success. don't forget to set your dvr every day. everything money. have a terrific night. "the willis report" is next. hello, everybody. on "the willis report." obama's latest push for your retirement. >> it's a savings bond that encouraging folks to build a nest egg. >> does the plan do anything to help working americans? also new information about the consumer data theft at target with a complete lack of security to blame. and first it was freezing weather. then chaos on the highways. now folks are bracing for a spike in utility bills because of the frigid temperatures. we're watching out for you tonight on "the willis report." ♪

welcome to the willis report. your somehow, your money, your voice. tonight a new government program to help thh middle class invest for retirement. president obama and the administration started the new today selling it today. it's called my ra. what does it do? will it help anybody? with us now the chairman of advisers and the president of tfg management will be joined a little later by ed from chatwood capital. welcome to you both. to get started. i want to start with a description of what it is. and hear some details. we've been reporting in this all day long, the detail from the president last night state of the union pretty thin. here is what we know now. you're only eligible if you're solidly middle class earning less than $191,000. you make after tax contribution like a roth ira. it's $25. you can get started cheap. and savings maximum you can have

is $15 ,000. this is a completely liquid account from senior administration officials told me this afternoon. if you're following my twitter feed you probably know that. i was tweeting this afternoon. david, to you. wouldn't it be easier if the administration wanted to encourage savings by the middle class to just get the fed to stoop manipulating interest rate, let them go higher and suddenly savings looks like a good deal. >> of course it would be easier. this is something instead of nothing. anything that adds to savings, gerri, is an improvement over zero. so it's a miniprogram. it's a anyone -- ministep. it doesn't change a big picture of a lot of things. >> mark, let's talk about that big picture. what we know is a 53% of americans don't have enough savings for retirement. we know it's a problem. we know it's an issue. is this program going fill that

gap? >> i don't really see how the program will fill the gap. i mean, right now the average american has a regular ira, a roth ira there are roth 401(k) accounts available since 2006. so there are already many options. nice to that, when you take a look at the reported interest rate they were talking about 1.74%. that's barely above inflation. even if put are moneying in to the account how far is it going to get them? i do want to thank the president for starting this conversation though. gerri: let me tell you. the conversation has been started many times, and goes on and on and on. if you ask me, i've been covering it a long time. david, to you, you know, mark brought us something interesting, which is that, you know, there are a lot of guarantees in this program, and digging in to this today, i don't know how public this information is already. guarantee principle, you're not going lose money on the principle.

you can get out any time you want. think about that. what if there is a cat class mick event like in the markets in 2006 and 2007 and everybody runs out of these investments. does a government have to write a check to everyone across the country. >> we don't know that yet. but what we know is another version of a treasury security. gerri: right. >> that is available. we've had these in the past from time to time. there are some type of a treasury security that special issue. for lower income, it's got a cap. it has hanked before. it's an interesting thing, gerri. the same president did nothing to extend 2% payroll tax cut, which was district after tax money in the social security withholding payroll tax. he let it come back. so you're bailing out or trying to help people with a small step while you really hit them in the

pocketbook a year ago with a big one. gerri: let's take a look at possible returns on this account; right. essentially this is a treasury account administrated by your employer. that's what they hope to do. the return right now on a g fund is something like 12.69%. it's base order the yield on treasury from four years to 30. the s&p 500 five year annualized return almost 18 %. mark, does it make sense? >> you know, there's so this things we don't know about this program yet. it's hard to say, but from what you, you know, just said about the s&p and all the other investment options, i'm hard pressed to recommend to my clients to use this as opposed to all the other investment options out there. gerri: you know, what they were saying this afternoon, senior administration official, they want it to be simple, safe, and secure. they say it is a starter program for invest --

they want it to be a middle class investment plan. but david, to you, simple, safe, and secure. those aren't words i think of when i think of investing. if you want to get the youngest investors out there. middle class, lower middle class. earning to invest they need to learn about investing. learning about investing is not a guaranteed government income. pardon me, it's not the way the markets work. >> i agree with you. if there is some mechanism which this could roll in to an index fund to get to the stock market, it could have a longer term growth aspect, then it would be more desire. there are some people, i think, gerri, who will do this because otherwise they would do nothing. it's additive in a small way. you get some additional savings. that is better than no savings. that's what this is. >> well, i want to bring in ed right now. the managing director of chatwood capital investment it to see what he has to say. i don't know if you've been able

