the tunnels,” — referring to Hamas’ underground tunnels where many of the hostages were held.
“The feeling of suffocation, the terrible humidity, the stench — these sensations still envelop us,” Aloni said.
“If people could truly understand what it means to be held in subhuman conditions in tunnels, surrounded by terrorists for 54 days — there’s no way they would allow hostages to remain there for 415 days!” said Raz Ben Ami, who was released in the deal a year ago.
Her husband, Ohad, is still among those being held.
Ben Ami called for a ceasefire to “bring back all the hostages as quickly as possible”.
CBS News
Couple charged for allegedly stealing $1 million from Lululemon in convoluted retail theft scheme
A couple from Connecticut faces charges for allegedly taking part in an intricate retail theft operation targeting the apparel company Lululemon that may have amounted to $1 million worth of stolen items, according to a criminal complaint.
The couple, Jadion Anthony Richards, 44, and Akwele Nickeisha Lawes-Richards, 45, were arrested Nov. 14 in Woodbury, Minnesota, a suburb of Minneapolis-St. Paul. Richards and Lawes-Richards have been charged with one count each of organized retail theft, which is a felony, the Ramsey County Attorney’s Office said. They are from Danbury, Connecticut.
The alleged operation impacted Lululemon stores in multiple states, including Minnesota.
“Because of the outstanding work of the Roseville Police investigators — including their new Retail Crime Unit — as well as other law enforcement agencies, these individuals accused of this massive retail theft operation have been caught,” a spokesperson for the attorney’s office said in a statement on Nov. 18. “We will do everything in our power to hold these defendants accountable and continue to work with our law enforcement partners and retail merchants to put a stop to retail theft in our community.”
Both Richards and Lawes-Richards have posted bond as of Sunday and agreed to the terms of a court-ordered conditional release, according to the county attorney. For Richards, the court had set bail at $100,000 with conditional release, including weekly check-ins, or $600,000 with unconditional release. For Lawes-Richards, bail was set at $30,000 with conditional release and weekly check-ins or $200,000 with unconditional release. They are scheduled to appear again in court Dec. 16.
Prosecutors had asked for $1 million bond to be placed on each half of the couple, the attorney’s office said.
Richards and Lawes-Richards are accused by authorities of orchestrating a convoluted retail theft scheme that dates back to at least September. Their joint arrests came one day after the couple allegedly set off store alarms while trying to leave a Lululemon in Roseville, Minnesota, and an organized retail crime investigator, identified in charging documents by the initials R.P., recognized them.
The couple were allowed to leave the Roseville store. But the investigator later told an officer who responded to the incident that Richards and Lawes-Richards were seasoned shoplifters, who apparently stole close to $5,000 worth of Lululemon items just that day and were potentially “responsible for hundreds of thousands of dollars in loss to the store across the country,” according to the complaint. That number was eventually estimated by an investigator for the brand to be even higher, with the criminal complaint placing it at as much as $1 million.
Richards and Lawes-Richards allegedly involved other individuals in their shoplifting pursuits, but none were identified by name in the complaint. Authorities said they were able to successfully pull off the thefts by distracting store employees and later committing fraudulent returns with the stolen items at different Lululemon stores.
“Between October 29, 2024 and October 30, 2024, RP documented eight theft incidents in Colorado involving Richards and Lawes-Richards and an unidentified woman,” authorities wrote in the complaint, describing an example of how the operation would allegedly unfold.
“The group worked together using specific organized retail crime tactics such as blocking and distraction of associates to commit large thefts,” the complaint said. “They selected coats and jackets and held them up as if they were looking at them in a manner that blocked the view of staff and other guests while they selected and concealed items. They removed security sensors using a tool of some sort at multiple stores.”
CBS News contacted Lululemon for comment but did not receive an immediate reply.
CBS News
Former Trump national security adviser says next couple months are “really critical” for Ukraine
Washington — Lt. Gen. H.R. McMaster, a former national security adviser to Donald Trump, said Sunday that the upcoming months will be “really critical” in determining the “next phase” of the war in Ukraine as the president-elect is expected to work to force a negotiated settlement when he enters office.
McMaster, a CBS News contributor, said on “Face the Nation with Margaret Brennan” that Russia and Ukraine are both incentivized to make “as many gains on the battlefield as they can before the new Trump administration comes in” as the two countries seek leverage in negotiations.
With an eye toward strengthening Ukraine’s standing before President-elect Donald Trump returns to office in the new year, the Biden administration agreed in recent days to provide anti-personnel land mines for use, while lifting restrictions on Ukraine’s use of U.S.-made longer range missiles to strike within Russian territory. The moves come as Ukraine marked more than 1,000 days since Russia’s invasion in February 2022.
Meanwhile, many of Trump’s key selection for top posts in his administration — Rep. Mike Waltz for national security adviser and Sens. Marco Rubio for secretary of state and JD Vance for Vice President — haven’t been supportive of providing continued assistance to Ukraine, or have advocated for a negotiated end to the war.
CBS News
McMaster said the dynamic is “a real problem” and delivers a “psychological blow to the Ukrainians.”
“Ukrainians are struggling to generate the manpower that they need and to sustain their defensive efforts, and it’s important that they get the weapons they need and the training that they need, but also they have to have the confidence that they can prevail,” he said. “And any sort of messages that we might reduce our aid are quite damaging to them from a moral perspective.”
McMaster said he’s hopeful that Trump’s picks, and the president-elect himself, will “begin to see the quite obvious connections between the war in Ukraine and this axis of aggressors that are doing everything they can to tear down the existing international order.” He cited the North Korean soldiers fighting on European soil in the first major war in Europe since World War II, the efforts China is taking to “sustain Russia’s war-making machine,” and the drones and missiles Iran has provided as part of the broader picture.
“So I think what’s happened is so many people have taken such a myopic view of Ukraine, and they’ve misunderstood Putin’s intentions and how consequential the war is to our interests across the world,” McMaster said.
On Trump’s selections for top national security and defense posts, McMaster stressed the importance of the Senate’s advice and consent role in making sure “the best people are in those positions.”
McMaster outlined that based on his experience, Trump listens to advice and learns from those around him. And he argued that the nominees for director of national intelligence and defense secretary should be asked key questions like how they will “reconcile peace through strength,” and what they think “motivates, drives and constrains” Russian President Vladimir Putin.
Trump has tapped former Rep. Tulsi Gabbard to be director of national intelligence, who has been criticized for her views on Russia and other U.S. adversaries. McMaster said Sunday that Gabbard has a “fundamental misunderstanding” about what motivates Putin.
More broadly, McMaster said he “can’t understand” the Republicans who “tend to parrot Vladimir Putin’s talking points,” saying “they’ve got to disabuse themselves of this strange affection for Vladimir Putin.”
Meanwhile, when asked about Trump’s recent selection of Sebastian Gorka as senior director for counterterrorism and deputy assistant to the president, McMaster said he doesn’t think Gorka is a good person to advise the president-elect on national security. But he noted that “the president, others who are working with him, will probably determine that pretty quickly.”
Minnesota gas prices fall ahead of Thanksgiving travel
Former Israeli hostages released in truce 1 year ago call for action to release those still held
Couple charged for allegedly stealing $1 million from Lululemon in convoluted retail theft scheme
Minnesota gas prices fall ahead of Thanksgiving travel
Former Israeli hostages released in truce 1 year ago call for action to release those still held