🔒 FULL INTERVIEW: Former Houston Texans star Whitney Mercilus went 1-on-1 with KPRC 2′s Randy McIlvoy after retiring from football
After announcing his retirement earlier on Wednesday, former Houston Texans star Whitney Mercilus spoke 1-on-1 with KPRC 2 Sports Director Randy McIlvoy about his decision.
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.com
Phil Archer Day declared in Houston
A proclamation from Houston Mayor Sylvester Turner declares March 4, 2021, as Phil Archer day in Houston. HOUSTON – KPRC 2′s senior reporter Phil Archer is retiring this week after nearly 45 years of telling Houston’s story. In honor of Archer’s years of service, Houston Mayor Sylvester Turner has declared March 4 “Phil Archer Day” in the city. “Phil Archer truly represents the vitality and character of Houston, having dedicated over four decades to keeping the residents of Houston informed on worldwide, national, state and local happenings,” Turner wrote in his proclamation. “You’ve been such a part of my life, me getting to watch you all these years,” Abbott said.
Send Phil Archer your well-wishes
AdJanet Dominguez: Congratulations Phil Enjoy Your Retirement Relax, Read, take a trip, Enjoy Family Thank you for your 45 yrs. Enjoy retirement, Phil. Happy retirement Phil!!!! Robin: Wishing you a very happy retirement Mr. Phil Archer you will be missed ❤️Richard Kranz: Thanks for the great 45-year ride. Nicholas Nilson: HAPPY RETIREMENT PHIL Archer!!!
This retired couple talks about the highs, lows of retirement amid COVID-19 pandemic
Michael Jeffcott is playing the hands the pandemic has dealt. The 75-year-old retired from a long career in landscaping two years ago with hopes of traveling nationally and internationally. The retired couple are due to receive their second COVID-19 vaccine shot next week. Jeffcott said while their health precautions won’t change, he hopes their travel plans will by the end of the year. “Traveling around the United States looking for some small towns and quite frankly looking for some dance halls.”
Here'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.com
How 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.com
A Texas bus driver retires after 41 years of service, 3M miles and perfect driving record
SAN ANTONIO, TX – A San Antonio-area bus driver is retiring with a perfect record. Raul Chapa has recorded more than 3 million miles and 41 years of service with San Antonio’s VIA Metropolitan Transit, KSAT reported. “A couple of days after his passing, I woke up one night and said ‘life’s too short,’” Chapa told KSAT. The National Safety Council awarded him the “Three Million Mile” Award, for his perfect driving record, with no incidents or accidents during his transportation career, KSAT reported. “Because God was my copilot, it was simple and the next thing, I worked for a company that is outstanding,” Chapa told KSAT.
Finance Friday: Debunking 5 common retirement myths
HOUSTON – Do you think you’ve been budgeting correctly in preparation for retirement? This Finance Friday we’re tackling the misconceptions that come with saving for your golden years. Certified financial planner and president of Shakiba Capital, Trevor Shakiba shares 5 common retirement myths. If you are looking for a new way to invest, you can connect with Trevor by visiting ShakibaCapital.com
Here'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.com
Tigers 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.
What you need to know in order to retire a millionaire
ORLANDO, Fla. – Even with the shaky economic times, we need to remember it is still possible to save for retirement. Financial advisors say thanks to inflation and better saving habits, you could still retire with $1 million in the bank. So how much do you need to save now to get to a million later? That is why it is key to start saving early. The younger you start, the easier it is to retire a millionaire.
Why 2020 may be the best year to borrow from your retirement
Houston – With so many people unemployed, many are considering pulling money out of retirement plans to pay bills. Why 2020 is the best year to borrow from retirement plansThe federal CARES Act includes provisions that make it easier and less punitive for people who have been impacted by COVID-19 to take money out of their IRAs, 401ks and other qualified plans. Until the end of 2020, you can withdraw up to $100,000 from a qualified retirement account with no 10% penalty. Proceed with CautionDon’t think of this as a free pass to use your retirement money if your income has not been impacted by COVID-19. If you can’t provide that, you will likely have to pay the taxes and penalty on the money you took out.
FINAL FAREWELL: This is how Bill Balleza said goodbye to Houston in his final newscast
Bill Balleza shared his final thoughts before retirement. He thanked the many people who helped throughout his nearly 40-year career at KPRC 2. To see all of the celebratory coverage, visit the #ThankYouBillBalleza page.
3 Social Security myths that could be costing you thousands of dollars
HOUSTON – If you plan to rely on your Social Security benefits to get by after retirement, you will likely not have enough to pay your monthly expenses. Making matters worse, there are several Social Security myths that are costing older Americans thousands of dollars in lost benefits. 1:You need their social security benefits now because when you are retirement age, the Social Security system will be dried up. 2:You should take your Social Security benefit early and invest the money each month so that when you need it, you will have earned more. You can also work with a Social Security certified financial consultant to put together a Social Security analysis using your benefit and income information.
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.cbsnews.com