Ask Terry Questions Investing on fixed income

Investing on fixed income

By Terry Savage on April 03, 2024 | Chicken Money

I’m on SSDI, that is my only income. I’ve saved some money and would like to invest it.
What would be a good investment? How will this affect my Social Security and taxes? I have no credit card debt and live within my means. What else should I be aware of?
My wife is also retired and on Medicare. Is there a way to co-ordinate our benefits?
Thank you for your time,

Terry Says

Well, good for you for being able to save some money. But I wouldn’t be “investing” it. You don’t want to take the risk of losing any of this. Instead I’d leave it in the bank where you should earn at least 4.5% on a 6-month CD.

Medicare benefits are separate — so there’s no way to “coordinate”.
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