to hear. >> yes. gerri: i've been spending the whole day looking at this talking to people in the administration trying to understand it. as we've been talking about, it's something that the government tried to do for a long time. my big question, is this the government's business. shouldn't we doing this with a myriad of companies across the country that are out there to help you save and invest? >> yeah, gerri. you have been all over. i will tell you it's almost as they said we have a state of the union address, let's just make up something quick. this isn't well thought out, gerri. we have a big problem. like being hungry and someone giving you one tick tack. it's not going do anything. it's not going take care of the hunger or retirement. it does bring up the conversation, both gentlemen are spot on. any money taxes deferred grows that much faster. if you're taxed at 28%. the money will grow 28% faster. it's also a way for any, you know, basically what you're doing is buying government

bonds, the interest rate is nothing. it barely keeps up with inflation. gerri: you are buying uninvestment. you can't invest in anything also. there's no allocation. if my financialed a provider said put your money in this one i would say no. but let me tell you, i understand the argument we need to get people saving. i'm wondering the best way to do it. and 401(k), 401(k) what we've seen is 53% of people unless they're forced to, lose people do not invest only 53%. mark, to you, is it going to be used? >> that's an excellent point. again, the employers have to participate. and so employers that already have a 401(k) why would they do it? for employers that don't have a savings plan, they've already made that choice, so, you know, i really believe it starts with education. you take a look at what is going on in the high schools and the middle schools.

gerri: yes. >> we have to just do a lot more in explaining and teaching our children, you know, around the dinner table that you have to save for retirement. and you have to start early. so we can use compound interest. gerri: all of those concepts. all of those concepts. folks need to know about. david, another thing we learned today, we heard the president say that, you know, rich people, they get this tax treatment that is better than what other folks get when they're saving for retirement. but nobody lets them employee benefit research counsel. they came out and said it's not true. what do you say? >> well, you know, the clash war fair political attack has been going on for five years, and it didn't change in this speech. gerri: no. >> on the other hand, there are a lot of small businesses, there are a lot of small businesses that have 401(k). our firm has a safe harbor, 3% 4:00 1k which we give people.

don't have to contribute more unless they want to. we have provided it to them. we're an employer that likes to do that. we encourage that. how many would elect my ira as well or my ira as well? i don't know if we have to make it available we'll make it available. that's part of what you do. gerri: well, you know, -- i have no idea how many employers out there are actually going make it available. ed, i want to give you a chance to weigh in. you came in late -- sure. gerri: as you look at this, simple, safe, and secure. is that what investing is all about? that's what the program is supposed to be about. >> no, this thing is amateur hour. this is a way for do you put some money somewhere and guarantee a loss of purchasing power. i would never recommend this to a client based on what i know now. i'm sure they'll add on to it. i think it was, you know, thrown together. i wasn't kidding at the last minute. no one in my business, and the other gentlemen, you have good pro on the show. they're not going to use it.

the clients aren't going to use it. most people won't use it. gerri: i have to tell you. treasury department has been working on this for some time, apparently. it goes to show you you don't know what government is going to come up with. ed, david, mark, thank you for coming on. i'm sure it's not the last time we'll talk about it. great job to all three of you. thank you very much. thank you. we want to know what you think. here is our question tonight. what is needed? what do we need to fix a huge retirement crisis in it country. another government program? or jobs? log on to jerry willis.com. vote on the right-hand side of the screen. i'll share the results later tonight. coming up the latest news from the fed. stocks plummeting and more reon the retirement. as we answer the question. how do you do that. we'll take a look how you fine tune the 401(k) if you have one. ♪

gerri: the president's new retirement plan that we just

discussed. it may have you asking the question whether your 401(k) plan it all it could be. how to fine tune your requirement plan. the director of personal finance. welcome back to the show. it's good to see you. you've got some great idea. some people are thinking i forgot about 40k. they p to know how to fine tune. auto escalation. what is that? they nudge to better decision making. as you get raises, your company is going to steer more of your paycheck in to your 401(k) contribution. it's more of a safe and painless way to step up your contribution rate. >> so it'll go up a percentage point to three over time. and you don't have to do anything. you chose choose it assan option; is that right? >> that's right. you check a box saying you want

it to happen. it will happen automatically when your pay increases. >> i try to do -- i'm not always successful. i don't just say save in my 401(k). i have other vehicles i save in as well to make sure -- you don't know what is going to happen with 401(k). you want to make sure you have amp savings. >> i want to diversify. if they do their home work on the 401(k). it may find out the plan isn't that good. i want to put in enough to earn the matching contribution and think about expanding my investment opportunity. an ira would be an obvious next step. you might think about saving in taxable account. make sure you manage the tax consequences of your investment. >> and that's all changing this year. depending on how much money earned so we knee to pay attention as you say to the tax issue. to you like target date funds. i'm not a fan. why do you like them? >> i like them because they take

