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This retirement misstep could cost you more than $100,000 in savings. Here’s what to know.Here’s what to know.

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Making Ends Meet: Most Americans feel unprepared to begin retirement


Making Ends Meet: Most Americans feel unprepared to begin retirement

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Millions of workers are making a critical mistake with their IRA rollover accounts — one that could cost them $130,000 or more in foregone investment gains, according to new Vanguard research

The issue stems from a quirk in the retirement system, with individual retirement accounts legally required to steer all direct contributions and most rollovers into cash, making it the “de facto default” for IRAs, Vanguard noted. That’s not the case for 401(k)s, which have default options that direct workers into investments like target-date funds and the like. 

The problem, Vanguard says, is that many workers appear unaware that their IRA savings are funneled into cash, a historically poor performer when compared with equities and other investments. Keeping one’s retirement assets in cash not only means that workers are losing out on the potential long-term gains, but are also eroding the value of their savings due to inflation.

Among IRA rollovers from 2015 that were tracked by Vanguard, 28% were still invested in cash seven years later — meaning that those accounts lost seven years of potential investment growth. When the financial services firm surveyed workers about their IRAs, two-thirds were unable to accurately say what they were invested in. Only one-third said they were intentionally parking their money in cash.

That suggests many workers are likely unaware their IRA savings are sitting in cash, said Andy Reed, head of investor behavior research at Vanguard and a co-author of the study. 

“If you think you are invested, think again,” Reed told CBS MoneyWatch. “I know a lot of people with IRAs who think they are invested, and when they check they are unpleasantly surprised.”

The difference in investment returns between cash and equities is stark. Large U.S. stocks returned an average of 10.5% a year from 1970 through 2023. Cash and money market funds typically earn very little interest, although some accounts are currently paying rates of about 5%, a result of the Federal Reserve’s flurry of interest rate hikes. 

“We’ve had extended periods where cash is paying basically next to nothing, so you have no chance of growth,” Reed noted.

Missing out on $130,000

Over time, sticking with cash can create a huge drag on your retirement savings, Vanguard said. Their research shows that investors who are under 55 years old and who put their IRA funds into a target-date fund, versus staying in cash, will enjoy an increase of at least $130,000 in retirement assets by age 65. 

That’s significant given that the average retirement account holds about $88,000 in savings.

An additional $130,000 means workers “could retire earlier,” Reed said. “Secondly, they would have less likelihood of running out of money in retirement. And the third thing is you can enjoy a higher standard of living in retirement,” such as taking one more vacation each year or not being forced to downsize your home. 

Altogether, Americans are giving up $172 billion in investment gains each year due to their IRA’s cash investments, Vanguard calculated. And that’s likely to be a conservative estimate, partly because the figure only includes rollovers and excludes direct contributions, which are also put into cash by default, Reed said.

What’s more, the people who are most likely to keep their IRA savings in cash are typically those who need the most help building retirement savings, Vanguard found. Younger investors, as well as low-income workers and women, are most likely to fall into the cash trap, which could be due to lack of awareness, Reed said. 

“It’s really unfortunate because these are the most vulnerable populations,” he noted. 

How to avoid the cash trap

First, Reed advises to check your IRA accounts. From there, you can pick new investment options, switching from cash to equities, mutual funds or other vehicles.

“Taking a look at how your IRA is invested is the most important step,” Reed said. 

But Vanguard is also urging new legislation that could address the problem’s root by requiring IRA contributions and rollovers to be placed into a so-called qualified default investment alternative, or QDIA. This became the law for 401(k)s through the Pension Protection Act of 2006, which allowed these retirement plans to set default investments, such as target-date funds, for people who neglect to make investment choices.

Such a change would require legislation, which would not be an easy lift, Reed added. 

In the meantime, investment companies can nudge IRA investors to look at their plans, which would require workers to take an active role in their investments, he noted.

Either changing the default savings options or getting more people to peek at their IRAs could pay off in the long-term by giving workers a better chance of building a nest egg. 

“It’s not a silver bullet for the retirement crisis, but the crisis is significant, and where we see the most acute gaps for preparedness is at the lower end of the socio-economic spectrum, where this solution would disproportionately help,” Reed said. 



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CIA officer who drugged, photographed and sexually assaulted dozens of women gets 30 years in prison as victims stare him down

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A longtime CIA officer who drugged, photographed and sexually assaulted more than two dozen women in postings around the world was sentenced to 30 years in federal prison Wednesday after an emotional hearing in which victims described being deceived by a man who appeared kind, educated and part of an agency “that is supposed to protect the world from evil.”

