Why climate change threatens your retirement savings

As climate change worsens extreme weather events like the record-breaking heat in the Pacific Northwest last month, another concern looms — that the impact on companies from global warming could incinerate people's retirement savings.

Pensions and 401(k) plans are "vulnerable," along with the rest of the global economy, to climate risks, the Government Accountability Office told Congress in a recent report that looked at the potential threat to federal employees. And costs from disasters such as drought, wildfires, flooding — as well as the long-term expense of shifting from fossil fuel to renewable energy — can boost corporate and broader economic losses, the agency warned. People are starting to "really make the link to saying, 'As I think about this, is my retirement portfolio at risk?'" Emily Kreps, global director of capital markets for CDP, a nonprofit group that tracks climate information for investors, told CBS MoneyWatch.