Workers in their 50s are consistently contributing to their 401(k)s, but many still have balances that fall short of recommended retirement savings goals, according to a recent Fidelity report, which analyzed data from more than 24 million of its 401(k) accounts through March 31.

Here’s how much workers in their 50s have in their accounts, on average:

• Ages 50 to 54: $193,100
• Ages 55 to 59: $236,200

Fidelity recommends workers aim to save six times their salary by age 50 and eight times by age 60. For someone earning the median income for that age group — roughly $67,000 — that translates to a target between $402,000 and $536,000.

Based on those targets, many 50-somethings are well behind. But that shortfall doesn’t necessarily reflect a lack of effort. Gen Xers — who make up most of this age group — have an average savings rate of 15.4%, according to the study, slightly above Fidelity’s recommended 15% rate.

And 401(k) balances only tell part of the story. Fidelity’s benchmarks are based on total retirement savings, which can also include individual retirement accounts, brokerage accounts, pensions or inheritances, so total retirement savings for people in their 50s could be a lot higher.

Even so, for workers who got a late start or faced setbacks along the way, it can be difficult to close the gap — especially if retirement is just around the corner.

If you’re behind on retirement savings, “the worst thing you can do is nothing,” says Melissa Caro, a certified financial planner in New York City.

“Start with a full financial assessment: List your savings, income, debt and what you actually spend,” she recommends. From there, you can identify where to cut back or earn more, and redirect the extra cash into retirement accounts.

“Every dollar you free up from subscriptions, lower cell plans or side gigs needs to be redirected into your retirement accounts — especially catch-up contributions,” Caro says. Workers 50 and older can contribute an additional $7,500 on top of the $23,500 401(k) limit in 2025. They can also contribute an extra $1,000 to an IRA beyond the $7,000 standard limit.

Even small increases in your contributions can make a big difference. For example, if you start with the average 401(k) balance of $193,100 at age 50 and contribute $200 a month with a 7% annual return, your savings could grow to about $711,000 by age 67.

However, whether those savings are enough will depend on your personal goals. Some savers may need to rethink their retirement plans, perhaps with the help of a financial planner. That could mean delaying retirement, reducing living expenses to allow for higher contributions or easing into retirement with part-time work.

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This story is part of CNBC Make It’s Millennial Money series, which details how people around the world earn, spend and save their money.

When the Covid-19 pandemic shut down courts in early 2020, Derrick Morgan Jr.’s work at an Indianapolis-based law firm slowed dramatically.

Faced with reduced contingency work, he started looking for new ways to earn income. Around that time, his cousin was starting a business and asked for help registering a trademark — something Morgan had studied in law school.

“I did the trademark for it and was like, ‘Oh, that’s not that bad, I remember it,’” the 34 year-old tells CNBC Make It. “It’s just like riding a bike.”

Morgan began offering trademark services on Fiverr, an online freelance platform.

“After a few months, it really took off,” he says. What began as a side project quickly grew into a full-time business on track to earn nearly $500,000 this year, of which he will pay himself over $350,000. He also earns $440 per month in rental income from a condo he owns in Chicago.

Trademark law gives him the flexibility to work remotely, which fits his lifestyle. A lifelong traveler who has visited more than 60 countries, he now splits his non-travel time between Dallas and Mexico City, where he’s put down roots.

“Mexico City is home for the foreseeable future,” Morgan says. He’s hired a Spanish tutor, made friends with locals and tries to live, he says, as a “neighbor and not as a tourist.”

Here’s a look at how Morgan juggles travel, his business and his plans for early retirement.

Morgan’s trademark services found an early audience on Fiverr, where his customer-friendly style stood out to small business owners and entrepreneurs. He became a Top Rated seller, the platform’s highest designation.

“A lot of these prospective clients, they’re first-time business owners … they’ve never dealt with a big fancy attorney who’s going to be charging them hundreds of dollars to confuse them,” he says. “I get a lot of clients because I’m approachable and I meet them where they are.”

By the time Morgan quit his day job in 2021, his boss wasn’t surprised. “He said he saw it coming,” Morgan says. “I’ve always been someone who has an entrepreneurial spirit.”

Morgan’s company offers trademark services ranging from searches and filings to brand enforcement. “It’s A to Z for trademark services,” he says. Much of the work is procedural, which lets him serve more clients efficiently.

He typically charges between $600 and $800 per client, depending on the scope of the service. While he still uses Fiverr, much of his business comes through word of mouth and social media.

What began as a solo operation now includes a small team. “I have myself, my paralegal and an AI assistant where everything is a lot more streamlined,” says Morgan.

His business is fully remote, allowing him to set his own hours and work from anywhere. “There are no requirements for me to be in the States,” he says. “Trademark law is federal law, so it doesn’t matter where you’re licensed, as long as you have a U.S. license. With the state bar, you can practice anywhere.”

