i'm becky quick. worried about your retirement? the new plan that guarantees income. something new and different. mind of gap, how and why women need to think, save and invest differently than men do. the world's largest furniture retailer is assembling a plan to expand to the united nations and why eikea is a pretty good plac to return. and the return of the travel agent, this time with a twist. "on the money" starts right now. >> announcer: this is on the money, your money, your life, your future. now becky quick. we begin with your retirement. do you have enough saved when you stop works? you're like most americans, more

than half have $10,000 or left put away. what can be done to get americans to save more? that's our cover story. retirement in the u.s. is becoming increasingly self-funded. in 197938% of private employers offer pension. now it's just 13%. the guaranteed retirement benefit is still common for government workers and union members, but private employers are more likely to offer 401(k)s, employees put a portion of their pretax salary into tax-deferred accounts. employers can match those contributions, although they don't have to. unlike pensions which pay a fixed amount, 401(k)s can rise and fall with the stock market. the great recession temporarily wiped out of the retirement savings of many americans. not all workers have action to 401(k) plans. nor than 30 million americans have no employer-sponsored plans. in fact one third of americans overall have nothing saved for

retirement. it's even worse for women. 38% have no money saved compared to 30% of men. over the next two decades, nearly 10,000 americans will reach retirement age every single day, but our next guest says that most won't have enough saved to retire comfortably unless the government starts making changes. teresa, thank you so much for being here today. >> thank you. you called this retirement crisis one of the america's biggest challenges. you have a solution, though, what is it? >> right. we've been trying to fix the 401(k) system, the i.r.a. systems and we have concluded it could be fixed. our absolute is simple. everybody will have a retirement account. thee save it to supplement their social security. that retirement account will be invested in a pooled account. it would get much higher returns than any 401(k) or i.r.a. could get. it can't be touched before

retirement, and at retirement, the workers and their beneficiary will get a stream of income to complement their social security. >> how would this work? is this some where your employer would take the money out of your paycheck? >> that's right. >> i can imagine a lot of push-back who say i'm already taking money out for social security, already for health care and other things that come down the line. i don't have it right now. >> you would imagine that, but it turns out survey after survey, when people are asked -- what do you want to do about your retirement? they're asked, do you want your tax toss go up? they say no. do you want to be only le relying on social security when you retire? they say no. do you want to be forced to save? they say yes. >> what type of money? 5%? 1%? how much of your paycheck? >> it turns out people do need to save about 10% if they haven't saved anything at all in their 40s, but if they start when they first start working, we've calculated that just a 3%

contribution, half from your employer, half from you, 1.5, you know in your 20s. >> 1.5% is not much. >> it's nothing. so our plan has a 3% minimum, and we would encourage people to save 5. i save 10, you probably save 10. >> at this point i'm trying to save 11%, the key is if you start early, you don't have to do as much. that's a huge thing, the compound interest that people don't understand until you're older. >> we don't give much to our young, but we do have time. >> do you think it would be likely embraced by the new administration? >> i don't know about the new administration. it really is up for grabs, whether or not this new administration will want to meet promises of the people that put him in. middle-class and middle west voters are very concerned about their retirement. >> one thing i would imagine a lot of people would say is,

okay, before he start thinking about new programs or new things that we bring up, why don't we try to strengthen the existing programs, whether it's medicare or whether that is social security and existing programs there. >> my co-author tony james and i would say social security and medicare have to be shorn up before we can tell people to save for their retirement. without social security or medicare, no 401(k) or i.r.a. will make these secure. >> can you look at other jurisdictions, other countries that have taken on a plan like this? >> australia, canada are really close in culture in neighbors to us, have a universal pension system on top of their system. >> but even in the united states we have pockets of people who have this system. union members, government workers have a system just like ours. we just want to make sure that everybody has what the privileged in america have. >> teresa, i want to thank you very much for your time today. >> thanks, becky. >> thank you.

now here's a look at what's making news, as we had ed into a new week "on the money." american consumers kept on spending in december. a little below expectations. auto sales helped power the number, internet retailers were strong. it was a week of records for the nasdaq, as it broke a streak of three consecutive new highs on thursday before hitting a fresh one on friday. strong earns from bankings and financials sent the dow and s&p up in early trading on friday. those stocks closed mixed. amazon is hiring, the online retailer announcing tell create 100,000 new jobs all with benefits over the next 18 months. that will give the company more than 280,000 employees by the year 2018. don't look now, bur your cup of morning joe could cost you more, a price increased is announced for packaged products, including folgers, duncan dose nitsd and calf esteller. smucker's says it's because it's

