while the plan is the starting point in the process, cbs news business analyst jill schlesinger is here to discuss how the changes might impact you. so jill, what does the president want to do with individual taxes? >> reporter: the plan would reduce the number of tax brackets from 7 to 3. so the new brackets would be 12%, 25% and 35%. there is also a possibility of adding a fourth to the highest payors. the current top rate is 39.6. the lowest is 10%. now, missing in this announcement, a breakdown of income levels to which the new rates apply. kind of hard to figure out how it impacts you without knowing that. the plan calls for increasing the standard deduction. the current standard deduction is $6,350 for individuals. it would go up to $12,000. and to $24,000 for joint filers. that could make the process a lot easier come april. now, the plan would also look to raise the child tax credit which is currently $1,000 up to an unspecified amount. it would create $500 tax credit for elderly, not children. it would retain deductions for mortgage interest and charitable contributions but pay

cbs news business analyst jill schlesinger here to share ways that we can tackle this part of your financial life. so jill, how do you know whether or not you need life insurance? >> reporter: well, you want to ask yourself this question. if i were to die right now, would anyone endure a financial hardship? if the answer is yes, time to figure out how much coverage you need and forget about the old rules of thumb. just use an online calculator. the american institute of cpas has really easy good ones. you will need to know your current living expenses because without that number, you won't be able to input your survivor's needs. if you're the primary caretaker for your kids or your adult parents, factor in the additional cost for them. if you are a single parent or the primary wage earner, you may want to leave cash to pay off debts like student loans or a mortgage. if you want to prefund college or provide for future retirement needs of your surviving spouse, add that in. >> so there are different types of insurance. which one is best? >> reporter: for most people, term life insurance is th

here to explain and provide care for the care givers shall cbs news business analyst jill schlesingerwhat risk does care-giver face? >> you know, across a diverse pope population half of respondents say their health is taking a backseat to the health of the person they are caring for and a whopping 90% said they had little to no look at the financial situation of themselves when deciding to be a care giver and spending money out-of-pocket to cover expenses and increasing with household income. and additionally the obligation may be nee negatively impacting their employment due to using vacation and sick days and reducing retirement plan contributions and declining promotions or even quitting their jobs, to actually provide that care. >> what are some tips for care- givers? >> i think number one is you've got to ask for help. i know one person usually serves as the primary but you know what, he or she needs to ask for support from family and friends. and next, you may want to check your employee benefits. there are a lot of companies that are now partnering with organizations that prov

. >> reporter: cbs news business analyst jill schlesinger who says anyone who feels their information they can ask for a credit freeze. >> anyone can request it and they will freeze it. that includes you but that's a risk you have to take. >> you could unfreeze it. but the extra steps keep criminals from cracking accounts. seth lemon, cbs news, new york. >>> coming up on "cbs this morning," carter evans takes us along for a ride along as the coast guard helps with recovery efforts after irma. i'm anne-marie green. this is the "cbs morning news." [ upbeat music playing ] let's go. [ door slams closed ] [ music stops ] bye, mom. thanks for breakfast, mom. [ music resumes ] with quality ingredients like roasted hazelnuts and cocoa, nutella is sure to bring a smile to breakfast time. are you one sneeze away from being voted out of the carpool? try zyrtec® it's starts working hard at hour one and works twice as hard when you take it again the next day. stick with zyrtec® and muddle no more®. hey honey, good.as practice? must've been hot out there today, huh? yeah. yeah. why don't you go pu

cbs news business analyst jill schlesinger joins us live from new york to explain, good morning, jillood morning. >> what does president wants to do with individual taxes. >> this plan would reduce number of tax brackets to seven to three, 12, 25, and 35 . but there is also the possibility of adding a fourth black it to the highest income tax pairs. now remember the top rate is 39.6 percent, lowest rate is 10 percent. big missing part of this announcement, what is the break down of income levels to which the new rates apply, without that it is hard to figure out how this impacts you right. plan calls for increasing the standard deductions from three 50/50 to 12,000. 24,000. that could make filing process easier for folks itemizing, maybe avoid that. also, raising the child tax credit, from $1,000, right now to some unspecified amount. you are getting this picture here unspecified lack of details. there would be a creation of the new $500 tax credit for dependents, an elderly parent. plan would retain deductions for mortgage interest and charitable contributions. would it eliminate sta