Brian Jeffrey Raymond, with a graying beard and orange prison jumpsuit, sat dejectedly as he heard his punishment for one of the most egregious misconduct cases in the CIA’s history. It was chronicled in his own library of more than 500 images that showed him in some cases straddling and groping his nude, unconscious victims.

“It’s safe to say he’s a sexual predator,” U.S. Senior Judge Colleen Kollar-Kotelly said in imposing the full sentence prosecutors had requested. “You are going to have a period of time to think about this.”

Prosecutors say the 48-year-old Raymond’s assaults date to 2006 and tracked his career in Mexico, Peru and other countries, all following a similar pattern.

He would lure women he met on Tinder and other dating apps to his government-leased apartment and drug them while serving wine and snacks. Once they were unconscious, he spent hours posing their naked bodies before photographing and assaulting them. He opened their eyelids at times and stuck his fingers in their mouths.

raymond-high-2-e1635190292893-625x600.jpg
  Brian Jeffrey Raymond

U.S. Embassy and Consulates in Mexico


One by one, about a dozen of Raymond’s victims who were identified only by numbers in court recounted how the longtime spy upended their lives. Some said they only learned what happened after the FBI showed them the photos of being assaulted while unconscious.

“My body looks like a corpse on his bed,” one victim said of the photos. “Now I have these nightmares of seeing myself dead.”

One described suffering a nervous breakdown. Another spoke of a recurring trance that caused her to run red lights while driving. Many told how their confidence and trust in others had been shattered forever.

“I hope he is haunted by the consequences of his actions for the rest of his life,” said one of the women, who like others stared Raymond down as they walked away from the podium.

Reading from a statement, Raymond told the judge that he has spent countless hours contemplating his “downward spiral.”

“It betrayed everything I stand for and I know no apology will ever be enough,” he said. “There are no words to describe how sorry I am. That’s not who I am and yet it’s who I became.”

In October 2021, the FBI issued a notice to the public, seeking other potential victims of and additional information about Raymond, saying that some women depicted in the incriminating photos and videos remain unidentified.

In a statement Wednesday, authorities praised all the victims who came forward.

“The FBI thanks the brave women who shared information that furthered this investigation,” said

FBI Assistant Director in Charge David Sundberg of the Washington Field Office. “We recognize our domestic and foreign law enforcement partners who helped bring Raymond to justice for his reprehensible crimes.”

Raymond’s sentencing comes amid a reckoning on sexual misconduct at the CIA. The Associated Press reported last week that another veteran CIA officer faces state charges in Virginia for allegedly reaching up a co-worker’s skirt and forcibly kissing her during a drunken party in the office.

Still another former CIA employee – an officer trainee – is scheduled to face a jury trial next month on charges he assaulted a woman with a scarf in a stairwell at the agency’s Langley, Virginia, headquarters. That case emboldened some two dozen women to come forward to authorities and Congress with accounts of their own of sexual assaults, unwanted touching and what they contend are the CIA’s efforts to silence them.

And yet the full extent of sexual misconduct at the CIA remains a classified secret in the name of national security, including a recent 648-page internal watchdog report that found systemic shortcomings in the agency’s handling of such complaints.

“The classified nature of the activities allowed the agency to hide a lot of things,” said Liza Mundy, author of “Sisterhood: The Secret History of Women at the CIA.” The male-dominated agency, she said, has long been a refuge for egregious sexual misconduct. “For decades, men at the top had free rein.”

CIA has publicly condemned Raymond’s crimes and implemented sweeping reforms intended to keep women safe, streamline claims and more quickly discipline offenders.

Last year, the CIA announced the appointment of Dr. Taleeta Jackson, a seasoned psychologist who previously led the Sexual Assault Prevention Program at the U.S. Navy, as the new head of a dedicated sexual assault and prevention office at CIA.

“There is absolutely no excuse for Mr. Raymond’s reprehensible, appalling behavior,” the agency said Wednesday. “As this case shows, we are committed to engaging with law enforcement.”

But a veil of secrecy still surrounds the Raymond case nearly four years after his arrest. Even after Raymond pleaded guilty late last year, prosecutors have tiptoed around the exact nature of his work and declined to disclose a complete list of the countries where he assaulted women.

Still, they offered an unbridled account of Raymond’s conduct, describing him as a “serial offender” whose assaults increased over time and become “almost frenetic” during his final CIA posting in Mexico City, where he was discovered in 2020 after a naked woman screamed for help from his apartment balcony.

