After losing money in the stock market, I rolled over a retirement account into a short-term CD. I am 69 years old, still employed full-time. How do I find the best rates for this type of CD?

I have $100,000 in the CD, due to expire in October, but not sure if it would be wiser to transfer the funds into another type of retirement-based account. At my age, is there ANYTHING that pays a return more than 1% these days?

Asked by Judy

3 Answers

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Answered by Martin A. Smith, CRPC®, AIFA® in Bowie, MD
Hi Judy,

The best way to find CD rates is to contact a financial advisor who can provide you with a list of CDs with financial institutions (banks and brokerages) throughout the United States. As you know, CD rates vary from one bank to the next. Therefore, if you contact a financial advisor he/she should be able to provide you with an extensive inventory of CDs with banks and brokerage institutions throughout the country. | 10.02.13 @ 19:26
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 18:40
Answered by Dan Crimmins, Financial Adviser in Woodcliff Lake, NJ
Judy - Martin answers your question about locating a bank paying a "higher' rate CD. I would like to suggest that that question may not be the right question. Only if you will need this money in the short term would it be a good place for the entire account.
I suspect that you will use this retirement account to provide income to you throughout your retirement years. If that is the case, then you need to invest this account with that objective in mind and investing it all into a CD would be inappropriate. Speak with a financial planner who can help you set-up an investment portfolio that will help provide this income and must importantly - help you to stay invested through the markets cycles. My best. | 10.03.13 @ 18:23
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 18:40
Judy you can also explore FDIC insured Money Markets through Banks like Aly Bank or Sallie Mae Bank. They are FDIC insured and pay you interest of close to 1% with out locking in your assets for any duration.

However I would agree with Dan that it might be a good idea to meet with a Fee Based Planner to make sure you are taken full advantage of whats available to you based on your age, goal, time frame and risk tolerance.
Best Of Luck
Sincerely
Michael | 12.20.13 @ 16:50
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 18:40
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