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I am not exactly into rolling the dice on life at 80+ in being better off. All this time wasted scheming in later life perhaps should have been done earlier; IMO. Its like all the advise you get from people older not retired to those retired; plentiful at the least.
even 3.4% would be damaging if inflation kicks up but you don't get an increase .
how many years do you have to comitt to on cd's?
10. I know inflation could do a lot of damage, but these are sellable on the market.
As lots of people did I lost money in the two downturns. Don't want to do it again.
but how long do you have to go out? you do realize if rates rise or fall when you resell those cd's you get more or less than you paid. you can lose money selling them if rates rise. brokered cd's work like bonds. fidelity does it.
also what the cd pays is not what you may get on a resale. the selling price is adjusted up or down to bring the interest rate back in line with whatever that cd pays today. like a bond that sells above maturity value or below the interest rate that it pays is brought to be the same as a new bond issued today.
brokered cd's also pay less than you can get at a bank direct.
but how long do you have to go out? you do realize if rates rise or fall when you resell those cd's you get more or less than you paid. you can lose money selling them if rates rise. brokered cd's work like bonds. fidelity does it.
10 years. I don't anticipate selling them until maturity.
All the interest will be given to me as proceeds.
I've done this many times but not so far out.
Only a part of investments.
the problem is inflation , also if you are not the origonal buyer of that cd you may be getting far less in effect since you would pay more for the cd up front than it was worth the day it was issued. it may pay 3.41% but because you had to pay more up front your yield may really be a lot less. you have to check .
they work like bonds. i had bonds paying 6% but i had to pay way more then 1k for them and i only get 1k back at maturity. that is how it works on resales.
the problem is inflation , also if you are not the origonal buyer of that cd you may be getting far less in effect since you would pay more for the cd up front than it was worth the day it was issued. it may pay 3.41% but because you had to pay more up front your yield may really be a lot less. you have to check .
they work like bonds. i had bonds paying 6% but i had to pay way more then 1k for them and i only get 1k back at maturity. that is how it works on resales.
It is a new issue. That's the only kind I buy.
I have one 10 year with a bank at almost 6%, but I'll never get that rate again.
This is all that is known. If you are 62 now, you can start collecting, if you wait till you are 70 there are no guarantees about what your money will be. A lot can happen in the next few years to change things. Don't make the mistake thinking that things will not change!
In that 8 years we could be in another war, or a depression, or hyperinflation. Any one of these things could make the government make unpopular decisions about social security.
Here is what to think about. If you are already collecting SSI, you have a better chance of keeping it then if the government starts to decreasing or eliminating benefits.
then it really doesn't matter if there is no tomorrow then does it.not taking it early is a decision you will never regret then.
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