sharon epperson is here with more on the findings. what is the actual savings gap that blackrock found? >> well, it might be pretty surprising to you. what's good is that people have an idea of how much money they need. baby boomers say they need about $45,000 a year in retirement. but what they've actually saved would allot them only about $9,000 a year. >> that's a big hole. >> so that $149,000 they have in their nest egg is only going to amount to $9,000 a year. it's a $36,000 annual savings gap. that's a big gap. >> it is. and it's a huge shortfall. but is there a reason why that shortfall is there other than people perhaps not saving enough? >> well, not saving enough of course is a problem but also where you save is important. where you put that money. and a lot of people are just putting it in cash. they're saying we're not comfortable with this market, we're just going to keep it in cash, instead of knowing they should put a third of their money they think in cash. they're putting 65% of their holdings in cash. so because they'

for "nightly business report," i'm sharon epperson. >>> and tomorrow, we're going to introduce you to an entrepreneur who is no longer running her fourth-generation business the old-fashioned way, and it's certainly paying off. >> you know, i think there's a fine line between relying on the internet, which has certainly changed everything -- >> right. >> it makes a lot of things more convenient. and not giving up that human touch. >> right. >> being able to speak to someone on the phone. >> and that personal feeling. >> particularly in a personal service business like that. >> and a competitive one, too. >> you bet. >> it's all about the hair. >> it's all about the hair. >> that does it for "nightly business report" tonight. i'm sue herera. thanks for joining us. >> thanks from me as well. i'm tyler mathisen. we hope to see you back here tomorrow night. male announcer: the following program contains mature content which may not be suitable for all audiences. viewer discretion is advised. female announcer: between birth... what a beautiful little girl. female announcer: and death... wo

in the first of our three-part series, sharon epperson introduces us to one entrepreneur who can now go to where his customers are and no longer has to wait for them to come to him. >> james xavier parise knows a lot about wine. >> wine had always been a passion of mine. and it's something that i've studied since i was 18 years old. >> he also knows a lot about how well his wine is selling thanks to the analysis he gets through a mobile point of sale system. >> point of sale system is a combination of your register, customer accounts, what they're buying, and also your inventory levels. it will see where percentage of sales go and you'll also, heck, i've got what my newsest system will actually factor in weather as determinations of what's going on. >> reporter: the technology helped him figure out an important factor how to grow his business. he says his wine company needs to be able to meet customers wherever they want to do business. >> i've got to expand and get out there. i've got to get known. i've got to bring my products to the people. so i'll conduct tastings. >> so he's hos

sharon epperson has her story. >> reporter: fourth generation jewelry miriam gamushian still makes jewelryhe way it's been done for centuries. by hand. >> our business is incredibly old-fashioned. >> reporter: but her company and the industry have come a long way from doing business the old-fashioned way. >> before things didn't happen so naft. before you didn't have the luxury of speed. so if a customer in california wanted to see something it could take them up to two weeks to gets the piece, then show it to the customer and then by the time the whole business was done from a to z could be a month. today i can do that in 24 hours. >> reporter: gamushian says 12350ed is key because consumers want inside tat grat faix. and now clients from all over the world can see her pieces immediately on social media. >> a woman can represent when you see a picture of a ring on a finger or a necklace or an earring. it's just something that we are very -- we like to see. in real-time with pictures. so women do see that and they want to try it on, it's a lifestyle. >> socialist media is the best thing to

sharon epperson joins us to talk more about your money, your future and your social security check that'sup. sharon, this is really uncommon. what's happening? why is this going this way sm. >> it is very uncommon. you are really excited when you see the low gas price tes at th pump. that means inflation is staying low and the cost of living adjustment you get in your social security check, that's going to hurt a lot of retirees. >> it makes sense except for those who will be facing higher medical bills. >> it's based on an inflation rate that affects workers, not retirees. a lot of folks, including aarp are saying there should be a different rate for those who are elders that reflect true cost. half of recipients rely on social security for 60% or more of their retirement income. it's affecting a lot of people. >> if you were counting on that money and you're not going to get it now, what can you do. >> we're talking about low gas prices. one of the thing that seniors often pay too much money for is car insurance. looking for what discounts you can get, if you're a safe driver, if you've