out of investors' hands the most difficult decisioning may being. they have a hard time figuring out the allocation. how much to allocate to stocks, bonds, and catch and gradually make it more conservative. so i would agree with you, gerri, that these plans aren't all perfect. but most of the money in target date plans is in pretty good plans. so fidelity, vanguard, have the lion share of target day asset. i think they are doing a pretty decent to excellent job on the plan. >> i have to tell you. i think the number one problem people have with the 401(k) besides ignoring it and not putting any money, they take money out. if there's any one single question i get from people all the time what is the penalty for early withdrawal. i just think that's a bad idea all together. your view? >> it's a terrible idea. so you'll pay that 10% penalty on early withdrawal and ordinary income tax. depends on the tax bracket it

could be half your money going out the door in penalty and tax. you're starving your retirement portfolio that long-term compounding. its a big no no. gerri: you say obviously you want to calculate how much you should be saving. a lot of people ask that question. is there a good place to go. a good app to do that? >> i like a few of the retirement calculators that are out there. i think zero price has an excellent one. the thing i like it factors in social security income. especially for people who are close to retirement and know they'll be able to count on social security. it'll take that in to account to help you see if you are saving enough. i say avail yourself of a few different tools just don't do with one app. gerri: i like that. you also said don't necessarily cash out with you leave the company. you might want to leave it there. thank you for coming on the show tonight. great to see you. >> great to see you too. >> log on to jerry willis.com

for more information on morning star week-long special on 401(k). it's great stuff. the cuts keep on coming. you heard about the program reserve announcing it will african-american the bond purchases by another $10 billion a monday sending the dow down almost 200 points. take a look. ugly. here with more is peter barns. well, peter, looks like the fed it staying on course to wind down stimulus. >> that's right. the market is trying to figure out what it means. it took the additional step of reducing the major economic stimulus program saying because growth has been picking up as it expected at the end of the policy meeting today announced it would reduce the billions and monthly bond purchases that it makes. the so-called quantititive easing, and the purchases have been designed to help keep interest rates down on longer term loans before it announce

the $10 billion cut in december. just announced another $10 billion cut today. and the move suggests that the fed is confident that the economic recovery is gaining strength despite some recent mixed indicators and turmoil in global stock markets. >> markets are normalizing and that normal station means we get volatility. we get pullbacks. we get consolidations. that is normal. and last year was not normal. last year was the major gym me by the fed. it created this bizarre feeling of a surreal feeling that the fed basically leads the market, which it has. >> also, want to point out it was ben bernanke's last meeting as the fed chairman. he wrapped up eight years as the leader of the fed. including through the full-time crisis and deputy janet yellen

takee over february 1st. she's expected to continue the policies. gerri: as we discussed so many times. janet yell less than. here is why i wanted to talk to you today. you're a nerd i'm sure you read every word of the fed statement. what cool things did you find out. >> you're right. i'm going to director you to the first line in the release, which read, growth and economic activity picked up in recent quarters. it may not seem like a big deal to you. it got me excited. in december, the fed described economic growth as moderate but to fed watchers the phrase picked up suggests that the fed indeed thinks growth is getting stronger. and you recall that outlook came in to question earlier this month when we got the december jobs report. it came in with 74,000 new nonfarm payroll jobs lower than expected. maybe because of bad weather. notice the second part of that key line it says economic activity picked up in recent

quarters. the fed did not say in recent month. so it looks like the fed thinks that december jobs report was probably an anomaly, gerri. it thinks the underlying growth is pretty good. so. that got us excited. thank you for reading the tea leaves for us. it's hand to understand it. and later in the show we're going tell you how thieves profit from your stolen credit card data. and next how much, how much did target know before the massive data breach. could they have done something to keep your information safe? the latest on all of this after the break.

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gerri: new information coming out moments ago on the data breach a target. the retail giant thing that the cyberthief used credentials that they stole from their very own vendors. so what does this all mean? weighing in with us is the cofounder and chief technology officer for vera coat. let's get you what it is that the company is saying tonight. are you surprised by this? >> this is not very surprising at all. we call this a supply-chain risk. risk from the vendors and suppliers, it adds to your risk because they first break into

the suppliers and they use that avenue to get into the main part. gerri: they indicated that the intruder tool vendor credentials which were used to access our system. they say as we have confirmed, we have eliminated them out where access and we are taking extra caution such as limiting or updating access to some of our platforms while the investigation continues. even though these were bad guys, they used the system badly. could target do everything to keep it safe?