U.S. officials scoured Raymond’s electronic devices and began identifying the victims he had listed by name and physical characteristics, all of whom described experiencing some form of memory loss during their time with him.

One victim said Raymond seemed like a “perfect gentleman” when they met in Mexico in 2020, recalling only that they kissed. Unbeknownst to the woman, after she blacked out, he took 35 videos and close-up photos of her breasts and genitals.

“The defendant’s manipulation often resulted in women blaming themselves for losing consciousness, feeling ashamed, and apologizing to the defendant,” prosecutors wrote in a court filing. “He was more than willing to gaslight the women, often suggesting that the women drank too much and that, despite their instincts to the contrary, nothing had happened.”

Raymond, a San Diego native and former White House intern who is fluent in Spanish and Mandarin, ultimately pleaded guilty to four of 25 federal counts including sexual abuse, coercion and transportation of obscene material. As part of his sentence, the judge ordered him to pay $10,000 to each of his 28 victims.

Raymond’s attorneys had sought leniency, contending his “quasi-military” work at the CIA in the years following 9/11 became a breeding ground for the emotional callousness and “objectification of other people” that enabled his years of preying upon women.

“While he was working tirelessly at his government job, he ignored his own need for help, and over time he began to isolate himself, detach himself from human feelings and become emotionally numb,” defense attorney Howard Katzoff wrote in a court filing.

“He was an invaluable government worker, but it took its toll on him and sent him down a dark path.”



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Python squeezes Thai woman in her kitchen for 2 hours before she’s rescued by police

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Bangkok — A 64-year-old woman was preparing to do her evening dishes at her home outside Bangkok when she felt a sharp pain in her thigh and looked down to see a huge python taking hold of her.

“I was about to scoop some water and when I sat down it bit me immediately,” Arom Arunroj told Thailand’s Thairath newspaper. “When I looked I saw the snake wrapping around me.”

The 13-to-16-foot-long python coiled itself around her torso, squeezing her down to the floor of her kitchen.

“I grabbed it by the head, but it wouldn’t release me,” she said. “It only tightened.”

Thailand Snake Attack
A photo provided by Kunyakit Thanawtchaikun shows a python coiled around the torso of Arom Arunro, squeezing her down to the floor of her kitchen in Samut Prakan province, Thailand, Sept. 17, 2024.

Kunyakit Thanawtchaikun/AP


Pythons are non-venomous constrictors, which kill their prey by gradually squeezing the breath out of it.

Propped up against her kitchen door, she cried for help but it wasn’t until a neighbor happened to be walking by about an hour and a half later and heard her screams that authorities were called.

Responding police officer Anusorn Wongmalee told The Associated Press on Thursday that when he arrived the woman was still leaning against her door, looking exhausted and pale, with the snake coiled around her.

Police and animal control officers used a crowbar to hit the snake on the head until it released its grip and slithered away before it could be captured.

In all, Arom spent about two hours on Tuesday night in the clutches of the python before being freed.

She was treated for several bites but appeared to be otherwise unharmed in videos of her talking to Thai media shortly after the incident.

Encounters with snakes are not uncommon in Thailand, and last year 26 people were killed by venomous snake bites, according to government statistics. A total of 12,000 people were treated for venomous bites by snakes and other animals 2023.

The reticulated python is the largest snake found in Thailand and usually ranges in size from 5 to 21 feet, weighing up to about 165 pounds. They have been found as big as 33 feet long and 287 pounds.

Smaller pythons feed on small mammals such as rats, but larger snakes switch to prey such as pigs, deer and even domestic dogs and cats. Attacks on humans are not common, though do happen occasionally.

There have also been fatal attacks in Indonesia, where a woman was found inside the belly of a reticulated python that swallowed her whole in June — the fifth person to be devoured by one of the snakes in the country since 2017.



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After Tyre Nichols’ fatal beating, Memphis officer texted photo of bloodied man to ex-girlfriend, she testifies

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A former Memphis police officer charged in the fatal beating of Tyre Nichols sent his ex-girlfriend a photo of the badly injured man on the night he was punched, kicked and hit with a police baton following a traffic stop, according to trial testimony Wednesday.

Brittany Leake, a Memphis officer and Demetrius Haley’s former girlfriend, testified during the criminal trial that she was on the phone with Haley when officers pulled Nichols over for a traffic stop. She said she heard a “commotion,” including verbal orders for someone to give officers his hands.

The call ended, but Haley later texted the photo in a group chat comprising Haley, Leake and her godsister, she testified. Prosecutors displayed the photo for the jury. It showed Nichols with his eyes closed, on the ground with what appeared to be blood near his mouth and his hands behind his back.