sharon epperson. >> hi. last year claiming benefits at the age of 62, the earliest you can collect but only your full social security benefit if you wait until you're full retirement age. that's 66 or 67, depending when you were born. this week i sat down with aarp president jeanine english. a huge upside to delayed gratification. >> delay to 70, they can increase their social security by 8% per year. it's a big number. >> that is a huge number. very big number indeed and could potentially increase your monthly payment by hundreds of dollars, tens of thousands of dollars, over your lifetime, becky. >> wow. i knew there was a penalty. i didn't realize how big of a penalty it actually was. you just wonder when people start claiming for this, when they start going into this, who should wait? how realistic? how do you figure it out? penalty. a lot of debate on this. at 62, take it. it's my money. i deserve to take it. they don't consider how much more money if they waited to full retirement age. single woman, 62

sharon epperson with a look at the statistics and solutions to help retirees prepare for one of the biggest expenses they'll ever have. this is one of the numbers where, okay, you know you have to figure out how long you're going to live just to figure out retirement but figure out how healthy you may or may not be, that seems almost impossible task. >> it's almost impossible but maintain a healthy lifestyle right now and continue that in retirement, probably the place to start. but what's startling is the number that you're going to have to come up with in retirement. for couples 65 years old, they'll have to have $245,000 just to cover health care costs in retirement. >> by the way, that's assuming that you don't need an old age home. >> this does not include long-term care or nursing home care at all. what it does cover are the premiums you'll have to pay. even though it doesn't cover everything and out of pocket costs for prescription drugs perhaps that aren't covered and >> are the statistics different for men and women? >> they are. of course, because women live longer, average life e

senior finance correspondent sharon epperson joins us now to talk more about your money, your future, and your social security check that's coming up. sharon, this is really uncommon. what's happening? why is this going this way? >> it's very uncommon. and we were excited to see the low gas prices at the pump, but it also means that inflation is staying low and so the cost of living adjustment you get in the social security check is really based on that inflation rate. and since we're not seeing any inflation, high inflation, we're not seeing a cost of living adjustment. that's going to hurt a lot of retirees. >> it makes sense if you were thinking, okay, we're not seeing inflation, so we shouldn't be getting more money, except when you look at some of them facing higher medical bills. >> exactly. the way that it's calculated is affects workers, not retirees. that's why a lot of folks including aarp said there should be a different calculation that includes the inflation rate for elderly and seniors. it's reflecting the true cost. we're talking about a half of social security recipien

sharon epperson joins us with a look at the statistics and solutions to try to help retires prepare for one of the biggest expenses they will have. this is one of the numbers where you know you have to figure out how long you are going to live to figure out retirement. figuring out how healthy you may or may not be seems almost impossible. >> it is almost impossible but main 2taining a healthy lifesty now is probably the place to start. what is startling is the number that you are going to have to come up with in retirement. right now for couples 65 years old will have to have $245,000 just to cover health care costs in retirement. >> that's assuming that you don't need an old age home. >> this does not include long term care or nursing home care. what this does cover are premiums. you know you have medicare. doesn't cover everything and out of pocket costs for prescription drugs perhaps that aren't covered and deductibles and things like that. >> are the statistics different for men and women? >> of course because women are going to live longer of 87 going to pay about $130,000 compare

let's welcome our panelists, jim cramer, sharon epperson and rick santelli. are all asking questions during tonight's debate. great to you have here. we want to preview, jim, what are you asking. >> i have to ask about healthcare. i've got to ask about what i would say is -- are job prices too high. how about something like that. >> that is coming up a lot on twitter. >> because what i keep hearing is the profit earring is perhaps not keeping with what the republicans can handle so i want to find out. >> great question. sharon, what about you. >> what matters to me is what matters to people's wallets an they they will be financially secure when te retire. and i wan to hear how they will reform social security and what re this doing to do it help people afford their financial lives when they retire. >> this question of affordability is key and our partners at vox put together a chart showing the personal savings rate. can you do a lot with that. can you put the money under your mattress and pay down debt and invest for retirement and buy healthcare. it is almo