>> they need to make sure that they have the back on technology from the right security and all their systems were just opening it up to see what they are doing to make sure that their security was not going to be a gaping hole for target. gerri: do you think it is the same thing as the poorly secured feature that goes into a widely used i.t. management software and bnc is the name the company, i do believe. >> just come i think that is a separate problem and some of it

was used so that the attackers could move the data and xl trade-in ad that is part of what they have done. gerri: if you violate those precautions, you can have a fine assessed. this would open the door to all kinds of losses and is that possible that my happen given the news that you're seeing this evening? >> people are affected by it in the information and we asked people about the requirements.

and we don't know if that is a violation or not yet. and the house coomittee is climbing on board and they want to know answers. and so how long does it take to have a solve this kind of issue? this is a systemic issue with the retailers that can take months and this is going to go on for quite some time. >> i would like to see that, but i'm not going to hold my breath. gerri: temperatures plummeting to the deep south weaving two really big utility bills. and surprising information that you want to hear.

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gerri: right now even as we speak tonight, hundreds of millions of stolen financial records could be yours are flooding onto black-market status. we are tracking what is happening behind the scenes like the recent hack attacks against selling or financial data to buyers across the world. joining me now is cochair and founder of identity theft 911. criminals stole a vendor's credential, and that they say it had how the bad guys broke into their system. what is your reaction?

and more and more when it comes to privacy and security, it's your privacy and your responsibilityy >> this is going to be happening more and more when we have so many interconnecting part. and that is why it is going to be a collaborative effort. and it's not relevant. at the end of the day the public is being harmed and something has to be done to solve the problem. and this is hard for a court to handle and we will see how it unfolds over time. gerri: we are going to be talking about this for sometime to come.

and we are online with these illicit exchanges. and tell us about what happens when information goes into the system that we don't even see. >> once your data is stolen, they get the middleman. which if you make an analogy to jewelry or art, they would be consider -- considering that the information is available. and people come to these websites and it's almost as if it is listed by type and credit limit an institution. by geography in many cases as well because of the more precise you can do with geography, the more difficult it is for the bank systems to figure out if there is something wrong.

and there are escrow accounts and their replacement policies. and they very much support sophistication. strong customer service or stolen identities? they have stolen identity customer service? that is unbelievable. and we are not some information going to the southland of manhattan. we are talking about it rocketing around the world.

>> a higher web developers and -pplication developers and programmers and tech experts and their job is to create nowhere. gerri: we appreciate your time in coming on the show tonight. wow, i can't get over that. when we come out, mobile banking and more convenient. is it as safe as it sounds? and winter when there this is the quicksilver cash back card from capil one. it's not the "limit the cash i earnvery mth" card. it's not the "i only earn decent rewards at the gas stati" card. it's the no-games, no-signing up,

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were. gerri: homeowners are already getting hurt by the storms their

hitting the states. rescue efforts underway in the deep south. and many last night abandon their cars altogether to sleep in grocery stores and even the aisles of cvs. for the millions of homes across country, heating costs are skyrocketing. to them he is the copresident of the new york energy consumer council. thank you for coming on. we have been looking at this and i'm shocked at the numbers that i see. 90% of american homes are going to have higher cost. it is everyone and not just the northeast and the northwest. everyone is getting hit with how bad it has been. how that bad will it get? >> it will be pretty bad.

and there is a commodity of high demand that is figured in there. hoping has been bad. it has limited supply and natural gas, you know, cracking and what it has done for the country is giving us this whole giant supply which has brought down pricing and it burns clean. and we have new plans generating electricity. demand is high. we have freezing cold weather. the demand has gone through the roof. gerri: absolutely. you can't get the product to people that need it. product is just and adequate for supplies. you think it will be more than the government estimate? >> may be over the year it might net out like that. >> i'm curious because we track the economy all the time. i'm worried that this is really going to pinch consumers and people will scale back spending in other areas.

and this is when businesses had to control their costs. >> not at all. let's talk about what you can do to cut your bill. what would you recommend? >> it is hard. in the middle of winter it is hard to say dress warm and turn down your thermostat.