Leake said that when she saw the photo, her reaction was: “Oh my God, he definitely needs to go to the Med.”

The Med is shorthand for Memphis’ trauma hospital.

The fatal beating, caught on police bodycams and street surveillance cameras, has sparked protests and calls for police reform. Officers said they pulled over Nichols for reckless driving, but Memphis’ police chief said there was no evidence to substantiate that claim.

Haley, Tadarrius Bean and Justin Smith are on trial after pleading not guilty to charges that they deprived Nichols of his civil rights through excessive force and failure to intervene, and obstructed justice through witness tampering. Their trial began Sept. 9 and is expected to run three to four weeks. 

Tyre Nichols
Former Memphis police officer Demetrius Haley arrives at the federal courthouse for the second day of jury selection for the trial in the Tyre Nichols case Tuesday, Sept. 10, 2024, in Memphis, Tenn.

George Walker IV / AP


The Memphis Police Department fired the three men, along with Emmitt Martin III and Desmond Mills Jr., after Nichols’ death. The beating was caught on police video, which was released publicly. The officers were later indicted on the federal charges. Martin and Mills have taken plea deals.

During her testimony Wednesday, Leake said she deleted the photo after she saw it and that sending such a photo is against police policy.

“I wasn’t offended, but it was difficult to look at,” she said.

Leake said Haley had sent her photos before of drugs, and of a person who had been injured in a car accident.

Earlier Wednesday, Martin was on the witness stand for a third day. Defense attorneys tried to show inconsistencies between Martin’s statements to investigators and his court testimony. Martin acknowledged lying about what happened to Memphis Police Department internal investigators, to try to cover up and “justify what I did.”

But Martin said he told the truth to FBI investigators after he pleaded guilty in August, including statements about feeling pressure on his duty belt where his gun was located during the traffic stop, but not being able to see if Nichols was trying to get his gun. Martin has testified that he said “let go of my gun” during the traffic stop.

Martin Zummach, the attorney for Justin Smith, asked Martin if he knew of any reasons why Nichols did not simply say, “I give up.”

“He’s out of it,” Martin said. “Disoriented.”

Martin testified that the situation escalated quickly when Haley pulled his gun and violently yanked Nichols from his car, using expletives and failing to tell Nichols why he had been pulled over and removed from the vehicle.

“He never got a chance to comply,” Martin said.

Nichols, who was Black, was pepper sprayed and hit with a stun gun during the traffic stop, but ran away, police video shows. The five officers, who also are Black, then beat him about a block from his home, as he called out for his mother.

Video shows the officers milling about and talking as Nichols struggled with his injuries. Nichols died Jan. 10, 2023, three days after the beating.

An autopsy report shows Nichols – the father of a boy who is now 7 – died from blows to the head. The report describes brain injuries, and cuts and bruises on his head and elsewhere on his body.

Jesse Guy testified that he was working as a paramedic for the Memphis Fire Department the night of the beating. He arrived at the location after two emergency medical technicians, Robert Long and JaMichael Sandridge.

Guy said he was not told about the medical problems Nichols had experienced before he arrived, and that Nichols was injured, seated on the ground and unresponsive.

Nichols had no pulse and was not breathing, and it “felt like he was lifeless,” Guy said.

In the ambulance, Guy performed CPR and provided mechanical ventilation, and Nichols had a pulse by the time he arrived at the hospital, the paramedic said.

Guy said Long and Sandridge did not say if they had checked Nichols’ pulse and heart rate, and they did not report if they had given him oxygen. When asked by one of Bean’s lawyers whether that information would have been helpful in treating Nichols, Guy said yes.

Long and Sandridge were fired for violating fire department policies after Nichols died. They have not been criminally charged.

The five officers also have been charged with second-degree murder in state court, where they pleaded not guilty. Mills and Martin are expected to change their pleas.

Federal prosecutors have previously recommended a 40-year sentence for Martin. A date has not been set in state court yet.

Nichols worked for FedEx, and he enjoyed skateboarding and photography. The city of Sacramento, where Nichols grew up, named a skatepark in his honor. “Tyre fell in love with skateboarding at a young age and it wasn’t long before it became a part of his lifestyle,” states the resolution approved by the city council. He had a tattoo of his mother’s name.

“Tyre Nichols’ family have been praying for justice and accountability from the very beginning of this tragedy,” Ben Crump and Antonio Romanucci, the civil rights attorneys representing Nichols’ family, said in a statement when the trial began. 



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