paying more for the green coffee costs. detroit is switching gears. we're not talking about the size or type of cars. we're talking about where those cars of made. as much as any industry, the auto industry is feeling pressure from the next inhabitants of the white house. phil lebeau has more from the detroit auto show. >> reporter: behind the bright lights and big production, the biggest presence at the detroit auto show is president-elect donald trump. he's not visiting the show, but he's on the mind of everybody here, who realized trump wants more auto jobs created in the u.s., not overseas. so fit@chrysler has announced to hire 2,000 more workers as it expands jeep production in michigan and ohio. just announced plans to invest $1 billion in michigan and ohio plants, adding 2,000 jobs. >> the timing may have coincided with this incredible emphasis that trump is making a -- sort

of america-made products and american production, but in the substance of the announcement was inside the house for months. >> jeep's move comes weeks after ford scrapped plans to add a plant in mexico, in favors of expanding a current one in michigan, where it now says it would build a new version of the bronco suv. >> there's a lot of love out there. you go to lots of web sites on bronco advocates, and we're bringing that vehicle back in 2020. >> reporter: the fact is america's appetite for suvs and trucks has never been greater. they were the driving force behind record auto sales last year. consumers are more than willing to pay a little more each month in order to have alternates more room on the road, which is why a slew of redesigned and new suvs were unveiled in detroit. the question now is whether changing political wins in washington will mean more of models being built in the u.s. mary barra says her company has

no plans to change where it builds vehicles, which includes mexico. in fact they're among the biggest importers from south of the border. the question is how quickly those numbers could change if the president-elect succeeds in getting a border stacks on mexican-made autos. despite the uncertainty of what lies in the future with the trump administration when it comes to the auto industry, almost every executive i had a chance to talk with in detroit is optimistic that there would be strong sales for 2017, and as you look out over the next couple years. becky? >> phil, thank you very much. phil lebeau. up next we're "on the money." advice for women on careers, finances and why they have to do things differently than men do. later, ikea is the definition of big-box store. is the world's largest furniture retailer moving away from brick and mortar? right now a look at how the stock market ended the week.

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ikea began in sweden 74 years ago. you have probably assembled something from a large flat box that came from a massive ikea store. today it's the world's largest furniture retailer. lars petersen is the u.s. president. thank you for joining us today. >> thank you, becky. >> who is the average customer right here in the united states? >> actually our mission is to create the better everyday life for many people, and we have seen that we have a very broad customer base. we are really obsessed by people's life at home, regardless of the size or the income of people living there. we see everything from people living on like small spaces in inner cities to the suburbs coming to ikea.

are you planning to expand to more brick-and-mortar stores here in the united states? >> yes, we are. we are still small on the american market. 43 stores for us is a lot, but it's -- we are many people we are reaching here in the u.s. so we're expanding our e-commerce business, but also building more [ and mortar. we see it's accessible to show our solutions in a three-dimensional way in our stores. yeah, we're going to build some more stores. next one is in columbus, ohio. then it's gob to be indianapolis, jacksonville, florida, and so on and so on. you're moving into the heartland, too. i think of you as a northeast company. >> we are already close to the coasts, and we are moving into the center. we have now opened in kansas city and st. louis, but also in the south, in texas we are underrepresented, and we are working really hard to get more

opportunities there. >> ikea is a global tunes, and right now there's a lot of talk about changes in the free trade policy. the trump administration has been talking about this tough for some time. are you concerned at all about any potential changes when it comes to free trade? >> we are producing a lot of production here in the u.s., around a a fourth of everything we sell is produced here. we would like to continue to expand that production. that, of course -- being a global company, we are very much for a liberal trade policy, because that helps also the customers to bet the prices and the quality. we of course are looking at a lot of different solutions for lower prices. one is, of course, to produce in different countries, but we would like to do more here in the u.s., and that is also helping us for a lower carbon emission, for shorter transport distances. we see an opportunity to produce much more here in the u.s. >> you've just started a

parental leave 308 where you give employees up to four months off with pay. you think of something like that as coming from a silicon valley company, make maybe a tech company. do you need that right now to keep your top employees? >> we try to create better everyday life for many people, that includes our employees, what we call our co-workers. we would like to do so much more for them, to say that ikea is a great place to work. that investment is certainly going to be a very good investment for us in the future. we'll see we have lower staff turnover, and co-workers will feel better by not having to switch jobs just because they are welcoming a new member to their family. two times the last couple years we have increased the living wage in all our stores, and we will continue to work at more solutions. >> lars, thank you for joins us today. >> thank you very much, becky. up yex we're "on the money."

