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CD Interest Shock

4205raymond4205raymond Member Posts: 3,248 ✭✭✭✭
in General Discussion
Couple CD,s maturing at 2.9% at Navy FCU. Now they want to give me .95%. If I take my money, pay taxes and run I will probably loose my star discount on real taxes in NYS. I need that interest to pay my taxes and .95% just ain't going to cut it. Did pretty good with Mutual Funds at Vanguard and bailed when I saw the bubble coming in 08. Too old for the stock market I think. Any ideas out there?-------------------Ray
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    grdad45grdad45 Member Posts: 5,317 ✭✭✭✭
    I had a CD mature at my CU, and they were going to renew at less than 1%. I cashed out, paid the income tax, and bought into an annuity paying 4% for 5 years. Ain't nobody using my $$ that cheap, I'll put it under my mattress first! 4% is the lowest I am willing to go, otherwise, I'll hold the cash. (or invest in guns and ammo)
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    mark christianmark christian Forums Admins, Member, Moderator Posts: 24,456 ******
    edited September 2020
    truthful said:
    You need solid advice from a financial advisor, not a bunch of strangers on a gun forum. 

    That is one of the most accurate statements that I've read in this forum. I gave you a promote for that. 
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    mac10mac10 Member Posts: 2,541 ✭✭✭✭
    there will be no real interest from banks for years   my cd i bought in oct last year was 2.75 for 3y now the same is .50
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    Bubba Jr.Bubba Jr. Member Posts: 8,191 ✭✭✭✭
    When you find a good advisor, ask them about federal tax-free municipal bonds. We have a bunch paying between 4-5.5%. You won't have to pay federal tax on them, but you may be liable for state taxes. Low risk and a decent return on investment.
    Joe
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    gruntled2gruntled2 Member Posts: 560 ✭✭✭
    I'm getting 3% on my tax free bonds but I bought them some time ago & they are now worth quite a bit more than I paid. That's nice BUT if I sold them there would be taxes on the profit & then where would I put the money? I still have to pay Federal income tax on 85% of the interest because of the tax on Social Security but that's better than the 185% I have to pay otherwise. &^%^$*&
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    4205raymond4205raymond Member Posts: 3,248 ✭✭✭✭
    edited September 2020
    Did pretty well with Vangard no load Mutuals prior to 08 when i bailed. Actually made out better than a couple fin/adv were telling me. I am 77 now and shadows are lengthening for me i suppose. Don't feel like gambling on stock market anymore. If push comes to shove will cash out and stick it in mattress/safe and live off the principle. Bubba Jr. guess I need to study up on Tax Free Municiple Bonds. My uncle ran Ingersol Rand drilling equip. and was explosives expert. Quite a few towns went belly up and never paid the company he worked for. You see this happening now and then even the big cities going bankrupt. Mark, I never sell the guys short here on the "Forum". They may not be experts but can be very resourceful at times. No harm in reading what they have to say.----------Ray
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    Toolman286Toolman286 Member Posts: 2,982 ✭✭✭✭
    Most of my funds are with a financial advisor, but the investment I like best is holding a mortgage. It started when I sold a rental house as-is & had to hold the mortgage. They put 1/3 down & then did a great job renovating it. They sold it for 3 times what they owed & payed it off, darn. But then they bought another fixer-upper & came to me for a mortgage. It's at 3.8% & the property is now worth 2 1/2 times what they owe, so it's very secure. I joke with them that I wouldn't hold it against them if I had to repo the property. 
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    bambihunterbambihunter Member Posts: 10,684 ✭✭✭
    edited September 2020
    I generally like precious metals. Gold (or silver depending on the amount), brass, and lead.
    My wife does mutual funds. I had a bunch of different investments over thirty years and really barely broke even on many of them.

    So, I decided from then on, I'd take a more active role in my financial future. The biggest thing we are doing is knocking our mortgage out as quickly as possible. We bought it ~9 year ago and at our current rate, we should have it paid off in 3 more years. We have no other debt. With our country not on the Gold Standard, our currency is based only on the faith in our country. My gut feeling is a lot of countries are losing faith with us. For instance, Germany wanted hundreds of tons of gold back from the USA. We negotiated, saying we needed 7 years. To me, that means we did not have it.
    For my actual investments, I do firearms, the aforementioned precious metals, along with powder but that is more of a just in case.

    Fanatic collector of the 10mm auto.
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