CBS News
Retirement bites? Almost half of Gen Xers say they’ll need a miracle to retire.
The oldest members of Generation X are turning 59 1/2 this month, the earliest age when workers can start withdrawing retirement assets without a penalty. But many Gen Xers are far from prepared for their golden years, with almost half saying it would take a “miracle” for them to be able to retire, according to a new Natixis study.
Gen X — people born between 1965 and 1980 — is the first generation of U.S. workers to come of age with 401(k) plans as their primary retirement vehicle after employers largely shifted away from traditional pensions in the 1980s. But the 401(k) puts the onus squarely on the shoulders of participants to figure out how much to save, how to invest and how to withdraw their money in retirement — a do-it-yourself approach that noted retirement expert Teresa Ghilarducci has described as flimsy.
That’s left Gen Xers largely on their own to plan for retirement, and many are woefully underprepared, not only in the amount of assets they have squirreled away but in their comprehension of key financial information, according to Natixis, an investment bank. The average retirement savings of Gen X households is about $150,000 — far from the roughly $1.5 million that Americans say they need to retire comfortably.
What Gen X has in common with Jan Brady
Gen X “is the Jan Brady of generations,” overlooked while the larger baby boomer and millennial generations grab more attention, noted Dave Goodsell, executive director of the Natixis Center for Investor Insight. “They were the kids left alone after school, and they are kind of on their own in retirement too.”
About 1 in 5 Gen Xers worry they won’t be able to afford to step back from work even if they were able to save $1 million for retirement, the study found. And about one-quarter is concerned a shortage of savings will force them to return to work after they retire.
Other recent studies have also found that Gen X is in dire shape for retirement, with the National Institute on Retirement Security finding earlier this year that the typical Gen X household with a private retirement plan has $40,000 in savings. About 40% of the group hasn’t saved a penny for their retirement, that study found.
Even so, that’s not keeping Gen Xers from dreaming about retirement, with survey participants telling Natixis they plan to retire at 60 on average. They also believe their retirement will last about 20 years — shorter than what many retirees actually experience.
Such expectations may seem discordant, especially given the lack of retirement savings that they’ll need to fund their older years. But Goodsell chalked up the conflicting views on retirement, with half of Gen Xers thinking they need a miracle to retire even as they want to stop working at 60, to “wishful thinking.”
“The other thing I see is that 48% of people in the survey just stopped thinking about [retirement],” Goodsell noted. “I interpret it as saying they are stressed. But having your head in the sand isn’t a great strategy for anything.”
Many are overly optimistic
Gen X also has some unrealistic views of their potential investment performance, with the group saying they expect their retirement assets to have long-term returns of 13.1% above inflation, the Natixis findings show. At today’s inflation rate of about 3.3%, that would imply an investment return of 16.4% — well above the typical annual return of roughly 10% for the S&P 500.
Meanwhile, only about 2% of Gen Xers understood key aspects of investing in bonds, such as the impact that higher interest rates have on bond prices, the analysis found.
“For a lot of folks, when they are thinking of investing, it’s back-of-the-napkin thinking,” Goodsell said. His advice to Gen Xers is to “learn as much as you can, and be realistic about what you can accomplish.”
Even so, Goodsell noted, there are some aspects to retirement that are out of workers’ hands, which can add to people’s anxiety. About 4 in 10 Gen Xers worry they won’t be able to work as long as they like — and that, by contrast, is grounded in reality, Goodsell noted.
One 2018 study from the Urban Institute that tracked workers from their early 50s through at least age 65 found that the majority had to stop working before they reached retirement age, with 28% stopping work after a layoff, while another 9% retired because of poor health. Only 19% said they retired voluntarily.
CBS News
Surveillance cameras placed on palm trees by drug cartel “falcons” in city on border with Arizona, Mexico authorities say
Mexican authorities said they have detected and seized 24 drug cartel surveillance cameras fixed to telephone poles, light posts and even palm tree in the border city of San Luis Rio Colorado.
The city on the border with Arizona has suffered years of violence between drug cartels fighting for control of the border crossing, where they can smuggle drugs.
Prosecutors in northern Sonora state said Friday the cameras had been placed there by “falcons,” the name commonly used in Mexico for drug cartel lookouts seeking to keep tabs on the movements of soldiers and police.
Army troops removed the devices, and photos posted by prosecutors on social media suggested they were common porch-style cameras wrapped in duct tape. They were found in three different neighborhoods, located “on electric power poles, public lighting, telephones and even in palm trees,” prosecutors said.
Sonora State Prosecutor’s Office
San Luis Rio Colorado, located across from Yuma, Arizona, is best known as a border town where Americans go for inexpensive prescriptions and dental work. But it has increasingly been hit by drug cartel violence.
It is not the first border city where cartels have installed their own surveillance networks.
In 2015, a drug cartel in the northern state of Tamaulipas used at least 39 surveillance cameras to monitor the comings and goings of authorities in the city of Reynosa across the border from McAllen, Texas.
The cameras were powered by electric lines above the city streets and accessed the internet through phone cables along the same poles, and included modems and were capable of operating wirelessly or through commercial providers’ lines.
