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Nearing retirement? Consider a money market to grow your funds

Retirement Planning

You’ve worked hard to get to retirement and want it to be a happy, stress free time. You don’t want to worry about where to put your retirement funds to see your money grow. A money market account can give you that peace of mind. Here’s how:

Rest easy at night
Money market accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) at your local bank or by the National Credit Union Administration (NCUA) at your credit union. This coverage ensures your money will be safe if the financial institution were to go out of business.

Money when you need it
Like your checking account, you have access to your money market funds anytime for any reason. Funds don’t have to be “sold” like stocks or bonds so you can withdraw them anytime without worrying about losing money when you need it.

Easy access to funds
Some financial institutions allow you to write checks and access your money market funds using a debit card. This 24-hour feature provides a lot of flexibility in the event you can’t make it to the bank before they close or in the event of an emergency. The number of times you can access your funds may vary depending on the financial institution so check with the institution to know your limits.

Get a better rate
Money market accounts pay a set interest rate just like your savings; however, the interest rate is typically higher. Chances are your retirement account balance is more than what you would have in a savings account so getting paid a higher interest rate will allow your money to grow more at a faster pace.

Enjoy your golden years knowing your money is still working for you.

Article provided by Local Government Federal Credit Union.
Consult a financial advisor for additional guidance.

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Legal information

The advice provided is for informational purposes only and should not be used as legal advice. Contact a financial advisor, tax advisor or estate planning attorney for additional guidance.

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