Morgan used to work up to 90 hours a week when he was running the business solo. With a team in place, he now works closer to 45 to 50 hours a week — including some evenings to accommodate clients in different time zones.

Before budgeting for anything else, Morgan sets aside at least 40% of his income — often $12,000 or more each month. “I make sure I invest as much as I can and then live off of the remainder,” he says.

Morgan’s low fixed costs allow him to invest consistently across both tax-advantaged and taxable accounts, including a solo 401(k), a SEP individual retirement arrangement, a health savings account and a brokerage account.

Recently, he’s paused contributions to his investment accounts and is directing most of his earnings toward a boutique hotel property development project in Mexico. He says he expects to complete his payments within a few months, and plans to catch up on his retirement contributions later in the year.

“I invest in real estate because I don’t want all my wealth tied to the stock market,” he says.

Here’s a look at how he spent his money in March 2025:

• Real estate investment: $14,500
• Housing and utilities: $2,032 for a furnished rental in Mexico City, including Wi-Fi
• Food: $1,085 for a mix of groceries and dining out
• Student loan repayment: $1,000
• Discretionary: $557 for household items, pet boarding and a visit to the barber
• Transportation: $173 for Uber rides and bike rentals
• Life insurance: $44
• Subscriptions and memberships: $29 for Netflix, Spotify and Apple

Morgan says his apartment in Mexico City costs about half of what he’d pay for a similar place in a major U.S. city like Chicago.

While he lists Texas as his U.S. home base, he spends most of the year abroad. “I spend nine months in Mexico City, three months, wherever the wind takes me,” he says. “Texas is where home is — that’s where my family is — but I might be in Europe or traveling around other parts of the U.S.”

Morgan first developed his “travel mindset” in college. He studied abroad in the U.K. and volunteered in rural Vietnam, then kept that momentum going in law school, visiting about three countries a year. In 2018, he even skipped his graduation to fly to South Africa because the flights were cheap.

He recently spent several weeks exploring countries in South America and often joins friends on spontaneous trips abroad.

Morgan also enjoys eating out frequently. He lives in a walkable Mexico City neighborhood known for its cafes, lush parks and late-night taco spots. “I do like to splurge on food and eat out a lot,” he says. “Outside of food, I try to keep a lot of my expenses low.”

He doesn’t own a car, choosing instead to get around with rideshare apps, rental bikes and public transit. Some of his expenses, like his phone, are covered through his business. All health-care expenses are paid out of pocket.

His only debt is $42,000 in student loans, and he pays off his credit card balances in full each month.

Morgan is inspired by the principles of the FIRE movement — short for financial independence, retire early — and wants the option to stop working in his 40s.

For him, it’s less about building wealth and more about “being able to do what I want, when I want,” he says. When he does retire, he plans to focus on passion projects “instead of working to make money.”

“As a business owner, you don’t know how long your business is going to thrive,” he says. “So I ensure that I pay myself first and I front-load my investments because I do want to retire as early as possible.”

For now, Morgan remains focused on growing his business, traveling frequently and maintaining an affordable lifestyle in Mexico City.

“My goal isn’t necessarily to just be rich,” he says. “My goal is just to have options.”

What’s your budget breakdown? Share your story with us for a chance to be featured in a future installment.

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Parents know all too well what it’s like to deal with a kid who refuses to listen: It’s frustrating.

But after years of studying over 200 parent-child relationships, I’ve noticed something fascinating: Parents who rarely deal with defiance don’t make threats, bribes or harsh consequences. They use language that makes children actually want to cooperate.

Traditional parenting phrases (“Stop that,” or “If you don’t do this, then…”) often trigger a child’s fight-or-flight response, activating the part of the brain focused on survival rather than learning. But when we shift to language that honors a child’s autonomy while still holding boundaries, cooperation becomes natural.

Based on my research, and from practicing healthy habits with my own child, here are five toxic phrases that instantly make kids not want to listen — and what to say instead.

What to say instead: “I know you don’t like this decision. I’ll explain, and then we’re moving forward.”

Why it works: “Because I said so” shuts down communication and teaches blind obedience. But explaining your reasoning, even just briefly, helps your child feel respected.

You’re not debating or negotiating — you’re modeling respectful leadership. This phrasing acknowledges their feelings and reinforces that you’re in charge in a calm, grounded way.

What to say instead: “When you’re ready to do [X specific behavior], we can do [X desired activity].”

Why it works: Threats create defiance because they force children into defense mode. This phrase shifts the power dynamic: It keeps your boundary firm while giving your child agency over when they’re ready to meet it. You’re not removing the limit — you’re removing the struggle.

What to say instead: “I see you’re really upset. Tell me what’s happening.”

