Retirement Planning for 65-Year-Olds: Where to Put Your Money

Reaching 65 is an important milestone that often marks the beginning of retirement planning. Learn about the safest investment options for seniors such as Certificates of Deposit (CDs), dividend-paying stocks, and Treasury securities.

Retirement Planning for 65-Year-Olds: Where to Put Your Money

Reaching 65 is a milestone that often marks the beginning of retirement planning. Whether you're ready to retire or just want to make sure your finances are secure, there are a few things to consider. Certificates of Deposit (CDs) are one of the safest investment options for seniors, as they offer a guaranteed return on a fixed amount of money. Dividend-paying stocks can also provide a more consistent source of income.

Treasury bills, notes, bonds and TIPS are some of the safest options, although they typically have lower interest rates than other investments. For the average 70-year-old, investing in Treasury securities, dividend-paying stocks, and annuities is likely the best option. Before making any decisions about where to put your money, consider if working a little more could increase your pension or Social Security benefits. It's also important to fund your 401(k) to the maximum.

Knowing what's coming to you is key to making the right decisions about retirement planning. CDs are a great way to save money for a fixed period of time and generate a guaranteed return. They can be purchased at banks, brokerage firms, and credit unions, and the bank pays a higher fixed interest on the fixed amount. This is a savings account with a fixed monetary rate for a period of time.

Well-established companies often pay dividends to shareholders. People who want to see a more consistent or stable source of income should consider dividend-paying stocks as a safer investment option. Treasury bills, notes, bonds and TIPS are some of the safest options available. While the typical interest rate of these funds will be lower than that of other investments, they carry very little risk.

Reaching 65 doesn't always mean it's time to retire - many 65-year-olds love their work and want to keep working. However, it's important to plan ahead and make sure your finances are secure for the future. CDs, dividend-paying stocks, and Treasury securities are all great options for retirement planning in your mid-60s and beyond.

Ruthie Cacibauda
Ruthie Cacibauda

Passionate creator. Freelance coffee geek. Unapologetic tv trailblazer. Professional internet junkie. Wannabe music lover. Hipster-friendly beer geek.

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