Ask Terry Questions Fidelity investing

Fidelity investing

By Terry Savage on June 08, 2020 | Chicken Money

My brother 66 years old with Soc. Security + a $287 pension monthly told in 10 years that f workers will be out of money. With his stimuious check or portion of the $1200 to be put in Fidelity to grow so in 8-10 years he can draw on it? suggestion? my edwards broker suggested the bank money mkt MAKES me wonder .I know it’s small but even i know mm probably not yield a 287.00 mo pay

Terry Says

First of all, don’t let your brother worry about Social Security “running out of money.” They will PRINT the money to give to people. Still it won’t be easy to live on SS and his small pension. I would suggest he put his stimulus check in the BANK in a Money Market Deposit account, so he can use it whenever he needs it. He won’t earn much, if anything, in the way of interest — but he won’t lose a penny! And that’s the most important thing. This is NOT the time to be speculating in stocks for someone in his position.



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