Discover how savvy retirees avoid overspending with these simple and effective money-saving strategies.
Financial missteps in retirement can quickly erode decades-long savings. While some expenses might seem minor initially, their impact compounds over time, potentially causing retirees to overspend thousands of dollars each year. Understanding these common pitfalls–and how to avoid them–can help you protect your retirement nest egg.
A retirement planner can help you stretch your savings, lower taxes, and avoid pitfalls—ensuring your golden years are stress-free.
Retirement should be a time of relaxation and fulfillment, not financial stress. But without proper planning, savings can run out, unexpected expenses may pile up, and investment mistakes could derail your future. That’s where a financial advisor comes in. With expert guidance, you can protect your wealth, maximize your income, and create a financial plan that sustains you for decades.
Gold offers big potential—but are you investing wisely? Learn expert tips to minimize risk and maximize earnings.
Gold has been a reliable wealth-building asset for centuries, but not all gold investments are created equal. Whether you’re holding physical gold, ETFs, or mining stocks, smart strategies can help you increase your returns and protect your wealth. Understanding market trends, fees, and diversification strategies can make a significant difference in long-term profitability. Investors who take a…
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Right now, the best CD rates you can get are in the neighborhood of 4.50%. That’s a pretty high return for an investment with virtually zero risk. And yet, most people have better options.
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The problem with certificates of deposit is that they’re sort of an unhappy medium between high-yield savings accounts and higher-return investments like stocks. Unless you have a very large amount of money to set aside, then you may not want to bother with CDs.
Here are three reasons to put your money elsewhere.
The best high-yield savings accounts currently offer APYs of about 3.75% to 4.50%. That means they pay roughly the same interest rates as the best CDs.
In addition, savings accounts…
These features make savings accounts perfect for building your emergency fund and other short-term savings. You can add to them whenever you want — and tap them whenever you need.
Meanwhile, most CDs charge an interest penalty if you cash them out before their maturity date (there are exceptions, but they generally have lower APYs). And once you’ve opened a CD, you can’t add more money to it.
This lack of flexibility can be a positive if you want to avoid the temptation of spending your deposits. Otherwise, CDs are just more hassle, and they offer little to no additional interest in exchange.
Want to earn 10 times the national average APY? Check out our list of the best high-yield savings accounts and open a new account today.
Since 1957, the stock market has returned an average of 10% per year (as measured by the S&P 500 Index, which represents most of the U.S. market by value). That’s more than twice the interest rate on today’s best CDs.
The stock market fluctuates, and short-term losses are guaranteed. But the S&P 500 Index has gone up in 38 of the past 50 years. This is why the stock market is one of the best places to invest for big, long-term goals like retirement.
If you’re unsure where to start, consider opening an IRA and purchasing an S&P 500 index fund. These funds have low fees and allow you to invest in the entire S&P 500 Index all at once. That means you get a piece of 500 big, successful U.S. companies — no need to pick stocks on your own.
If you’re carrying any credit card debt, or other high-interest debt, then you’ll be swimming upstream until it’s paid off. The average credit card APR is 21%, according to the Federal Reserve. So if you have outstanding credit card debt, you’re essentially earning a double-digit negative return on your balance.
If your credit card balance is greater than $0 at the end of your billing cycle, then investing in CDs is a waste of money. No CD will earn you more than the interest you’re paying to your credit card issuer — nor will the stock market.
In some situations, investing in CDs can be a good call.
For instance, if you…
…then you might set some money aside in CDs so it can earn a respectable, guaranteed APY.
But most people will want to put near-term savings in a high-yield savings account, then invest the rest more aggressively through a 401(k), IRA, or regular brokerage account.
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Keeping an extra $10,000 sitting in your checking account might make you feel financially secure, but it’s likely causing you to miss out on hundreds or even thousands of dollars in interest.
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Checking accounts typically offer little to no interest, meaning your money just sits there instead of working for you. A checking account provides you easy access to cash and a place to keep enough money to cover monthly bills and expenses. But keeping any more money than that in a checking account is not a smart move.
Instead of letting your extra cash go to waste, here are better places to park it. You’ll earn more while still keeping your money accessible when you need it.
A high-yield savings account (HYSA) is one of the safest and easiest ways to earn more on your money while keeping it accessible. Unlike checking accounts that earn an average APY of 0.07%, many HYSAs offer 4.00% APY or more — meaning you could earn more than 50x your checking account interest a year just by moving your money.
The best high-yield savings accounts are fee-free with easy transfers between accounts. They’re the perfect spot to keep emergency savings to cover up to six months of expenses.
Some of these accounts earn more than 50x that of a typical checking account. Explore our list of the best high-yield savings accounts now.
If you don’t need your money right away, a certificate of deposit (CD) can offer interest rates on par and sometimes higher than an HYSA. CDs require you to lock in your money for a set period (typically three months to five years), but in return, you get a guaranteed interest rate.
For example, putting $10,000 into a 12-month CD with a 4.00% APY would earn you $400 in interest in just one year. CDs are the perfect spot for money you’re saving for a long-term goal and don’t need or don’t want to be tempted to spend in the short term.
If you don’t need access to your $10,000 for at least three to five years, investing in a brokerage account or IRA could offer higher returns than any bank account. The stock market has historically averaged 10% annual returns, meaning your money has the potential to grow much faster over time.
It’s smart to invest in things like:
After making sure you’re covered in case of an emergency, growing your retirement nest egg is the next most important thing. The earlier you can get started, the better, so your savings can grow with compound interest.
If you have high-interest debt, like credit cards with 20%-plus APRs, using your extra cash to pay it down could be the smartest financial move. Instead of earning 4% in a savings account, paying off a 20% credit card balance is like getting a guaranteed 20% return on your money.
Even paying down a portion of a mortgage, car loan, or student loan can save you hundreds (or thousands) of dollars in interest over time.
Having a checking account is necessary for most, but it’s important not to stack cash in it. With a national average interest rate of just 0.07%, you’re costing yourself money by letting it sit there. By making even one of these changes, you could be earning 50x more on your savings overnight.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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