Jan 30

I am looking into investing in a second IRA, a CD Bank IRA, my question is this a good investment, will I make good returns from this, I dont think the rates are good for Bank IRAs but I can be sure I wont lose any money.
Note: I already have another retirement account through my employer.


3 comments so far...

  • bud68 Said on January 30th, 2010 at 10:47 am:

    CDs are safe but a very low yield investment.

  • chatsplas@sbcglobal.net Said on January 30th, 2010 at 11:09 am:

    Check around, bank rates change weekly or daily. CDs give guaranteed rate of return, although pretty low rate. But with stock market in doldrums, not that bad. Sometimes banks offer teaser rates to get you to come to them. Check newspapers.

  • Common Sense Said on January 30th, 2010 at 11:50 am:

    CD’s are one of the worst places for retirement investing. You’ll lose on the purchasing power of each dollar, over time, because of inflation & the taxes you’ll pay when you pull the money out (at over ager 59.5).

    Stay away from banks & insurance companies for retirement products. Here’s some good mutual fund families that can be helpful;
    T. Rowe Price
    Dodge & Cox
    Vanguard

    Good luck!

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