gerri: i learned the value of keeping your service furnace. changing the basic filter. thank you for coming. i appreciate your time. well, with rising prices, homeowners need to cut costs wherever they can. that is one way to go. but you can find yourself leaving a discount stores like costco with a big bill. ways to save a costco. number five, shop the frozen food aisle. plenty of options you and you avoid waiting because you can stick it in the freezer. nothing worse than the aluminum mistry packages. and number four, school or the

prepared foods section. in the number one way to save money is make a list after buying food storage equipment. if you go belong the list then t can turn into a disaster. stay with us, we will be right back.

gerri: hackers targeting your phones. we will tell you america's favorite financial applications.

gerri: it is time for a look at the stories that you are clicking on fox business.com. as we mentioned, the federal reserve continues to slow down the stimulus by cutting its additional $10 million. this is a ben bernanke swansong since he stepped down on friday. the federal reserve has rattled global markets. and they were art a lower as investors reacted and worries about emerging markets returned as well. the board of directors agreed to the new name today but not where the headqqarters will be located. and a farm bill making small

cuts to food stamps and continuing subsidies to farmers. the five-year bill now goes to the senate which is expected to be given to the president desk. those are the hot toys on fox business.com. we will be right back with my "two cents more" and the answer to our question of the day welcome back. how is everything?

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spending the day with my niece. i don't use super poligrip for hold because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was uncomfortable. even well-fitting dentures let in food particles. super poligrip is zinc free. with just a few dabs, it clinically proven to seal out more food particles so you're more comfortable and confident while you eat. so it's noabout keeping my dentures in, it's about keeping the food particles out. [ charlie ] try zinc free super poligrip. >> the rise in mobile banking may be pushing more brick and morer to locations to close, but how safe is your information on a smartphone or a tablet, jeff thank you for joining us, do you think that this cause and effect it is mobile banking costing 1400 brick and mortars to close?

there definitely. the consumers are really adopting on-line banking and mobile banking. they don't need the branches as. the banks are closing them, and cutting back on something that consumers are not using as much. >> what are consumers doing? how much can you do on mobile banking? >> a lot of advantages, you can choke your balance "on the go", you can transfer, you can use camera on your smartphone to take a picture of a check and depot it that way, it provides a lot of conveniences that keeps you out of the bank. >> okay we just had this big targets breach, do i need to be concerned with the apps? >> bank apps we have looked into for a number of years, mobile

banks apps are very soak cure, if a crook were to steal your phone for example, and if you had a pin -- your phone so phone gets locked, which you should to, they have to knows pin, then they have to get to your account and know your user name and password, also banks take a lot steps and measures behind the scenes protect security of your data because you are on the hook -- >> can't anyone surf over your shoulder, get information, can they say what you are doing over the web? i worry that not just stealing your phone that is the risk here. >> yeah, well, one thing we would recommend isen to use your -- recommend, is don't use, if you are in star bucks for example you have a public wi-fi, don't do your banks with that wi-fi on your smartphone, use the cell phone service itself.

cellular narc. >> i know consumer takes stuff seriously but there are not just banking apps there are personal finance apps where people pour in their financial in success that safe? >> we have not really looked into those in accept yet, those are vend ores, the banks -- have a big disadvantage, they are responsible for the money, if you use banking or financial services on your smartphones stick with your financial instutions, the banks or credit union or mutual fund company they are the on look hook for the losses.

>> jeff thank you for coming on. >> thank you. >> well, obama signed a presidential moment random, creating a new retirement savings acount dubbed, mra, the white house said it will act as starting savings acouncils that will be launched by the end of the year. here is what some of you are posting on my facebook page. more presidential rhetoric will not help, how did clarity on social security. >> it someone forget we used to buy bonds for retirement, they stopped paying much. be sure to log on to gerriwillis.com for our online question. you remember that old joke, how psychologists does it take to screw in a light bulb, it is

just one. the light bulb really has to want to change, so it is with retirement savings, you can't force people to to the right thing. it seems obama administration so desperate to encourage savings, it is willing to give away the store, guaranteed prince pehls, the best of all world, not a world that merrill lynch or goldman sachs or any broker dealer will offer you, it is not economic, there other way to encourage savings in the meantime, remember you can lead a horse to water but you can't make them drink. and that is it for tonight's willis report, dvrs show if you can't catch us live, have a great night, we'll see you back here tomorrow.

>> good evening, i am lori rogge man in for lou dobbs, president vowing to did around congress to enact his income inequality agenda. the dangers of legislating from the executive branch tonight, also, a rare winter storm hits unprepared south, stranding thousands of motorists in their cars, kids at school, moms in stores around atlanta area, 24 hours leyter situation far from