Where to put savings acct money
Hi I’m 59 years old wife is 52 we have a saving of 75000 in a money market our home is paid and we have no credit card bills . I’m not making much in the money market where can I put my 75,000 dollars to get the most back
Terry Says: If you want to get it ALL back, leave it in the insured savings account. There you will get it all back — minus a bit you lose in buying power because money markets are paying slightly less than inflation these days, thanks to the Fed!
I know a lot of other places where you could put your money to earn more — but where you also might lose some of it! If you’re comfortable with that risk, consider an equity/income mutual fund. My favorite (because I have invested in it for 30 years!) is the T. Rowe Price Equity Income Fund.
So, how would you decide whether to invest –or how much to invest? This is the perfect time, since you have done such a good job of saving money and staying out of debt, to consult with a Certified Financial Planner who does not sell investments but only charges a fee for advice. To find one go to www.feeonly.org. The planner will help you through the entire process of analyzing your savings, your plans for retirement, and your risk tolerance.