sharon epperson. >>> up next, "on the money," one lucky ticket was sold in the near record breaking lottery what should you do if a $2 ticket becomes a life changing jackpot? we can dream anyway, if you didn't win a lotto there's a job opportunity. it may not be for the faint of heart. look out >>> this week there was a lucky ticket sold in south carolina with the winning numbers in the near record $1.6 billion jackpot. what should winners do before they claim their money avani ramnani is from francis financial, and thank you for being here today. >> thank you. >> all right this is a huge long shot the idea that you're actually going to win the lottery, but we have thought about it from time to time. if i were to come into a whole lot of money, how would i spend it, how would i prepare for all of that? you tell people that the very first thing they need to do is what >> be very quiet don't tell anyone. you know - >> not even your spouse? >> maybe your spouse, but not even the kids. >> why be quiet? we have read some of the stories of people who just get preyed upon afterwards but why keep i

sharon epperson joins us ton explthat. >> good to be here. >> let's look at the silver lining. what are some of the benefits?ll >> start with higher return for savers. that's the good news for many savers including retirees who will see more interest. inco great news for them as well. then we'll see more credit availability as well. we're seeing that compared toea few ago. >> we know relatively speaking savings rates are pretty low. how much can you expect to earn on savingsaccounts. >> the key is to find the right high yield savings account. if you look at the national average being .9% you can see a top rate on a high yield savings account 2%. you want to try to get a rate that high, you have to go to online bankikosty to get that rate. they're very competitive. make sure it's fdic enensured. also for savers and thretirees, cd rates are improving also, 2.5% or moreor a one year cd. if you can tie it up for three year or more you can get a 3% on a 3 or 5 year cd and that's a significant increase we've seen in the past. >> absolutely. on the flich sip side, there's s a flip sid

sharon epperson joins us right now to help sort it out. ose are pretty startling statistics is there a direct correlation? what's the impact on people trying to pay down student loans and save for retirement? >> there's a significant impact, no matter how large or small your student loan is on your overall assets over time it starts when you're just starting out and you're trying to decide which to save for. boston college did a study they looked at by the time you're 30 years old, if you have student loan debt, you're likely to have half as much saved in a retirement account than if you did not have student loans we're talking about a difference between about $9,100 versus over $18,000 if you didn't have that student loan debt. and then it continues. families looking at having student loans even if just one person in that family has a student loan overall, that can have a significant impact on your overall assets, a change from $128,000 to nearly $210,000 in overall assets if you do not have student loans so, it definitely has an impact. >

i'll send it back to you guys. >> sharon epperson, thank you. the ceo of charles schwab. >>> when we come back, global elections. a look at the leadership shakeups happening from germany to brazil sparking marketing move this is morning sweet will be ba "squawk on the street" will be right back with the dow up 310 don't go away. ♪ ♪ the new capital one savor card. earn 4% cash back on dining and 4% on entertainment. now when you go out, you cash in. what's in your wallet? >>> german chancellor angela merkel announcing she won't run for a fifth term we're in germany watching all that >> the biggest surprise is that she's also not running again as the chairman for her own party, the cdu, because their mantra always was she wants to be the chairman of the party and also to be the chancellor to keep grip on her own party. so one can fairly argue it's a very gradual process of saying good-bye to politics because today in a press conference she was saying she's ready to serve another three years as her term as chancellor but being ready doesn't mean s

parents are spending twice as much on their adult children than they're saving for retirement sharon epperson >> well, wilf when you factor in the amount parents contribute to the college education it's not that surprising they are spending a lot of money on dult children but this much, $500 billion a year that's how much parents are spending on the children when they are 18 to 34 years old. meanwhile, they are only putting half that amount, $250 billion a year into their own retirement accounts according to a new report by merrill lynch and age wave the study found 8 out of 10 parents provided children with financial support and paying for college accounts for only one fourth of the total. parents pay a variety of expenses long after the kids graduate including some or all of food and groceries, cell phone service, car expenses, vacations, rent or mortgage. most parents are realistic about the fact that by paying for this they have to make financials sacrifices half said they would pull money from a savings account and a quarter would take on debt or pull money from retirement savings. as a

it could have a huge impact on main street, too sharon epperson has all the details. >> hey, wilf risingve an impact but it's not all bad there are some nice rewards including higher returns for savers, more interest income for retirees and more for borrowers. you can earn 2% or more in interest the national average rate on a savings account is .9% according to bank rate so you could more than double your savings rate. you need to compare rates at onliene banks which generally have the highest rates. >>> higher savings rates means more interest income for retirees if you don't want to tie up your cash for that long, there are banks offering over 2.5% on 12-month cds with no minimum deposit according to magnify money. there's ghusd for borrowers too since there's more credit availability banks have a greater incentive to loan out reserves at higher interest rates if you're looking to buy a home or refinance your mortgage, you may be able to find a product for you. that's especially true for credit worthy borrowers. >> those savings rates, the average there quite distorted as you suggested