[USER]

Hi all, if you’re a senior in the 80s and having half a million dollars in the bank account, what would you do with it? Daily expenses are already covered, this is savings.

What’s a good rate of returns right now and how should we invest/ save the money?

Bank is offering nothing exciting, anything between 0.5-1% on regular savings. Or only 3% on GIC. Must be brick and mortar bank as they don’t do online banks.

Something not too risky at this age.

So maybe we can grow this amount for generational wealth/ inheritance when the time comes.

Thank you

[Scott]

If it’s money they wont spend, that they want to pass on, then they should strongly consider investing in the markets for better gains.

In theory they will pass it on to people who will have more time for growth.

They would only want to be extremely conservative with their investments if they may need the money and don’t want to run the risk of short term market corrections

[Bassel]

I would be very conservative at 80. You should be able to find govt bonds and CDs at 5%.

The in person banking might bd a challenge.

[Chris]

My b&m local credit union has a 4% money market account, so I wouldn’t be surprised if others do as well.

[Mosser]

My family always says “it’s better to give money with a warm hand, than a cold one.”

[Jennifer]

Please keep in mind that half a mill is double the FDIC insurance amount per account, if this person is single.

[Doyle]

I was a senior in 1987. I now have $1.1mil in 4 different banks

[Anca]

Edward jones offered 4% on a money market a while back. Might be worth a look

[Author]

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