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can help you every step of the way so you can focus on what you do. we'll handle the legal stuff that comes up along the way. legalzoom. legal help is here. talk about power. women control 80% of consumer spending, $5 trillion of investable assets, and we are more than half the workforce. so we have a long way to go to close the gender investing gap. joining us is sally kraucheck. congratulations on the book. it's called "own it." you put out this thesis that the next wave of feminism already investing, and how we will become equal on those terms >> and money. we have -- as women, a number of money gaps. we don't invest as much as men do, which can cost us hundreds of thousands, some women

millions over the course of their lives. we don't make the money that men do. we aren't advanced at work as men are. things cost us more. we have a gender debt gap. we have all kinds of gaps. we have lots of resources and lots of power, but don't yet have as much money as the men do, and we won't be equal until we're financially equal. that sounds like a daunting series of things to overcome. how do you suggest we go about trying to fix some of those things. >> that's partly why i founded a digital investment platform for women. we tried to build something that dug in deep with women, really co-created an investment platform no women, for what they're looking for. which is more, concretely i want to buy a home, start a business, retire well. i don't really care if i outperform the market. >> what about the gender investing gap. you've said it we have less money to start with. so it's harder for us to overcome shove those barriers. >> i say that investing is the

best piece of career advice women aren't getting. that if you are earning your money, you're putting it in the bank and not getting the higher returns that investing can lead to, you know, and you don't have as much money as the guys do, do you feel better going into your boss's office to ask for a new assignment, to ask for even a raise, to leave a bad relationship if you have more money or less. but what i would say -- we don't have to wait. we have got power now. we have the power today, unlike what we have four or five years ago to buy from companies whose values align with ours, to invest with companies whose values align with ours, to work with companies whose values align with our, because there's so much more information out there. really different, if a company didn't treat me or women well, would stay or go to another company. now i can start my own business. the power is coming or way. what's the biggest message with "own it"?

if there's one thing you had to tell women, one bit of advice, what would it be? >> i would say we bring great qualities to work, the world is coming our way. the relationship focus we bring, the ability to see things holistically, these are becoming more valuable. if companies don't value us for who we are, we now have choices and power. we just didn't have it a handful of years ago. we can't continue to do what we did before, because our advancement in business stalled out. >> thank you for joining us. it's called "own it, the power of women at work." up next a look at the news ahead. they may have gone the way of the horse and bug,. but a digital start-up is looking for a few good travel agents. we have the answers when we return. where to go... and how to deal with my uc.

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for more on our show and guests go to our website, and you can follow us on twitte twitter @onthemoney. here are the tires coming up this weeks. the market will be closed on monday to observe martin luther king jr. day. tuesday marx off the summit in deafo, switzerland. i'll be there. on wednesday a read on inflation. and the beige book will be released, a regional report on the state of the economy by the fed.

friday is inauguration day, when president-elect trump will be sworn in. we will be there to cover that as well. remember, travel agents? they helped you plan your transcript before web sites let you do everything yourself. now kayak's cofounder paul english has started lola, a new travel app that connects you to a real live travel agent, kind of back to the future. paul, thanks for joining us. >> it's nice to be here. you know your way in and out of travel and knows the whole online world, yet evident created this thing that will allow me to tack to a real travel agent. why did you decide we need that back? >> one of the things i became known for as kayak, i led the product design, but i enjoyed talking to customers every day. we a red batman kind of phone, sort of a direct dial, and i enjoyed learning from customers every day. with the new company lola, i thought i would take it to the next left. there's a lot of time that human

travel agents can do things you can't do on your own. >> like what? >> with you use lola to book a hotel, the travel agent can call the hotel, check you in, try to get you a free room upgrade. >> kind of a concierge sort of service? >> right. >> i appreciate that. i wonder millennial, are they ready to start talking to people again? >> the good thing is lola is an app for iphone and android. when you download the app, it's a messaging app, you don't have to talk on the phone. we have people who like talking on the phone, like doing e-mails, but most of our customers actually like typing. >> do you learn a lot from the interaction between the agents and the people? same thing, like you said, the bat phone, the red phone you got to pick up. what do you learn? >> how often people plans in advance. it's fun to watch people thinking about where they want to go on vacation or whatever

the occasion is. >> how do you make money on this? >> lola makes money the way that most travel companies make money, which is a commission, largely on hotels. >> largely on hotels, mean the consumer pays or the hotel -- >> it's the same price. if you booked a hyatt hotel directly, or through lola, you pay the same price, but hyatt would pay is a commission. >> as soon as i heard your app's name, lola, i started looking up the lyrics. what does it stand for? >> in our case longitude lat attitude, l.o.l.a. >> i love it. i love that it's come from somebody who has done it the other way, with just the computers taken over. paul, thank you. i'm definitely going to try it out. >> thanks. folks, that is the show today. eye becky quick. next week we inaugurate a new president. what will the next four years mean for your money?

we'll have it "on the money." we'll see you next weekend.

right now we're following breaking news in west philadelphia. a cab driver shot 13 times. he's in extremely critical condition. we're live at the scene as investigators look for the gunman. >> it isn't make sense. he had thinever been in trouble. a family speaks out after their family member is wounded in a suspected road rage incident. and the greatest show on earth will not go on. this morning we're linking that ringling brothers and barnum and bailey circus will he said this year. good morning. this is nbc 10 news today. i'm rosemary connors. it's 5:30. thanks for being with us. let's begin