Several of the cameras were trained on an army base, while others captured movement outside a marine post, offices of the attorney general and state police as well as shopping centers, major thoroughfares and some neighborhoods.
Over the course of 2015, authorities also discovered 55 radio communication antennas between the nearby border cities of Matamoros and Miguel Aleman.
Last week, the U.S. Treasury Department said it sanctioned two Mexican businesses — an ice cream chain and a local pharmacy — for allegedly using proceeds of fentanyl trafficking to finance their operations tied to the Sinaloa cartel.
The sanctions were announced as rival cartel factions have been in a deadly conflict with each other and authorities following the surprise arrest on U.S. soil of Sinaloa Cartel co-founder Ismael “El Mayo” Zambada in late July, which is believed to have unleashed an internal power struggle within the group.
Cheyenne, Wyoming — Outrage over how a man struck a wolf with a snowmobile, taped the injured animal’s mouth shut and brought it into a bar has resulted in a proposal to tweak Wyoming’s animal cruelty law to apply to people who legally kill wolves by intentionally running them over.
Under draft legislation headed to a legislative committee Monday, people could still intentionally run over wolves but only if the animal is killed quickly, either upon impact or soon after.
Wyoming’s animal cruelty law is currently written to not apply at all to predators such as wolves. The proposed change would require a person who hits a wolf that survives to immediately use “all reasonable efforts” to kill it.
The bill doesn’t specify how a surviving wolf is to be killed after it is intentionally struck.
The fate of the wolf struck last winter in western Wyoming has prompted a fresh look at state policies toward wolves. Wildlife advocates have pushed back against reluctance in the ranching state to change laws written after long negotiations to remove federal protection for the species.
Although further changes to the draft bill may be in the works, the proposal up for discussion Monday wouldn’t change much, said Kristin Combs, executive director of Wyoming Wildlife Advocates.
“Everybody is against torturing animals. There is not a person I’ve come across so far that has said, ‘Yes, I want to continue to do that,'” Combs said Friday.
Caught on camera, the wolf seen lying on a bar floor in Sublette County led to calls to boycott Wyoming’s $4.8 billion-a-year tourism industry centered on Yellowstone and Grand Teton national parks, which comprise a prime wolf habitat not far from where the wolf was struck.
The organizing has had little effect, with Yellowstone on track for one of its busiest summer seasons on record.
Meanwhile, the man who hit the wolf – and killed it after showing it off – paid a $250 ticket for illegal possession of wildlife but didn’t face tougher charges.
Investigators in Sublette County said their investigation into the wolf incident has stalled because witnesses refuse to talk. County Attorney Clayton Melinkovich said by email Friday the case remained under investigation and he couldn’t comment on its details.
The draft bill to be discussed Monday would allow somebody who intentionally hits a wolf with a vehicle to be charged with felony animal cruelty if it survives and they don’t kill it right away.
How often wolves in Wyoming are intentionally run over – for a quick death or otherwise – is unknown. Such killings don’t have to be reported and recorded cases like the Sublette County incident are rare.
The case brought fresh attention to Wyoming’s policies for killing wolves, which are the least restrictive of any state where the animals roam. Wolves kill sheep, cattle and game animals, making them unpopular throughout the rural country of ranchers and hunters.
Across the region, state laws seek to keep the predators from proliferating out of the mountainous Yellowstone ecosystem and into other areas where ranchers run cattle and sheep.
In most of the U.S., wolves are federally protected as an endangered or threatened species, but not in Wyoming, Idaho and Montana, where they’re hunted and trapped under state laws and regulations. In Wyoming, wolves may be killed without limit in 85% of the state outside the Yellowstone region.
Though few in Wyoming have spoken out in favor of what happened to the wolf, officials have been reluctant to change the law to discourage maltreatment. Jim Magagna with the Wyoming Stock Growers Association condemned what happened but called it an isolated incident unrelated to the state’s wolf management laws.
CBS News
Democrats bullish about TV anchor Janelle Stelson’s chances against GOP Rep. Scott Perry of Pennsylvania
Some of the town squares and tree-lined streets in south central Pennsylvania are political battleground areas, and they look the part. On Keller Street, near St. Luke’s Episcopal Church in Mechanicsburg, one lawn is jammed with blue Democratic campaign signs, but down the road from the busy Sheetz gas station in the 18th-century township of Mount Holly Springs, side-by-side red signs promote former President Donald Trump and GOP Rep. Scott Perry, who represents the 10th Congressional District.
Democrats are bullish on their prospects here, as both parties fixate on a number of potentially competitive races in the state. Republicans dismiss any thought that Perry, a six-term Republican and Army War College graduate, is truly vulnerable in November.
The 10th-District race has some distinctive features and unique candidate back stories that have thrust the race into the spotlight, even in a state that’s already saturated with high-stakes political races.
Kent Nishimura / Getty Images
Through the end of June, federal campaign finance records showed Perry with a large spending advantage for the entire cycle, compared to his Democratic challenger. But those latest filings also indicated Perry was trailing in cash on hand and his reelection bid, having directed a sizable amount of his campaign funding toward legal counsel.
