our senior correspondent sharon epperson explains why. that's a shocker why is that? balances have been building and that's all good. why is that not all my money >> it's a great savings tool we love 401(k)s and the automatic savings and the rebound took the average balances up 8% or 9% we're talking $100,000 for the average 401(k) we get the tax break up front. we're putting it into a regular ira or 401(k). we're getting a lower tax bill as a result. that tax savings does not continue in retirement. >> i don't think most people think about that so can you give us some insight as to what the tax implications might be, what that tax bite might be. >> when you withdraw the money from a 401(k) or ira in retimer, you're taxed at your ordinary income tax rate. if you're at the 24% tax bracket, you're going to have nearly a quarter of that money gone if you take it out early before age 59 1/2, you're going to get a tax hit. and then you have to consider what will happen for the required distributions when you take a look at what that impact is, let's look at someone who has

saving for college is a struggle for many ask nd it could be intimidating we asked sharon epperson toe again tonight. good to see you, sharon? good to be here. > how are parents doing in handling the 529 and how well do they understand them? >> on this special 529, few people even know what a 529 plan is. fact, edward jones did a study and said seven out of ten americans couldot correctly find it as an ecation savings and they're not doing anything to pay c for theirlege education and they're saving $5,000 yr or less. >> how about some benefits and drawbacks for those 529s? >> the benefits are that you put that money in and it grows tax-free. you ar putting in after-tax money and it grows tax-free. you take it out you don't pay taxes on it as long as it's for the qualified expenses and also many of unds that are in the29 funds will get more conservative as you get closer to them coing tolege. in a volatile market like this, if youd is about to go to college in an age-based plan, you shouldn't have to worry as much. >> one of the issues that so many of these plants are different depend

sharon epperson takes a closer look. ♪ >> there you go. good job!any military families the warners are used to bouncing they've moved four times in the last 12 years. most recently to fort meade in maryland all while raising a family on a single military income. >> you're trying to provide for more than one person and all of an you have to furnish a house. you have new bills. >> some of those bills have been costly. >> when we came back from overseas we ha to rent a car for two months while we waited for the other car to get shipped that was a msive expense. >> nearly 11,000 active duty service members and their families can shop at the exchange at fort meade. like many militaryamies they face unique challenges when it comes to money and the cost o living adjustments and one of the biggest hurdles facing military families today. debt. c altogether, and janna t into trouble when they started spending extra money they received fm eric's deployment bonus while working in afghanistan. >> we got comfortable with it and all of a sudden it's like taking a

loans but students aren't the only ones taking on debt senior personal finance correspondent sharon epperson joins us right now with more of all of this and, sharon, at this point in the game if you've got someone going away those tsiprass have made their decisions. now it's time to figure out how to pay for it. >> well, ideally you talked about this before they picked the school but sometimes there is a shortfall what are you supposed to do? when we look at how families pay for college and 2017/2018 it cost about $26,000 for the average family, about a third of that came from parent, parents' income saving and borrowing and, yes, students took out loan, about 14%. >> what's the difference between the loans the students take out and the loans the parents do >> the interest rate the main loan the parents take out, of course, they do other types of borrowing like try to tap their 401(k), bad idea or credit card, horrible idea or even home equity loan or line of credit, also not a great idea because you could lose your house and you won't get the tax break anymore. >> that takes out a lot of wa

senior personal finance correspondent sharon epperson joins us with tips on how to stand out from the pack. >> great to be here. >> a strong job market right now blue what does it mean if you are a new grad out there looking or what about if you're an older worker. >> great news for new graduates, according to the national association of college age employers they'll hire 11% more new grads than they did a year ago and employers are going to be paying them more too regardless of their degree or their industry really we're seeing pay increases so that is great news for them. the other good news for older workers those 55 and older are likely to be the fastest growing group of workers in the marketplace by 2024. talking about a quarter of the workforce will be older workers. well, a lot of people have great experience, a lot of people have to continue to work because they can't afford to retire and employers are going to take advantage of that. >> how much of this is just that it's such a tight job market right now and how quickly could that change is the one thing i would worry about.

