where to invest money saved
my husband and i are both retired (both over 65) and have income from pensions and social security. Both have IRA’s total value over $300,000, and no debt. we have $20,000 in a savings account at our bank but want to invest it somewhere for more interest. What would you suggest we do. Thank you.
Terry Says
I suggest you don’t take ANY risk with this savings. If your bank isn’t paying you over 2 percent for a one-year CD, then you should directly buy U.S. Treasury Bills, the safest investment in the world since they are IOUs from the Federal government. Take half your money and buy 6 month T-bills currently yielding about 2.4 percent. Here’s a link to an article on How to Buy Treasury Bills. Keep the balance in your money market deposit account for emergencies.
And please try to keep working and bringing in some extra money. At age 65, you are likely to live another 25 years. That $300k seems like a lot, but invest it conservatively. And don’t take your SS until FULL REETIREMENT AGE!