Why it works: Dismissing a child’s emotions teaches them that their feelings are wrong or too much to handle. Emotional invalidation leads to disconnection, and disconnected kids don’t cooperate.

When a child feels heard, they calm down faster — and trust you more.

What to say instead: “I’ve asked about this a few times. Help me understand what’s making this hard for you.”

Why it works: This frustrated question assumes the child is being intentionally difficult. But often, what looks like defiance is actually confusion, disconnection or a lagging skill. The reframe invites problem-solving instead of blame — and that gets to the root of the issue.

What to say instead: “Something’s getting in the way of your best self right now. Let’s talk about it.”

Why it works: “You know better” shames the child and questions their integrity.

But the alternative phrase reflects a mindset shift — from punishment to partnership. It assumes the best in your child and encourages self-reflection instead of defensiveness. It sends the message: “I believe in you, and I’m here to help.”

It’s not about controlling your child’s behavior — it’s about creating the conditions where cooperation feels natural.

Children thrive when they feel respected, emotionally safe and involved in the process. These phrase shifts are not just linguistic tweaks — they represent a deeper shift in how we view parenting itself. Instead of treating defiance as something to squash, we begin to see it as a signal: a call for connection, clarity or emotional support.

When we respond with empathy and leadership, rather than control and criticism, we reduce power struggles and raise children who trust us, regulate themselves more easily, and grow into emotionally resilient adults.

Reem Raouda is a leading voice in conscious parenting and the creator of FOUNDATIONS — the transformative healing journal for parents ready to break cycles, do the inner work, and become the emotionally safe parent their child needs. She is widely recognized for her groundbreaking work in children’s emotional safety and strengthening the parent-child bond. Follow her on Instagram.

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Right after graduating from university in 2015, Gurmer Chopra, 32, landed his first corporate role at a “Big Four” accounting firm. But after less than a year on the job, he decided to quit.

“Four months into it, I [was] like: ‘I freaking hate it here.’ It was just the most boring work, and I felt like I was making zero difference in the world,” Chopra told CNBC Make It.

“At one point, I [started studying] for my [certified public accountant exam]… Then I opened the book [and] I remember just reading the first page, and I think that’s literally when I realized I cannot do this with my life, or I’m gonna just not be a happy person,” said Chopra.

At that time, he was also working on an e-commerce business on the side with his older brother Dashmeet Chopra. In their free time, the duo went into Downtown Los Angeles to source items such as T-shirts, jeans and shoes at wholesale prices and resold them on eBay.

Their eBay side hustle has since become YoungLA, a lifestyle clothing brand that brought in over $167 million in 2024, according to documents reviewed by CNBC Make It.

Originally from India, Chopra and his family immigrated to the U.S. in 2002 and spent their first four years in New Jersey before landing in California. Chopra said he got his entrepreneurial chops from his dad, who worked at a souvenir shop after moving to the U.S.

His dad eventually started a wholesale souvenir business and managed some gift shops in Los Angeles. Chopra and his brother became involved in their dad’s business endeavors at a young age.

“That was honestly the start of me becoming an entrepreneur with my brother, because … I was 12 years old, and helping my dad with running this business,” said Chopra.

After some time running these brick-and-mortar stores, Chopra’s dad realized that he had better success by selling their goods online. Inspired by his discovery, the two brothers decided to experiment with e-commerce themselves.

In March 2014, Chopra was studying economics and accounting at the University of California, Santa Barbara, when he and his brother first opened their eBay account.

“Initially, me and my brother pulled together $5,000 and that’s all we’ve ever invested in the company. And we’ve always been able to just reinvest,” said Chopra. The two used this money to source their first few products.

“We were buying jeans, Converse, Vans … Tupac shirts, Biggie shirts … We would just buy a lot of stuff from Downtown LA, and kind of just throw a bunch of things on the wall. Whatever listings that would start popping off, we would [put] more time and effort into that,” he said.

Besides selling on eBay, Chopra and his brother also expanded to Amazon and Shopify, which they decided to name YoungLA.com — inspired by a DJ on their local radio station called “Young California.”

From there, they shifted their focus from only reselling items they bought wholesale to going all-in on the YoungLA brand. Chopra said they began manufacturing their own products and would add the name “YoungLA.com” to the tags of their items to create brand recognition.

The business brought in its first million in revenue in 2017, Chopra said. Ultimately, there were two key successes that catapulted the brand’s growth further: “drop culture” and influencer marketing — both of which are still core parts of the business today.

Drop culture is a marketing strategy where brands release limited-edition items, or “drops,” at specific times, to create exclusivity and buzz on social media.

“In 2018 we started … focusing on our website, and we wanted to kind of create a “drop culture,” said Chopra. “So whenever a new product came out, we would like try to hype it up beforehand and then drop it on the website.”