Democrats found a high-profile challenger to run for the seat in Janelle Stelson. A newcomer to politics, she is a familiar face throughout the 10th District as a longtime television anchor on a powerhouse TV station based in York, Pennsylvania.
Photo by Joe Lamberti for The Washington Post via Getty Images
Stelson entered the race last October, putting her at the common disadvantage of lost time against an incumbent who had been able to fundraise for months before she declared her candidacy. And yet, from early April to the end of June, Stelson raised more than twice what Perry brought in during that same period of time.
Perry, who won the district by a comfortable 7 points in 2022, has cut a high profile with Republican colleagues. He was previously chair of the conservative House Freedom Caucus and his roots in Pennsylvania include studies at Penn State University and a stint in the station national guard. But Democrats sensed an opportunity to oust Perry after he came under scrutiny during Trump’s efforts to overturn the 2020 election results.
The FBI briefly seized and copied data from Perry’s phone in 2022. He was also issued a subpoena by the House Jan. 6 select committee amid investigations into whether he helped try to install a Trump loyalist in the Justice Department to help Trump’s efforts.
Perry has denied any wrongdoing, and he was not prosecuted for defying the committee’s subpoena. But Democrats are emphasizing the scrutiny surrounding Perry as they seek to boost Stelson’s campaign.
“He’s been in power a long time, and I think people are hungry for something new,” Stelson told CBS News in between campaign stops in September. Along with other Democratic challenges in House races across the country, Stelson points to improving fundraising as evidence that she’s a formidable challenger.
“We were able to outraise the six-term incumbent last quarter by double, making the most vulnerable MAGA extremist in Congress even more vulnerable,” she said.
Democrats are touting Stelson’s competitive fundraising and her initial series of advertisements. In one ad, Stelson argued, “Perry is not for freedom. He’s all about his power.”
Heading into a party meeting in the basement of the Capitol in mid-September, Perry told CBS News, “I fight on behalf of the people that I represent. I think they know that, and I just tell my story.”
Perry also pushed back on a question about the subpoena and scrutiny he received during the House Jan. 6 probe.
“Let me characterize the question correctly, asking for an investigation — you term it otherwise — but asking for an investigation based on the wishes of my many, many, many constituents is an appropriate role for a member of Congress,” he said.
The National Republican Congressional Committee, the party’s House campaign arm, has targeted Stelson in its effort to preserve the Republican majority in the House.
“The Democrat Party left behind voters in Pennsylvania 10th District by embracing radical left-wing policies that drove up crime, the cost of living and unleashed chaos at the border,” an NRCC spokesman told CBS News “As they have in previous cycles, Pennsylvania voters will reject an out-of-touch Democrat who doesn’t even live in the district.”
The 10th District race is part of a multi-front political war the parties are fighting in Pennsylvania. The commonwealth is viewed as a decisive — if not the decisive — state in the 2024 presidential race. Republicans are touting their efforts to win a pair of competitive House races in the Wilkes-Barre and Lehigh Valley areas. Meanwhile, Sen. Bob Casey, a Democrat seeking his fourth term, is running a multi-million dollar campaign to fend off Republican Dave McCormick.
Republicans deny that the 10th District is truly as competitive as other Pennsylvania battleground races, but Stelson said the political complexion of the district is shifting.
“Hampden township in Cumberland County is one of the fastest growing areas in the entire state, and the folks who are coming in are bluer than the folks who have been there before,” she told CBS News.
Stelson’s unique background adds a variable to the race. As a longtime TV anchor on the local NBC affiliate station, Stelson has visibility that transcends that of other political candidates. She has emphasized her name recognition in campaign ads, speeches and in her interview with CBS News.
“If I haven’t been in your living room doing a story on you, chances are I have been in your living room on the TV,” she said. “So, being the trusted, nonpartisan voice for 38 years, I think people are responding well to that.”
The congressional race drew multiple appearances over the summer from Pennsylvania Gov. Josh Shapiro, a Democrat who has been an active surrogate for his party’s candidates, including Vice President Kamala Harris.
At a meeting of campaign volunteers in Harrisburg on Sept. 7, Shapiro lauded Stelson in a joint appearance. Earlier this summer, at an event in Cumberland County, he referred to Stelson as a “trusted voice.”
One of Perry’s fellow House Republicans expressed confidence in his reelection bid.
“He ran a very good race last time, and I think he’s doing the same thing now,” Rep. Lloyd Smucker told CBS News.
Mike Marinella, a spokesman for the NRCC, thinks that in the final days of the campaign, Democrats will be hard-pressed to invest significantly in Pennsylvania’s 10th District. He predicted, “Their resources will be spread thin, making it more of a challenge for them to be competitive in this district.”
Chicago-Lake Transit Center to see the wrecking ball
Surveillance cameras placed on palm trees by drug cartel “falcons” in city on border with Arizona, Mexico authorities say
Wyoming may tweak law allowing killing of wolves with vehicles
Chicago-Lake Transit Center to see the wrecking ball
Surveillance cameras placed on palm trees by drug cartel “falcons” in city on border with Arizona, Mexico authorities say