. >> thank you so much, sharon epperson. you want to shoot a basketball like aball-star. what? there's an app for that. ♪ ♪ ♪ > okay, all you basketball fans, if you ever wanted to shoot a bal like a pro, now now can with an app. eric went to brooklyn to try >> it's game changing technology that'sur tning amateur basketball playerse next sharpshoots. homecourtn app that uses high-tech computer vision a machine learning to improve .hooti >> 49 degree >> the the shots made and missed, launch angle, vertical r andction time using just an iphone. no sensors and no high-tech equipment necessary. >> today you run, you'reyosing apple watch or nike run app or you can track all those milet and f. for basketball that doesn't exist. so the first is how do we help people easily track their shots without strong do a lot of the manual work. >> homecourt is a top ten downloaded sports app in the apple store and it has more than a dozen college and pro teamus g it including joe harris of nets who this year led the a in three-point shooting and won the three. >> okay. i feel good and i di

bills on time and say that debt is their top concern senior personal finance correspondent sharon eppersones a closer look at the unique issues facing military families >> there you go! good job >> reporter: like many military families, they are used to bouncing around. they've moved four times in the last 12 years, most recently to ft. meade in maryland, all while raising a family on a single military income. >> you're trying to provide for more than one person, and all of a sudden you have to furnish a house. you have new bills >> reporter: some of those bills have been costly >> when we came back from overseas, we had to rent a car for two months while we waited for our other car to get shipped, and that was a massive expense. >> reporter: nearly 11,000 active-duty service members and their families can shop here at the exchange at ft. meade. like many military families, they face some unique challenges when it comes to managing money -- long deployments, moving expenses, cost-of-living adjustments, and one of the biggest hurdles facing military families today, debt. >> all together? >>

. >> california spends about $11,000 epperson student.w jersey spend double that amount. >> let's bring in our chief meteorologist, bill martin. we're getting reports of consistent, persistent heavy rain on the afternoon commute. we look at the golden gate bridge live right now. traffic very slow right now. you can see the glaze on the road out there. it's very wet. we've seen an inch of rain in parts of the area. it's a very significant rain event for may. let's look at this shot. you can get the vibe for the rain. here is another shot. the freeway is not moving so quick. it's creeping along towards berkeley and out towards sacramento. here is how the radar looks. you can see just the frontal band as it slides through. this is the heart of this system right now. it's dead on in the afternoon commute. while you're waiting for folks to get home just know things are slow. the north bay still getting hammered significantly. these orange are representing quarter inch to half inch rainfall rate. that's the kind of thing you see in february or

cnbc senior personal finance correspondent sharon epperson takes a look at why this is happening. >>b >> the warners are used to bouncing around. they've moved four times in the last 12 years all while raising a family on a single military income. >> you're trying to provide for more than one person and all of a sudden you have to furnish a house, you have new bills. >> some of those bills have been costly. >> when we came back from overseas we had to rent a car for two months while we waited for our other car to get shipped that was a massive expense. >> today most military families are more worried about money than going into battle in a recent survey, service members and their spouses ranked financial stress as a greater concern than even deployment for military spouses, it was the number one worry with 49% saying it's their top concern >> yes, absolutely >> marine corps veteran and financial adviser renee brewer says low starting salaries and the structured world of military pay make it difficult for service members to dig themselves out of debt. >> if you need to make up a $20,0

sharon epperson and casey robinson on 5/29 day >>> the ongoing trade tensions with china we'll head tothe new york stock exchange for how to play today's action and ybmae even the weeks and months ahead that's next. >>> take a look at the market losses the dow down 345 1.3% the s&p down 1.09. and the nasdaq down 1.1% let's bring in matt chesslock from virtue financial. he's at the stock exchange tracking all the action. matt, welcome. we broke, what -- or broached, breached, i guess, an important support level on the s&p earlier today. it bounced back a little bit how much of this is algorithms clicking in as we tag support levels how much is fundamental worry? >> i think technically we broke down a key support level, 2802 we held it yesterday on the close. super weak and then broke through it today. accelerated lower. we saw that disturbing mueller report come out. that took us down another leg. now we're resting on some deeper support levels of 2776 we're ticking below that right now as we accelerate but i am not going to say it's algorithms they aren't getting credit for taking us u

education, but that decision is coming at a cost cnbc's senior personal finance correspondent sharon epperson the story. ♪ ♪ >>> man, you always want to go high. >> cynthia and alex pictured family time just like this, but their path to parenthood has been difficult and expensive seven years ago they conceived their son jake using in vittio fertilization. >> do a round ball. >> cynthia's health insurance covered the cost they're undergoing treatment again to try for a second child, but this time without insurance coverage now that cynthia is a stay-at-home mom and alex's plan doesn't cover ivf. >> i work for a large shipping company, delivery company and our benefits are great i was a little shocked that we don't have that coverage. >> they're paying for procedures on their own and are $24,000 in debt, splitting the cost between credit cards and a home equity loan. >> we don't want to give up so then you try to figure out okay, what else can we do without digging us into a real financial hole >> according to data collected by information site fertility iq about 500 companies offer fertility b