The Top 5 Safest Spots for retirees to Grow Their Savings

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Financial security is a worry regardless of whether you have recently left the workforce or you’re among the anticipated 4 million Americans planning to retire in 2025. The question remains: Where should you store your funds securely, with ease of accessibility, and still earn some returns? In this discussion, we’ll be pointing out five top choices.

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1. High-yield savings account

Even though interest rates might be decreasing, it’s still wise not to dismiss a high-yield savings account. Ultimately, the key is maintaining purchasing power over inflation. Presently, the inflation rate in the U.S. stands below 3%. Therefore, as long as this type of account offers returns exceeding 3%, you effectively counteract inflation, ensuring your funds hold their value.

If assistance is needed in locating a savings account that yields returns high enough to outpace inflation, tap here for a selection of our top picks .

2. CD certificate

When you've got some funds set aside that you won’t require anytime soon, investing them in a certificate of deposit (CD) offers a straightforward method to safeguard your savings. These accounts often provide attractive interest rates without exposing your hard-earned cash to significant risk. Additionally, should you be apprehensive about tying up your money over a long duration, rest assured that CDs come with varying terms ranging anywhere from three months to ten years, based on which bank or credit union you choose.

For example, You can explore our top picks for 6-month certificates of deposit right here. .

3. Money Market Account (MMA)

Rates on money market accounts remains impressively substantial. An MMA combines elements of both checking and savings accounts, earning you interest on your balance while providing quick access to your funds. Additionally, some MMAs include a debit card along with check-writing capabilities.

Based on your financial institution, you might utilize your Money Market Account for regular transactions such as paying bills via the internet and taking cash out from an ATM.

4. Treasury notes

Government bonds known as treasury notes are backed by the state and are seen as secure places for your funds. These treasury notes come with maturity periods of 2, 3, 5, 7, and 10 years and provide interest payments twice annually. U.S. banks Don’t provide Treasury notes; instead, buy them directly from TreasuryDirect.gov.

5. Fixed annuity

Fixed annuities are agreements made with insurance firms that provide a set interest rate over a certain duration. As an illustration, you could receive a assured 5% return for keeping your funds within the annuity for three years.

Fixed annuities can offer additional retirement funds, tax-deferred expansion, and the possibility of transferring assets to your beneficiaries. Typically, insurance providers demand a lowest investment of $5,000 for buying an annuity; however, this requirement might be reduced if the initial payment is contributed through an IRA.

Knowing where to stash your cash is an excellent way to lift one more concern off your plate and allow you to simply enjoy retirement.

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