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We will be needing that money in about a year. No debts to speak of, no mortgage. We are 69 and 76 and retired so not willing to lose any of it. Our credit union offers 1% but there has to be a better rate than that.
Thank you.
If you aren't willing to have it go down in net value in one year, then put it with the credit union, provided you do not exceed their NCUA insurance limit (I think $250K per person).
If you are willing to risk it dropping slightly in net value in one year, or just breaking even, ISTB or ILTB are Ishares fixed income index ETFs currently paying 1.89% and 3.75%. Look up their price history to see the recent historic highs and lows. Could divide it, half in each of those two, probably pull 2.6% for the year if all goes well, meaning a gain of $10K+ if all goes well.
Nice that Generation X is funding your lifestyle and your SS payments.
Incredible.
Sorry - but I'm returning to work today after 4 days off, and not looking forward to work.
So you're saying that n 60 years of working they contributed nothing by paying taxes or working. Their lifestyle is being funded from their hard work.
Hey don't feel bad in about 20 years some millennial will be crying about having to support YOUR lifestyle and SS benefits.
Quote:
Originally Posted by BeerGeek40
The point is that we need means testing for Social Security, to prevent millionaires from collecting.
And I agree - the point is off topic.
As for SS they pay into it, why shouldn't they be able to collect. Since the government took the money (without them having any say in it)and is "saving" it for them for later in retirement
I pay more in SS contributions than I'm ever gonna get later. If I had the ability to invest that money myself I would have more than what the government deems I deserve.
As for OP, right now returns are dismal. When loans are given at 0-3.5% you're not gonna get 5% for your money. I actually pulled the pin and bought another house. Adding my current property as a rental and moving in the new house. In 20 years I'll get a hell of a lot more money from rent than I would from a investment and less risk. Everyone needs a place to live. Not everyone needs a iPad
Last edited by Electrician4you; 05-14-2016 at 07:49 AM..
"If you go with something like this, split your money into several CDs. That way, should you need to break one, you don't pay the penalty on your entire 500k."
That is very good advice, generally speaking, but in our case:
Umpqua Bank allows partial withdrawals without closing out the entire account. If we need 10K in a big hurry, the penalty is $ 300. The rest of the money keeps earning the 2% interest rate, which might recoup that $ 300 penalty in a few months, depending on how much cash is left in the bank.
"If you go with something like this, split your money into several CDs. That way, should you need to break one, you don't pay the penalty on your entire 500k."
Umpqua Bank allows partial withdrawals without closing out the entire account. If we need 10K in a big hurry, the penalty is $ 300. The rest of the money keeps earning the 2% interest rate, which might recoup that $ 300 penalty in a few months, depending how much is left in the bank.
So the penalty is 3%? Far more than you are likely to get paid
Gotta love some of these bleeding hearts who complain about someone collecting something that is theirs in social security. Meanwhile, lets give more to those too lazy to get a job or too stupid to use a rubber and not have 5-10 kids while flipping burgers at mcdonalds.
Gotta love some of these bleeding hearts who complain about someone collecting something that is theirs in social security. Meanwhile, lets give more to those too lazy to get a job or too stupid to use a rubber and not have 5-10 kids while flipping burgers at mcdonalds.
My favorite are the vast majority of older folks who are Republican. They're anti-tax, anti-government, anti-welfare programs, but, heavens to Betsy "don't don't MY social security!". Which is the biggest entitlement program of them all.
My favorite are the vast majority of older folks who are Republican. They're anti-tax, anti-government, anti-welfare programs, but, heavens to Betsy "don't don't MY social security!". Which is the biggest entitlement program of them all.
It is not an entitlement program. Those receiving social security now have put money into the system and what they receive is probably less versus if they had the chance to have invested that money elsewhere. Meanwhile, future generations will get even less of a return on their social security benefits and will likely say the same thing about "don't touch my social security".
It is not an entitlement program. Those receiving social security now have put money into the system and what they receive is probably less versus if they had the chance to have invested that money elsewhere. Meanwhile, future generations will get even less of a return on their social security benefits and will likely say the same thing about "don't touch my social security".
Of course it's an entitlement program.
1. the act of entitling.
2. the state of being entitled.
3. the right to guaranteed benefits under a government program, as Social Security or unemployment compensation.
Entitlement has come to have a negative connotation. We are entitled to Social Security ONLY because it was money we earned in the first place and were promised it after we retire. We are not getting money from somebody's else's work or sacrifice.
Most of us would have gladly refused giving that money to the government with a promise to never ask for welfare so that we could invest it as we wanted to and would have better returns.
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