keep your cash. today we discuss how to fix costly money mistakes you maybe making. be prepared to take a quiz, plus, how the latest interest rate boost could impact your wallets. stressed out. two major sources of stress are hitting american sources right now. we'll discuss how to cope. >> home hacking. it is not just your phones are under threats, these days even your appliances are not safe. >> find out what you can do to protect your privacy. >> nbc 10 at issues starts now. >> we all work hard for our

money, i am george spencer, it turns out many of us don't work as hard as keeping it or saving it. that's a big mistake. no matter how much or little you make, simple changes can help you hold onto your hard cash. >> a retirement quiz that many people took failed. the financial expert fromwl+n& e washington university, a quiz question, if you were able to set aside $50 a month, how much could that end up becoming in 25 years? >> your answer is $5,000, $15,000 or $40,000? only 6% of the people who took the quiz answered this one correctly. the correct answer is as much as

$40,000. nearly half the people who take the quiz under estimate small savings can end up make up overtime. lets try one more of those. how much will a couple retiring at age 65 spend on out of pocket costs for healthcare over the course of their retirement. >> you think that answer is $50,000, $100,000 or $260,000. >> the correct answer is you see $260,000, mind boggling for a lot of people. that's the amount you need to cover your entire retirement which could be more than 20 years. joining me now is jaime hopkins. he's the retirement income code director of the american college of financial services. >> this is one of the topics. a lot of people kind of begin to

shut down when they talk about this idea of money management. for regular folks even people making average as a whole salar. we are talking about things that are feasible for them. >> absolutely. for people that you said average salary and yies of mid measurin your decisions maybe important for people at high net)[ worth. that's going to impact the majority of americans and you have to make smart decisions in those areas. >> a lot of us don't have that buffer that maybe people of higher income brackets might. i want to break it down to two funds. we'll talk about older folks and young groups. from your capacity, you see all kinds of people who working with retirement planning. what are the common mistakes

that people getting closer to retirement are making with their money. there is a couple of big one of them is not having a plan in place. you have not thought where your income is going to come from or how much you can withdraw from your portfolio. a lot of people think i am going to average 8% in the market and that means i can spend 8%. it is not true, it is closer to the 4% rule >> tell us what that is. that's 4% of your savings? >> if you have a that's a nice round number. you can only withdraw 4% of that for a 30 year retirement. 40,000 a year is all you can a . that's scary for people because it does not sound like a lot of money. the other thing is there is a good part of a problem is we are livinglife, financially, that impacts older

americans as they consider how much money i am going to need once i stop having that regular job income. i think that's one ofhe challent is you have to make a set amount of money lasts for an uncertain amount of time. it is a much different if you go for 35 years, you are talking maybe two or three times amount of money you are going to spend. that's a big challenge. >> i know one of the biggest issues and we all want to be saavy about thinking of our future ae l we don't have the money or whatever the case maybe -- that attitude gets dangerous as we get closer>>he five years right retirement and after, that's for a lot of people of the heavily invested in the stock market right there and you have been saving money. we talk about sequence of

t mean? it means you may get unlucky and you may retire right around the time period when the market drops. >> thinking of people retiring in the '08 or something like that. >> all of a sudden the market drops 30 or 40%, that first year of retirement, you are pulling out a big assets first year. that really can impact the next 30 years of our life >> what i am hearing you say for these older folks is just sort of bite that bullet and have that uncomfortable conversation and admit what you don't know and boom you got to have some sort of plan and path that you are working towards. >> yeah, what we see is people who have plans in place like that quiz we did earlier, they do better on that quiz. you know if you get a plan in place, you know more and all of a sudden, we are better through retirement. planning is crucial here. >> older folks and everyone having a plan, that sort of the older demographics and for anyone that's younger might be

watching. i know for myself and my 20s, you feel likee h for retirement, something that feels so far away and may not be real. is that the common mistakes that you see among young people? >> you are thinking of your first job or starting your career. >> trying to make moneigst things for people in their 20s is building -- i would say your human capitol and that's your projection for earnings. making sure you are getting education and finding your career that you are passionate about and that also managing debt. debt is really the big issue for a lot of 20 or 30 individuals. making sure that you don't h there and compounding interest on that and falling behind. you got to manage debt and pay credit cards and high interest rates off if you can. >> for younger people is worry a little bit less about how much your income statement is and how

much money you are making that particular year and think more of staying away from that debt that bogs people down long-term. if you spend your 20s kind of building up a career then you may have a good 35 years a lot of money and set it aside. you kind of getting side track early on and you develop bad financial behavior. that's going to last you for a lifetime. >> jaime, this idea of how hard at times many of us have in savings and keeping the money that we actually earn across the board no matter the age, is that the biggest problem that people have when they think about getting to retirement ust they not keeping enough of what they earned over their careers? >> reality is not enough people save what they should be saving. that's a function of a lot of different factors. people are a lot of debts and obligations.

