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By Terry Savage on July 15, 2020 | Chicken Money

Money market account?
Getting ready to retire in 6 years.
Should I and how do I open a money market account?

Terry Says

You go to your bank and ask to open a money market deposit account. That will give you daily access to your money in an insured account, but very low interest rates. Or you can go to www.TreasuryDirect.gov and buy 3 or 6 month U.S. Treasury bills, automatically renewing them when they mature at whatever the current rate is. But you can only get your money out when the T-bill matures.

Right now ALL safe yields are very low. Do not be tempted by promises of higher rates. That always involves more risk!



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