joining us is senior personal finance correspondent sharon epperson. s more on your money, your future and your health. sharon, what do we need to think about and expect this year? >> you don't want to think about it and i hate to tell you this is going to happen but you know what i'll say. the cost of your health insurance will rise. >> no. >> one in three employers will say their premiums are going to go up for their employees and one in four say deductibles will go up. so you have to anticipate that you'll be paying more for health insurance. but keep in mind you don't want to only look at premiums. look at what your out-of-pocket costs will be. look and make sure the doctor you love are in network because out-of-network costs can be high. co-pays. factor in those costs and you may get -- something might be less where something else has gone up perhaps. you have to look at the numbers. the other thing to look at -- and this is something to do every year, look at spousal coverage. some companies will charge you a surcharge if your spouse can be charge

sharon epperson joins us on your money, your future, and your new credit score. why is this happening now? >> there are so many people who lack credit or who have gone through hard times and they're not able to get credit. this is way to look at other types of things, not just looking at if you pay your bills on time, which is a big part of your credit score today, but other types of information, looking at your cable bill, your utility bill, your checking information, how often you move and the size of the menthe payments you make on your bills. all that will factor into the new scores as well. >> i can understand how it would help some people who are in a situation where, look, i don't have the credit history that other people have, but are there people who are going to get hurt there there could be. this is why it's so very important to get your report, your credit report, from annual credit report.com and check it out, make sure there's no errors cable bills, make sure there are no errors there, and be pretty those bills on time. it's really important, but it

time for a cnbc news update with sharon epperson. >> here is what we're looking at. president obama announcing that he has ordered a slow down in the withdrawal of u.s. forces in afghanistan. the u.s. will maintain 9,800 troops through next year and leave a course of about 5,500 troops in 2017 after he leaves office. an increase in violence led to his change of strategy to leave afghanistan by the end of this term. >> russia releasing video of fighter jets taking off and landing at an air base in syria. they said its jets made 33 bombing runs over the country in the last 24 hours, hitting 32 isis targets. >> the younger brother of al qaeda leader eamon al zawahiri was a at which timed of terrorism charges. he is. >> a group of scientists from stanford university have designed and manufactured plastic devices that can mimic's the skin's sensation. it can be made stretchable just like skin in the near future. that's the cnbc news update at the hour. >> they are doing amazing things in pros stet particulars technology. that's amazing. thanks, sharon. >> 30 minutes to go

i'm sharon epperson. thanks so much for watching. >> and i'm tyler mathisen.a great evening, everybody. ♪ kacyra: it kind of was, like, the bang that set off the night. rogers: that is the funkiest restaurant. thomas: the honey-walnut prawns will make your insides smile. [ laughter ] klugman: more tortillas, please! khazar: what is comfort food if it isn't gluten and grease? braff: i love crème brûlée. sobel: the octopus should have been, like, quadripus, because it was really small. sbrocco: and you know that when you split something, all the calories evaporate, and then there's none. whalen: that's right.

. >>> i'm sharon epperson and here is your cnbc news update for this hour.resident obama announcing that he has ordered a slowdown in the withdrawal of u.s. forces in afghanistan. the u.s. will maintain 9,800 troops through next year and leave a force of about 5,500 troops in 2017. after he leaves office. >>> an increase in violence led to his change in strategy to leave afghanistan by the end of his term. >>> jack lew says the government will exhaust its emergency cash management measured by november 3rd if the federal borrowing limit isn't raised by congress. that moves up the time table by two days. >>> authorities in costa rica arrested seven men suspected of smuggling several tons of cocaine to the u.s. the crime ring is believed to be connected to the italian mafia and run out of a new york pizzeria. >>> the number two reactor at sen dye nuclear power plant in japan has been reacted. it's the second one to be restarted. protesters demonstrated in front of the plant. that's the cnbc news update at this hour. back to you. >> thank you very much, sharon.

