Ask Terry Questions Making my Money Grow for Me

Making my Money Grow for Me

By Terry Savage on September 08, 2019 | Investments

What is the best way to make interest on your money and not lose it in the process. Also, protect it from Taxes.

Terry Says

Aha, you want the best of all worlds — profits with no risk of loss — AND a tax shelter!  Sorry, but that doesn’t exist!  I suggest that depending on your age you put money into your company 40l(k) retirement plan, where you will get growth over the long run AND tax-sheltered growth —until you take the money out.  And if you don’t have a company retirement plan but do earn money, open an Individual Retirement Account (IRA) at Fidelity.   They’ll explain how to make your money grow tax-free in a Roth IRA.  But if you’re older, and really can’t afford any risk of loss, just leave your money in a low-interest rate money market deposit account at the bank.



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