A high-yield savings account could be the answer.
I’m a single, 56-year-old female. I’m currently unemployed and am going to sell my house. I will walk away with at least $100,000. This is all the money I have at the moment. I will be looking for work .
Then, make a plan for both the present and the future that includes a budget. “Realistically ask yourself how long this process of finding a new job is going to take. Next, realistically ask yourself how much you will earn,” advises Mitchell Hockenbury, a certified financial planner at 1440 Financial Partners in Kansas City, Mo., who adds that you should consider lowering expenses as much as you can, including maybe moving in with a roommate to save on housing.
2. Short-term certificate of deposit . “You’ll give up some liquidity, but you’ll still have federal insurance and you can earn slightly more interest with a CD,” Foss says. “Currently, three-month CDs are yielding up to 2%, but keep in mind that if you withdraw your funds prior to the maturity date , you’ll pay a penalty. You can get a shorter term , but you’ll earn a lower interest rate.”
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