Here's where retirees should keep $20,000 right now (and where they shouldn't)
Retirees are advised to carefully consider where to keep their $20,000 savings. High-yield savings accounts and money market accounts are recommended options due to their higher interest rates and accessibility. Conversely, traditional savings accounts should be avoided as they offer significantly lower returns.
- ▪High-yield savings accounts currently offer interest rates around 4% or higher.
- ▪Money market accounts provide check-writing features and have interest rates in the high 3% range.
- ▪Traditional savings accounts have an average interest rate of just 0.38%, which does not keep pace with inflation.
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MoneyWatch: Managing Your Money Here's where retirees should keep $20,000 right now (and where they shouldn't) We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
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