In 2019, YoungLA signed its first major contract with an influencer, and by 2020, the business had hit over $6 million in revenue, added Chopra. Last year, the business brought in, on average, more than double that amount in monthly revenue.

When asked if he is happy that he left his accounting job, Chopra said: “I don’t think I could be happier. [I’m] very, very satisfied with where we’ve been, but it is definitely stressful.”

“I think a few years into running the business, you realize [that] nobody could have prepared me for this… I think some of the hardest things in the beginning was firing an employee … or just dealing with really tough situations, dealing with stress, getting sued and things like that too,” he said.

“You learn so much when you’re actually in it … But I think figuring those things out teaches you so much about the world, but also about yourself.”

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Rude people are, sadly, all around us. We deal with them at work, in stores and restaurants, on airplanes and public transit, even at home. They get in our faces and yell. They blame us for things they’ve done. They make everything unpleasant.

Luckily, handling rudeness is not hard as you might think. There are several tactics: addressing the rudeness; setting clear boundaries of what you will and won’t put up with; shifting the conversation away from the negative; and, probably most important, staying calm and cool.

As language and communication experts, here are the phrases that calmly demand respect and put rude people in their place.

This is a classic redirection tactic. You’re centering the conversation on the other person, not you.

Sometimes people just need a little reminder that they’re actually acting out about something completely different than the matter at hand. And often, getting the opportunity to reflect upon this or talk about it changes the entire situation.

Similar phrases: 

• “Are you going through something right now that’s affecting you like this?”
• “Are you having a problem? Do you want to talk about it?”
• “Have I done something to upset you?”

Addressing someone’s rudeness head on is a key component to dealing effectively with incivility. By using this phrase, you’re telling the speaker that what they’re saying is unacceptable, and that perhaps they need to reassess their words. 

Research studies discovered that reminding someone that they’re being rude can make them realize they need to correct their behavior.

Similar phrases:

• “Are you listening to yourself here?”
• “Do you realize what you’re saying, and how you’re saying it?”
• “Are you aware that you’re coming across as harsh and abrasive?”

This is similar to the previous phrase, except you’re not saying it straight out — you’re implying that you don’t like what they just said.

Phrases like this stop the conversation in its tracks and force the speaker to rethink what they’re saying, while also making it clear that you won’t allow it to continue.

Similar phrases:

• “Why are you using those words [or that tone] with me?”
• “How you’re talking [or what you’re saying] isn’t very helpful.”
• “Can you lower your voice [or change your attitude]?”

This is an example of setting boundaries, a main aspect of coping with rudeness. You’re calmly letting the person know you refuse to continue with the current situation, and you’re redirecting the negative energy onto a positive path.

Similar phrases:

• “Can we address this more productively?”
• “Let’s stop with the negativity and focus on finding a solution.”
• “Why don’t we continue this when we can be respectful of one another?”

Saying that you understand what someone is saying in spite of the manner in which they’re saying it defuses the situation by acknowledging them.

Often a big cause of rudeness, especially in the workplace, is the fear of not being noticed or paid attention to. The simple “I see your point” gets past that obstacle.

Similar phrases:

• “I’m glad you’re sharing your perspective with me.”
• “That’s definitely a way of looking at it.”
• “I hear you.”

Here’s another “I acknowledge you” statement, with an added “stay cool.” You’re inviting the person to continue speaking, but (and this is important) stressing that the conversation can’t continue the way it began. It’s boundary-setting and defusing at the same time.

Similar phrases:

• “Let’s reset the tone a bit so I can really focus on what you’re saying, not on how you’re saying it.”
• “I know you’re frustrated, but we can work through this if you dial it down a notch.”
• “It’s clear this is important to you, but let’s step back and take it slowly.”

This very simple request can stop rude behavior or conversation in its tracks. The key, though, is saying it quietly and politely. Matching rudeness with rudeness only escalates things.

Similar phrases:

• “Don’t say [or do] that, please.”
• “Could you quiet down?”
• “Please give me a chance to speak.”

That’s right. Saying nothing at all, and just looking at the other person in silence, can sometimes be the most effective method of shutting down aggressiveness or rudeness. It’s difficult for someone to amp up the situation when there’s nothing to fight back against. 

Finally, if you feel your anger rising and can tell that you’re about to fight fire with fire, it’s best to physically remove yourself. This way, instead of escalating the situation, you’re giving yourself — and possibly the other person — the time and space to cool down.

Kathy and Ross Petras are the brother-and-sister co-authors of the New York Times bestseller You’re Saying It Wrong, along with other popular language books, and co-hosts of the award-winning NPR syndicated radio show and podcast ”You’re Saying It Wrong.” They’ve also been featured in media outlets including The New York Times, The Chicago Tribune, The Washington Post and Harvard Business Review. Follow them on Bluesky.

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