Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: How to earn more on your cash

Despite interest rates ticking up significantly so far in 2022, I’m getting a whopping .01% on my savings account at my bank account. That means for every $10,000 I have in my savings account, I will earn $1 of interest per year. 

My guess is you’re probably a similar boat and I’m not alone here. Many of the big banks - BofA, Wells Fargo, and Chase - are all paying .01% on their savings accounts. Seems a little unfair, but these big banks have no incentive to raise the money they’re paying out on deposits, since they have much higher deposits then they need or even know what to do with at the moment. In previous periods of rising interest rates, it’s always a slow trickle down to deposits, so don’t expect your .01% APY on your savings account to go up by much anytime soon. 

What’s even more frustrating is that I’m actually losing money in real terms because inflation is currently running around 8%. That means I’ll actually lose $799 on that $10,000 in savings in real terms. Yikes! 

So how do you find an investment that won’t put your cash at risk, still provide liquidity and access to funds when you need it, while earning more than $1 a year in interest?

That’s what we’ll be covering this week on the podcast. 

I’ll share with you the best ways to earn more on your cash, while still maintaining that safety and liquidity dual mandate that is so important for your cash holdings. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation.

That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance