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Question for the Money Doctors

Question submitted on Oct 25, 2018.

Question

My husband & I are retiring in June and we have around $160,000 in Trad IRA s . The problem is they are in our credit union and making 1.5% interest. Is there something we can put them in or buy that would be fairly safe but make a little more interest for us?

Answer

You can look on the web for the products offered by online banks like Ally or Citi.  These banks have no buildings to support, everything is done online and, consequently, they usually offer higher rates on savings.  They also offer IRAs, so you can transfer your IRA from your current bank to one of the online banks.  In addition, these online banks are FDIC insured just like all banks, so you don't have to worry about that.   


For additional information visit http://www.360financialliteracy.org/

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