cbs news big analyst jill schlesinger is here with steps consumers can take now.>> go to the website equifaxsecurity2017.com. go there. i know you're not trusting the information, but you must take this first step. put in the last six digits of your social and your last name, you're going to press a button, it will say you were or were not affected. the next step from that point is that you will automatically be taken to a place where you can get that protection for one year from equifax. but that's not where you stop. because please know just those two steps will not protect you going forward. >> what if i have no account with equifax and never dealt with equifax, should i be worried? >> you should . if you ever actually applied for credit in any way, shape or form, this is data that is out there with equifax, experian or transunion. >> if you've been exposed, what specific steps should you take? >> you can put a free fraud alert, a 90-day process, where you are essentially saying to the companies, if something is looking like -- somethione is looking at my file,

important savings habits, to help steer you in the right direction, cbs news business analyst jill schlesingeroins us live from new york, good morning, jill. >> good morning. >> reporter: so jill, how early should you start talking about money with your kid. >> reporter: i want to start this by saying no better person to give advice then person who does not have children. so i apologize in advance but i did, talk to experts and they say, you actually can start talking about money, when your kid are turning three. so maybe between the age of three and five. you just begin by identifying coins, and discussing their value. the difference between, something that is free, playing with a friend, something that cost money, that ice cream cone, and also you want to introduce the concept of work, yikes, and the idea that you may have to wait for something you want, something a lot of us don't have been teaching about. >> i don't have any kid either but i will scoop up katie's daughter and teach them about money because as uncle jimmy, i have a responsibility there. what is a verdict on a longs. should

right fail when it comes to other key areas of retirement planning, cbs news business analyst jill schlesingeroins us live to help prevent these potential costly mistakes, good morning, jill. >> reporter: good morning. >> we have discussed this many times in the past what is biggest retirement planning mistake that people make. >> reporter: sort of the good news/bad news. we are living longer, except we totally under estimate how long we live, when we are planning for retirement. financial engine survey found 75 percent of those surveyed did not know a typical six five-year old man can expect to live another 20 years. of course, it is not possible to know for sure but you can use a great tool put out by those actuaries, the act you war he is longevity illustrat or tool that provides a range of possibility but what your life expectancy is. >> i've got this body, i will just live forever. >> is that right, jim. >> yes. >> thanks, jim. >> thanks, jill. >>> sometimes you say things that just require no response, no comment. >>> hackers target u.s. securities and exchange commission tapping in the

cbs news business analyst jill schlesinger believes the company could eventually be forced to shut down under performing stores. >> brick and mortar stores have been under great pressure , we saw radio shack go out of business this year, we say pay less shoes, the limited, this is not unique to toys-r-us. >> reporter: toys-r-us says vast majority of the stores remain profitable, the company says it will continue to honor return policies and customer loyalty programs, should remain as they are. so what if you have gift card for toys-r-us? company plans to honor them as usual and you should have plenty of notice if that changes. reporting for three on your side, i'm jim donovan. >>> as we continue tonight, they throughout they were buying beyonce's lemonade album on vinyl. >> but what they got might make it a collector's item, find out what it is in the hot oand freedoms that we have and we enjoy today.s ready. aim. fire. and it's important for us to let them know that we will never forget their service. fire. it was steve's idea to have this cemetery. this was supplied to the veterans, g

. >> reporter: cbs news business analyst jill schlesinger said people who feel their information is at risk can freeze their credit file at each of the three agencies. >> a credit freeze essentially prevents anyone from opening new credit in your name and, of course that includes you. so that is why it is a little bit of the pain in the neck but it is most safe approach to take. >> reporter: you'll have un freeze your account if you want to apply for a loan but extra steps could keep criminals from crack your accounts. equifax is offering one year of free credit monitoring, which after public outcry no longer requires consumers to give up certain rights in order to join. reporting for three on your side, i'm jim donovan. >>> target is recalling, tens of thousands of pieces of furniture because they can injure children. we will have details at 5:30. >>> hollywood comes together for hurricane relief. total is in. how much money was raised from last night's hand in hand tell -a-thon. >>> police officers posting about their hurricane patrols got more than they bargained for on line, craze