Ask Terry Questions Monthly income

Monthly income

By Terry Savage on April 20, 2024 | Financial Planning / Retirement

Hi Terry, what is a good amount to keep in a checking account? I am thinking of retiring soon and concerned I will be financially ok.
I am a widow, so my income plus my husband pension and SS benefits is what I have to work with.
Thank you for your input.

Terry Says

Do you also have some other retirement savings? — An IRA, any other savings??
You won’t earn interest in a checking account — but if all you have is enough to live month-to-month, then the interest is not a concern. And you can safely keep a balance of about $2500 in your checking account so you don’t accidentally overdraw it, or for emergencies.

If you have some “extra” savings, please read this:

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