What’s the best way to invest my money while I’m retired and not have it tied up too long
Hi Terry,
I am a 65 year old widow and I live in Florida. I have $100,000 I would like to invest but I wouldn’t like it tied up for more than 1 year in case I need it. Once I invest the money I will have $31,000 in the bank for emergencies. I only make $2300 per month from SS after my medicare and supplement are paid. Any advice would be greatly appreciated. Thank you!
Terry Says
At this stage of your life, the best thing to do is leave it in the bank! YOu won’t get rich, but you won’t lose a penny!
Specifically, I would put $50,000 in a one-year CD (certificate of deposit) — which should have an interest rate of close to 3.5%.
And then put the balance in a money market deposit account, which will earn slightly less– but allow you to take out money at any time with no penalty.
Anything else would involve risk. And you can’t afford to risk this money.
