Best way to invest cash on hand

[danno1]

With $15K on hand, what avenues would be my best consideration at 59 years of age? RothIRA? Mutual Funds? Seek best available CD (although CD's locally are nothing)? Or any reliable advice would be appreciated. Curious! Thanks -------

 

[travelover]

With $15K on hand, what avenues would be my best consideration at 59 years of age? RothIRA? Mutual Funds? Seek best available CD (although CD's locally are nothing)? Or any reliable advice would be appreciated. Curious! Thanks -------

How soon do you need the money? Short term would be a CD, long term would best be invested according it your asset allocation in stock and bond mutual funds. If you will be in a lower tax bracket after retirement invest in a traditional IRA. If not, invest in a Roth.

 

[GrayHare]

Many people first choose a desired allocation of asset classes (ratio of stocks, bonds, cash, etc.) that fits for them. Some target 60% stocks, 30% bonds, 10% cash. They then move excess cash to an asset class that is lower than its desired target.

 

[Hermit]

I usually keep $10K to $15K in the checking account. It pays 0.5% so not as bad as some.

 

[target2019]

With $15K on hand, what avenues would be my best consideration at 59 years of age? RothIRA? Mutual Funds? Seek best available CD (although CD's locally are nothing)? Or any reliable advice would be appreciated. Curious! Thanks -------

Do you have earned income?
What is your asset allocation now?

 

[audreyh1]

Cash on hand that you want quick access to? Lots of FDIC insured savings paying around 1% interest.

 

[pb4uski]

As others have mentioned, your investment time horizon is important to the decision.

However, if you're looking to keep it reasonably available and safe, then you best options are probably an online savings account (they typically pay 0.8-1.2%) or a CD (Andrews CU is currently offering a 3% 6 month CD I'm told).

 

[DrRoy]

Keep out what cash you need and put the rest in the Roth.

 

[Free To Canoe]

Assuming that cash needs to remain cash for allocation purposes, I have used cash to open a trial bank account and reap the $350 incentive offer.

 

[mickeyd]

I generally spread my cash reserves between these 3~ Ally online savings, VG STB fund, NFCU 30 month CD. The split is about 80/15/5.

 

[Sunset]

OP - that is a bit of an odd question, considering you must already (or better) have $300,000 saved in investments.
Personally I'd do as other suggest and toss it into an online savings account paying 1% or use it as Free To Canoe suggested to chase various bank bonus offers which if you put it in, snag the bonus, wait the required time and do it with another bank, you can generate approximately 4% interest.

If you have a million or more already saved, then look up a nice 28 day cruise around Europe and enjoy as you never know when your ticket will get punched.