i'm sharon epperson. thanks so much for watching. >> and i'm tyler mathisen.a great evening, everybody. ♪ announcer: explore new worlds and new ideas through programs like this, made available for everyone through contributions to your pbs station from viewers like you. thank you. announcer: judy collins, tom and dick, the smothers brothers, the kingston trio, the highwaymen, the brothers four, glenn yarbrough, the limeliters, roger mcguinn, barry mcguire, randy sparks and the minstrels unite for history in a special celebration of american folk music... next on pbs. ♪ ♪ rows and flows of angel hair ♪ and ice cream castles in the air ♪

sharon epperson in boulder. tomorrow's debate on cnbc and also happens to be on fed day and that important fed decision coming in "power lunch" 2:00 p.m. eastern tomorrow. >> what the fed does, of course, affects the bond market in a big way. let's check on it now. a day ahead of the fed with rick santelli. hi, rick. rick, it's me. let's bring in rick anyway. why not? let's look at the bonds. there you go. look at the ten year note. it's at 2% right now. just a hair above it and the spread there going up to 2.8% for the 30-year bond. prices up to day. yields down just a bit. and that, folks, is your nonsantelli bond report. >> i thought did you a good job standing in for rick there. commodities crushed this year. most of the focus is on oil. take a look at natural gas. prices sinking to new lows. down 25% this year, down 40% in the past 12 months. one of the big nat gas places is duke energy. feeling the pain. that stock down double digits in 2015. fwha but that company striking a big deal this week in the space

sharon epperson will take a look at where the candidates are with entitlement reform. stay with us. >>> the rally continues. the dow setting highs for the session up 166 right now. nasdaq's at 53. that's a 1% gain. so it is for s&p. one of the leading sectors today, the financials. wait until you see bank of america up 5%. the s&p bank index is up three and a half. up 4.4%. regions financial up 4.3%. a big day for those financials. >> that's what hopes of a rate hike will do. >> entitlement reform, the hot button topic in this presidential campaign. a subject that will likely take the stage at the gop debate. sharon epperson is with here with a look at where the candidates stand on social security, medicare, medicaid, and who's making the most strides on this issue? >> well, there are a lot of candidates with a lot of varying opinions. they'll have a serious impact on your finances. it will be key topics tonight. student loan debt and social security and entitlement reform. they don't all agree how to do it. let's start with the issue that's really at the forefront. th

thanks for joining us. >> sure. >> sharon epperson in boulder. more on tonight's gop presidential debate. we will talk to reince priebus, and also irene rosenfeld when we come back. . >>> good morning, welcome back to "squawk on the street," i'm david faber, along with sara eisen and simon hobbs. we're live from the new york stock exchange. carl quintanilla on assignment in colorado for the debate tonight. we'll hear from him later in the hour. for now, let's look at the markets. oil, as we like to do at this time, we are ahead on all the major averages, wti, moving one way or the other significant amounts. up almost 4% this morning. big day on cnbc. the republican presidential candidates set to take the stage tonight. the chairman of the republican national committee will join us live from colorado. >> shares of apple and twitter reacting to their quarterly results in opposite directions. find out how you should be playing those stocks today. >> and our friend, david faber moving stocks higher is in advanced talks to buy starwood hotels. the dea

cnbc, sean harwood and sharon epperson.fore you knew the onslaught of ridicule was coming your way? >> i wanted to do two things, one, was to play out the divide between the outsiders, trump and carson in the traditional candidates. we saw it the last few days. john kasich saying there is crazy stuff happening in our party. we need to get serious. let him make that case. let them respond. the second thing was to try to get the candidates to defend and explain the economic proposals that they had to help average workers in this economy so we asked a lot about their tax plans and the distribution of income, income inequality. some of those questions, especially given the prescriptions they are offering, are questions i feel hostile to those candidates. >> asking someone to fill in the blanks to give a flash and explain something and show that it adds up is a challenge. >> it is a challenge. >> they don't want to be told to explain. >> exactly. cnbc's correspondent, my goal was to come in and talk about the issues that respond

