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They are at time.com/newsletters and are separate from a paid subscription. ## Video: From Millennial Savings to Mueller: Let’s Break Down Everything You Need to Know This Week [Watch (HLS stream): From Millennial Savings to Mueller: Let’s Break Down Everything You Need to Know This Week](https://cdn.jwplayer.com/manifests/rtXNwVMd.m3u8) (13:39)  _Published 2018-12-05. A look at the NFL coaches in the hot seat and their potential replacements, why millennials are tapping into their retirement accounts early, what Mueller’s recent court filings reveal about his investigation, and what you need to know about the futu_ --- Jul 28, 2023 12:55 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Millennials Withdraw From Retirement Savings Early](/video/xAWKHLpl/) ### Millennials Withdraw From Retirement Savings Early [From #MeToo to Retiring Abroad: Let’s Break Down Everything You Need to Know This Week](/video/xJCq0wzP/) ### From #MeToo to Retiring Abroad: Let’s Break Down Everything You Need to Know This Week [Millennial Money Myths: Saving](/video/BU0wOBwc/) ### Millennial Money Myths: Saving --- ## Transcript [ MUSIC ] Welcome to The Breakdown. I'm your host Neha Joy, and we're here with the top stories of the week from Sports Illustrated Money, Time and Fortune. This week, we look at NFL coaches in the hot seat and the top contenders expected to take the reigns, why young workers are raiding their retirement accounts early. what Mueller's court filings reveal about his investigation and discuss the digital privacy landscape. So let's dive in. Very few head coaches in the NFL have true job security. Last year seven NFL head coaching jobs opened up and this year's coaching carousel started early when the Browns cut Hue Jackson after their week 8 loss to the Steelers. Cleveland wasn't the only team to ditch its head coach. For the first time in 98 Seasons the Green Bay Packers fired their coach, Mike McCarthy, mid- season. In fact, there have been at least six NFL head coaching changes every year since 2011. So which teams are most likely to set the reset button for 2019? One obvious candidate on the hot seat is Marvin Lewis of the Cincinnati Bengals. The Bengals started this season 4 in 1 bu the team has unraveled as the season has progressed. Luis has a built in excuse thanks to an extraordinary amount of injuries, but he's defense specialization hasn't paid off for the team. Defense is actually the Bengals biggest problem. Between this season's collapse and Luis's career playoff record of 0 in 7 It seems less and less likely that he'll be able to make it through another poor finish. Other coaches on the hot seat include Todd Bowles of the Jets, a team that's actually gotten worse since Bowles first season. And Dirk Koetter of the Tampa Bay Buccaneers, The Bucks might have just snapped a four game losing streak, but patience is wearing thin for Koetter's 18 and 25 record three years in. As we head toward this year's hiring season, there are a few likely candidates to take the reigns as the NFL coaching carousel starts to spin. Packers decision to part ways with McCarthy just means McCarthy is bound to be quickly scooped up by another club. McCarthy's an experienced veteran coach with a track record of success. He's only had three losing seasons during his 13 year run as head coach of Green Bay. And with the Browns prioritizing a higher that'll develop rookie QB Baker Mayfield, McCarthy's experience developing Aaron Rodgers won't go unnoticed. Vikings offensive coordinator John Defillippo may be the safest bet to lead an NFL sideline next season. The former James Madison quarterback built his reputation as the man who coached Carson Wentz during [ UNKNOWN ] first two years in the NFL. Last year, Defillippo helped craft the Eagles' offense around backup QB Nick Foles during their Super Bowl run. Now he's putting his stamp on Kirk Cousins who is on pace to set career highs with 4, 941 passing yards and 32 touchdowns. Despite backing out of an agreement to become the Colts' head coach in February, and his failed 28 game stint as a Broncos head coach, Josh McDaniels will no doubt be considered for jobs again this year. The man's considered a master of the modern NFL offense, and has a resume that bests several current head coaches. The question is whether it'll be a job he's willing to leave New England for. Another front runner in search for an NFL coach is Kris Richard, who has had quite the impact on the Dallas Cowboys defense in his first season with the team. While Richard is only 39, he joined Dallas after spending eight years with the Sea Hawks, building the Legion of Boom defensive secondary in Seattle. It's difficult to predict what direction teams will go when there's such a high level vacancy. As the coaching carousel heats up, these candidates are bound to make waves in the seasons to come. [ MUSIC ] Millenials may be missing the point when it comes to retirement savings. While time and compound interest are your 401 ( k ) plan's best friends, according to research by Etrade Financial, 