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Today's retirees had this drummed into their minds long ago. It is, after all, a laudable goal, and something every retiree and person approaching retirement should aspire to. But how in the heck are we supposed to do it? A friend recently told me he rolled over a five-year CD paying 1.2% because his banker said it was a good rate. Ah! I nearly fell out of my chair when I heard that. A 1.2% interest rate won't even keep up with inflation, let alone allow someone to live off the interest. He may think he's investing conservatively by keeping his money in FDIC-insured CDs, but his buying power is quickly slipping through his fingers.
So, what interest rate does it take? About 12%, that's all. According to over 3,000 readers of my regular weekly column, our cost of living has risen about 8% in the last year. If that number is anywhere close to accurate ,and I'm inclined to believe it is ,our portfolios need to earn 50%-80% monthly to cover need
My CD-investing friend is taking the biggest risk of all: ignoring the reality of the times we live in. Maybe he's too paralyzed by fear to step away from the familiar. Maybe he doesn't know where to find better options. And maybe he's like so many of us who just want to bury our heads in the sand. Doing nothing, however, is a decision, and a particularly poor one during times of high inflation.
Plans:
1.6%DAILY FOR 30 DAY
2% DAILY FOR 60 DAY
3% DAILY FOR 90 DAY
4% DAILY FOR 120 DAY
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