. >> don't forget my colleague, sharon epperson. >> you were the ceo of a large corporation that offeredtheir employees. more than half of americans don't have access to retirement pl plans. that includes the growing ranks of part-time drivers and uber drivers, and business people. should the government help to set up retirement plans for these workers? >> no, the federal government should not play a larger role. look, every time the federal government gets engaged in something it gets worse. and then the government steps in to try to solve the problem and we get a little further down to that progression that hillary clinton is talking about. companies should, if they want to attract the best workers provide a good set of benefits. but honestly, if you're a small business owner today you are being crushed. we have 400,000 small businesses forming every year in the country. how great is that? they are employing themselves and potentially employing others. the bad news is, we have 470,000 going out of business every year. and why? they cite obamacare. >> you wouldn't agree to start 401(k)

. >>> i'm sharon epperson. your cnbc news update.d said by the end of 2016, 1,000 troops in kabul to protect the embassy. now, the number will be closer to 5500. currently, there are 9800 in the country. cnbc will take his announcement live at 11:00 a.m. eastern. >>> it's official. the government saying no benefit increases for millions of social security benefits, low inflation costs by low gas prices. it is the third time since 2010 that payments will remain flat. dennis hastert's lawyers and prosecutors say the former house speaker has agreed to a plea deal in his criminal case. he is scheduled to change his plea to guilty on october 28th. he has been cused of breaking bank reporting laws to hide hush money. no word on whether he will serve prison time. >>> lamar odom remains on a ventilator in a las vegas hospital. doctors are treating his swaying as an overdose. sources say he had multiple drugs in his system including cocaine. he was found unconscious at a nevada brothel on tuesday. that's our cnbc news update. back to "squawk

sharon epperson joins us live from boulder with a look at where they do stand. hi, sharon. >> hi, tyler. this is a very important issue. most of tonight's candidates agree that social security is broken, but opinions differ on exactly how to fix it. looking at jeb bush's plan, which was just revealed yesterday, he outlined a plan that encourages more participation and private savings plans. he also says that government support for small businesses should be set up by having starter flow in place for employees. he also proposes increasing the minimum benefit that they can receive for social security but reducing benefits for the wealthiest workers. that is a proposal known as means testing. it's common among many of the folks on the gop field. chris christie, lindsey graham and rick santorum have also endorsed that strategy. taking a look at where some of the other candidates stand, raising retirement age is another very popular proposal. workers used to be able to get their full retirement benefits at 65, now it's 66, 67 depending when you were born. most of the

. >> msnbc's kasey hunt and cnbc's sharon epperson come to us from boulder, colorado, the site of tomorrow'sebate. great to see you. i want to start with you, sharon, because the debate will be focused on the economy but will there be a shift with the major headlines we are seeing for military policy for iraq and syria and also about women's reproductive rights, as donald trump brings up? is there going to be a time for question and answer on that? >> well, i think there's been a lot of discussion about that and we are definitely listening to that as you just played. what we're focused on on the cnbc debate is the economy as you talked about, about jobs, about taxes, about retirement, about student loan debt, about issues that really matter to every generation whether you're a millenial, baby boomer or senior, and so i think there will be a lot of discussion about that and it will be interesting to see whether or not all the candidates have firm plans about what they're going to do to really help individuals with their finances, with their own pocketbook issues. that's what we will really fo

let's go back to sharon epperson. >> southwestern is preparing for the worst hurricane as hurricane patriciaears down on pacific coast regions, it has become the strongest storm ever measured and police patrolling the streets are ordering the evacuation of resort hotels. the storm is scheduled to make landfall later today in mexico. >>> the justice department is declining to bring charges against lois learner, at the center of a political controversy over the processing of applications on tax exempt status. she refused to answer questions at two oversight hearings. >>> hillary clinton has won the endorsement of the 1.6 million member american federation of state, county and municipal employee union. they say clinton would be the most effective champion for working families. >>> and nike is go b. to open its first ever michael jordan store in chicago tomorrow and the lines are getting long and longer. the merchandise will include basketball training, sportswear and kids products, all featuring jordan's jump man silhouette. that's cnbc's news update at this hour. back to you. >> thank you so m