59 % of investors between the ages of 18 to 34 say they've already taken money from their retirement account, a steady jump from the 31 % that did so in 2015. A big problem with tapping into your retirement savings before the age of 59 and a half is that you face a steep tax bill. Early withdrawals from 401k accounts and IRA are subject to income taxes and a 10 % early withdrawal penalty. But roth IRAs are not. On top of that potential tax cut, you're removing money that was intended to grow over several decades. So when you withdraw $ 10, 000, you're actually taking out more than that. You're also missing out on all the earnings you would've accumulated on that total. There are some exceptions. While each plans rules vary, the IRS could waive the 10 % tax penalty if your withdrawal is used to purchase your first home, to cover expenses for a sudden disability, to make tuition payments for higher ed, or to prevent eviction or foreclosure. While these exceptions are supposed to be a last resort, some millennials are placing a risky bet on their future finances when they're in a financial pinch. Top reasons cited for early withdrawal by etrade was for medical emergencies followed by education expenses. Rising home prices have also led some millennial to raid their retirement savings for a down payment. According to a survey the Bank of the West, 3 in 10 millennial said they dipped into their retirement accounts to purchase their first home. In our defense, millennial generally face financial challenges that previous generations did not. On top of carrying most of the $ 1. 4 trillion in student loan debt. This generation realizes they will not be able to live the same leisurely lifestyle as their grandparents in retirement and will most likely have to work longer to supplement their income. But a third of the 83 million millennials that can actually save for retirement report having an average balance of $ 67, 891 according to the National Institute on Retirement Security. Despite these harsh financial realities, millenials still have high hopes for their financial futures. According to a survey by TM Ameritrade, 53 % of millenials expect to become millionaires at some point in their lives if they aren't already. But in order to reach that dream, millenials need to store away some serious cash and not touch it. [ MUSIC ] [ BLANK_AUDIO ] Special Counsel Robert Muller's recent court fillings provide greater insights into his investigation on Russian meddling in the 2016 presidential election and possible ties to the Trump campaign. It's been 18 months since Mueller began his far- reaching probe, and since then 33 people have been charged, including more than 2 dozen Russians and 5 of President Trump's former staffers, including former National Security Advisor Michael Flynn. Flynn pleaded guilty in December of 2017 to lying to the FBI, and since then has been cooperating with Mueller's investigation. In December 4th's court filings, Mueller sentencing memo blacks out a substantial amount of what Flynn told investigators, but shares that the former national security advisor has provided substantial assistance to the investigation, sitting for 19 interviews with the special counsel. And for his cooperation Mueller recommended no jail time for Flynn. When was a close advisor to Trump during his campaign and famously led a locker up Hillary Clinton chant at the republican national convention. He previously served as Trump's national security advisor for 24 days before being forced to resign after lying to Vice President Pence about his communication with a Russian ambassador. He's the only member of the Trump administration to date to plead guilty to a crime uncovered by Mueller's investigation, and is set to face sentencing on December 18th. At the moment, Flynn is cooperating on at least three different investigations for Mueller, including his investigation of the Trump campaign's ties to Russia. [ UNKNOWN ] Also brought charges against and secured guilty pleas and cooperation agreements from former Trump campaign chairman, Paul Manafort, and former Trump personal lawyer Michael Cohen. Cohen pled guilty on Thursday, November 29th to lying to Congress about plans to build a Trump Tower in Moscow that lasted, he said, until five months before the 2016 election. Far longer than previously known. President Trump reacted to Cohen's admission, saying this. > > He's a weak person, and what he's trying to do is get a reduced sentence. So he's lying about a project that everybody knew about. > > Mueller's increasing probes have resulted in a flurry of angry tweetstorms by the president who repeatedly called the investigation a witch hunt. Meanwhile Trump praised long- time confidant Roger Stone for saying he would never testify against Trump, adding in his tweet, nice to know some people still have guts. Mueller is expected to file another memo on December 7th about the alleged lies told by former Trump campaign chief Paul Manafort to the special counsel's office. Even after Manafort signed a cooperation deal. If Manafort is found guilty of violating