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We have an 84 year old member of the family looking to get a better return on her money. She is retired and gets a very good pension, plus social security benefits. I don't know what her exact income and expenses are. She owns her house and car outright and has no outstanding debt. I'm made to understand she is getting as little as $0.30/month on a balance of ~$20K in her regular use checking account. I know she also has an online checking account that gives her a bit better return, but still could do better.

The question is. given her age, what options does she have to get a better return on her money? It seems to me like even just moving it to a different account with better rates would be a step in the right direction, but what other options should she be looking at? She has good insurance coverage and is in good health given her age.


I've been trying to think what to tell you. My first question is how soon she might need the money. If she's going to need access to it on a regular basis, a money market might be a good way to go. My own account is with Vanguard, and current returns aren't huge, but they're better than her savings account.

If she can do without the money for a year or more then a CD would offer her better rates. If she has other money in any kind of brokerage account then she can get a money market account or CD through them. She would be allowed to withdraw from the money market only six times a month. If she withdraws more than that the government wants the account to become a regular checking account.

I found a not-totally-helpful article about finding financial planners:

And they mention a website to find financial advisors, which I have linked to:

I'm certain that other board members will have other advice for you, and they might have very different advice for you.

I hope this helps.

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