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Stumped Stuck Senior

By Terry Savage on September 08, 2020 | Chicken Money

I’m 78, single, mortgaged condo because less than rent. Housing eats 75% of income from SS & small pension. So I work to have more money. Currently off for COVID
No debts except car lease. Will need new lease or car next year
Question: I have about 140K in assets in Vanguard money market IRA and CDs, all earning zilch
Should i risk some of it in hopes of some income? Even $500 month would enable me to stop looking for a job. In pretty good health, but slowing down
I really can’t afford to lose any of it because I will have to draw on it when I absolutely can’t work anymore.
Sought advice in past but feel like I’m stuck. Had been counting on more interest income but that has gone away.
Any advice really appreciated, Terry.
Thank you,

Terry Says

No, don’t risk ANY of it. I’m sorry you (and I) aren’t earning any interest on our “chicken money” — blame it on the Fed, keeping rates at zero to keep the economy going. But at least in bank CDs and MM funds we won’t lose a penny. Just keep working as long as you can, and sleep better knowing you have the cash in a safe place. Things will change and one day you’ll be glad you kept it safe.



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