take advantage of smart saving opportunities, that's your 401-k that companies match. use an ira or hsa which now in the news a lot again. thosar money. by doing that, maybe you are not having to save as much as you are doing in a smarth7t way wh overtime will accumulate a lot of wealth. those are the topics that i think people in your shoes repeat. so refrain we hear a lot and why are people still not doing those basic things like getting involved in their companies, 401-krexample, t. >> 401-k is tough to get people in. there do. roth ira is a great one. if your company has a 401-ko y money. >> so just by way oexames,

we have that quiz a few moments zag we heard the stunning figure for a lot of us of $260,000 in terms of healthcare over t of s. if you are an average person out there earning 30 or year, how do you begin to chip away the kind of savings that's required for something like that? >> you got to start thinking about what we call a xzavia cs e savsave sav saav start in your 20s or 30s -- to replace the same incoou or 30% a year, that's not feasible. . we have to start saving something. 10% of our salaryike a lot. >> sure. >> that's what we do to have a secure retirement and

healthcare and other costs. >> it means so much more tt sam dollars when you are 48. >> hopefully, a long as we are invested properly, right? >> the othereng on people's mind and this week, the news came outme about raisi interest rates. a lot of people that obscure orm in lament terms what does the fs mean to regular people. >> it will impact you two place, one, your credit card adjust t rate change. your rate is higher andr#au will be paying more f of credit that's sitting there and you are borrowing. >>e whose got a credit card in their wallets of this idea costing you more money to charge

month. advice is pay off that credit cards are one really, >> the other one is if you haven but not everyone. that's going to to and maybe not the fl .25 that interest rate went up. it is bit.g you will see your rate move. >> say ione of those, that would be. >> right. >> should i go to the bank that a way t recommend or leave it alone at thispoint, th changed and we a amount. if you have a $50,000 mortgagen. it difference a month. we are seeing is rates are

climbiend years,ant.t it is not this rate change. it isum nex couple of years. we have seen a lot of people refinance and getting a fixed ra w a low rate. >> sure, sure. >> so as you look ats news of te week kind of dealt a lot of peo th adds up over the decades really. i k most c seeing, jaime, across the age >> people are not saving enough. >> just not >> people need to really set up know what, spe masmarter toeokay, i know what i get paid this m wee

sp l is that how you encouragepl real ck at that,ilrealize that maybe there ared smarter, that not going same coffee shop ten t a week but twice a webout automatic deduction pu couple of hundred bucks right into that behavioral standpoint, that's one of the best things te not seeing >> it does not feel like it is raises or bonuses have them account, that hopkins, big remendously, too. appreciation of this a track an offering important advicereme i at the americannancl services,

for a lot of people today. today. it turns out stressed, really stressed. when we come back, we'll tell you what is fuelling it and how to cope.

if you lean left our right.urvey by th psychological associatiin are, f two third two-thirds of americans say they ar our country. close torent political climate is aignifican re 10'son col talked to gaegher.

>> two-thirds of a stressed out of the future of our nation, does you, two-thirds? >> it concerns meec feeling more stress which can lead anxi your personal life or job andge. >> is the stress on is changed that were change? >> the ss cytributing to an ncrease stress for people surp concerns and stress for clinic that people come fothat they cannot tolerate of not knowing

the reess social media. is thatpeop or everybody? >> i think it is for everyone beca mostly everyone. i think it is hard to get away from all of the information and some of information may find positive in yourn you may find negative or not in line >> now, a lot of us according to research a checking our remai a lot of us are glued to our of the work that we do i and that maybe to take a timene or o to really take that time to triggers but also how toand tola

mindfulness approach learning to accept the thoughts thafp( tha deal with ite way. also, find ways to stay in the . we canca if the future is cannot go changing the future in on are positive and also if there are some of that anxiety with an a lon tha. the future of our of levels but how do learnns and living our le of the unknowns. >> t a breathe and because and all good inhere. good waydis mtal stress ar

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home. they frigerator and washi more super convenient. all is hooked to theam home or n turn t on ormo

he's not alone. li gregg will prove that you what's inside when you are not at home ondine on the fridger,nt connects to cyber sp tvs, of claims can tells me there are ways toero designed to f. think of hiring a pro to u home to the internet.urityrms r indio

>> on anymore >> that waodrtin >> get this. ar smart phone screen lock. about only update their phones when it is >>that's it for this edition

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