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What to do with half mill?
Posted on 4/26/14 at 10:51 am
Posted on 4/26/14 at 10:51 am
Father in law just called me complaining that he's only getting less than half a percent on his money in a credit union savings account. He and his wife are in their lower 80s. Six kids. Wants to know what else he could do with his money to gain more interest but with very little risk. Both are relatively healthy at this point. Pretty certain they have no recurring debt. House and vehicles are paid off.
Advice?
Advice?
Posted on 4/26/14 at 10:54 am to purpngold
A CD would offer no risk and better return than a savings account.
Posted on 4/26/14 at 11:58 am to purpngold
How much does he need the money? They need it to live on? Or he just trying to grow it for his heirs?
Posted on 4/26/14 at 1:47 pm to purpngold
With that much money, a single premium whole life policy would be perfect for what he's looking to do. He should check with New York Life, Northwest Mutual, Met Life, Mutual of Omaha, or even State Farm.
Posted on 4/26/14 at 4:54 pm to purpngold
at his age long term CD- I would split it up.
20% in a 5 year
20% in 3 year
20% in 2 Year
20% in 1 year
20% in 6 month
If he wants security -- also it should be in two separate banks
20% in a 5 year
20% in 3 year
20% in 2 Year
20% in 1 year
20% in 6 month
If he wants security -- also it should be in two separate banks
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