In order to make sure your retirement goals are met, it's important to save as much as you can for the future. But where should you be placing your savings? There are many different options to choose from, but here are some guidelines to help you make the best decision for your situation.
Typically, the best place to keep your savings is in investments that are easy for you to access when it's time to use them.
For example, most experts recommend against placing emergency savings in certificates of deposit (CDs), which usually have low rates of return and can't be accessed easily. You don't want to lose out on potential earnings and market growth if you need to use the money for an emergency.
If you want your savings to grow, consider a money market account or CD, like a 90-day certificate of deposit (CD). These accounts typically pay more than regular savings accounts and can be redeemed at any time with very little penalty. The downside is that these types of accounts don't typically offer high interest rates.