his plea agreement it could warrant an even lengthier prison sentence and potentially more criminal charges. During Manafort's cooperation with the special counsel's office, Manafort's team was briefing Trump's lawyers on his involvement. But Manafort denied he lied to Muller's team and now a federal judge will decide his sentencing. Court filing by court filing we're reminded of what little we know about what's going on behind the scenes in the Mueller investigation. But the upcoming sentencing hearings for the three key players in the Russia investigation are bound to help fill in some details about where it's headed. Data privacy and control have been in the spotlight as of late, after notable data breaches have plagued the headlines. Data gathering has enriched a majority of our tech experiences, but algorithms that can gather seemingly trivial information to make inferences about our user preferences At its root, most users are unaware of exactly what information they're sharing by simply being online, and we generate more data at a faster pace from more devices than ever before. This reality, combined with an increased potential of data misuses, the Pew Research Center reports that 64 % of Americans have experienced at least one major data breach, points to the greater need for balancing technological innovation And privacy for consumers. The European Union got a head start advocating online rights to its citizens by signing on the world's toughest state of privacy laws in May. The general data protection regulation, also known as the GDPR makes sure users know and understand what data companies collect about them and consent to sharing it. The policy also makes it easier for consumers to retrieve their data to either amend it or delete it all together. The US Federal Data Privacy law doesn't seem that far behind. In July the White House said it was looking forward to working with Congress on consumer privacy protection policies. In the recent months House representative, have propose as slew of data protection bills on the heels of exchanging harsh words [ UNKNOWN ] execs that have appeared before Congress. In Silicon Valley, giants like Apple and Google are on board with potential regulations to support responsible data gathering. A big tech has a vested interest in this fight and will be vocal about any policy drafted. This industry has monetized most of the data we generate and most businesses will always favor uniform federal regulations over varying state policies. So in the age of big data, is it really possible for consumers to get back in control? Here to discuss the digital privacy landscape is Fortune editor Andrew Nusca. All right, thanks so much for joining us Andrew. I'm gonna get right into it. Why have there been no regulations set in the past to protect data privacy? Well it For a number of reasons really. I mean if you first look at legislation, it's always lagging behind for technology. It's never gonna be that way and tech is always gonna leap ahead. So that's that. From a customer standpoint, most regular people just don't care about their personal data. They care about it when it's misused, but they don't think about it on a daily basis and that matters to To. And then finally, there's a corporate side of this as well. A lot of companies are very protective of customer data. Apple, Microsoft, these companies have business models that don't depend on trading it. But Facebook, Google, they do. And so there's some risk there. Bottom line with tech is that a lot of companies just think they're trying to change the world, and they're a little bit blind to some of the privacy issues. So how has the GDPR set the standard now? Well it's just made some of these regulations more clear or implemented some where there weren't some before. So for example, you have stricter regulations around what you can do with the data, what companies can share it, under what pretenses. Whether or not they've gotten permission to do so explicitly from the user. They've articulated sharper finds for it, as well. I mean, it's all really just trying to shape out this very nebulous thing. Mm- hm, so we've had so many advancements in tech, right? Mm- hm. So can people actually take control of their data? [ LAUGH ] Well, not really, I mean, the horse has kinda left the stable, right? Mm- hm. You and I would be shocked To learn how much information there is on the internet about us already without our explicit say so. Mm- hm. But it can make it better. We clearly need some regulation to do. We need a public- private partnership to do it. I don't think the private sector can do it alone, but the bottom line is we can give more options to consumers, and that's what matters. So what can expect for the future. God. A long slog, right? I think the hardest thing about data privacy is that you and I may disagree on what is appropriate, and that's the challenge as different countries confront what is their baseline expectation. All right. Very insightful, Andrew. Thanks much for joining us. Thank you. 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