Ask Terry Questions Retirement/savings


By Terry Savage on June 02, 2019 | Investments

I am 50 years old I will be retiring in 4.5 years. What are your suggestions in reference to American Express online savings account vs. Deferred Comp accounts.

Terry Says

That’s not an either/or question!  Yes, if you have money outside your retirement plan and want to earn insured, high interest rates you can use the American Express online bank accounts.  Your deferred comp is held by your company — and will likely be paid out upon your retirement or if you leave the company, at which time it will be subject to ordinary income taxes.  Then you can decide what to do with whatever is left over after taxes!

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