|Interest in Bank Savings is less than 1%|
Although I am certainly not an investment counselor I do know a good deal in today’s investment market instead of a bank savings account.
For many years, I have held accounts with Church Extension Plan and have always signed up for a five year note. An account can be opened with $250 and added to until they notify you that no more can be added to that account. So what I did was open second and a third account for another 5 year term.
Today’s bank savings, CD’s and Money market accounts are paying less than 1%, so why not take a look at CEP?
When I retired from my job, I had saved a nice sum into a “457 account” which is similar to a 401 savings. Most of my funds were in the stock market and I was losing money fast. This did not make me happy!
Because of my age I was required to begin withdrawing an amount each month.
Then I realized that CEP had an IRA where I could transfer my 457; So I did. Then I began to take out the required amount each month, but my interest was more than I took out, so my IRA funds did not diminish.
You do NOT need to belong to the Assemblies of God to invest. Just understand if you are a Christian, then you are a “Friend of the A of G.” That is the requirement, just be a friend and begin with a $250 investment.
Perhaps your church organization has a similar plan - - check it out and then also view what CEP can do for you!
This post is my personal opinion
and not that of an investment broker.
Note: There are higher interest paying annuities, but you sign up to give your money away and settle for monthly interest payments. Your equity is gone.