Remember the Days of 5 Percent Passbook Savings
I remember when I was a kid that I could get a return of 5% on my savings account. You went into the bank with your change and opened up your first bank account and they gave you a passbook to keep track of your transactions. What happened to the good old days? Now you are lucky to get 1% on a money market or a 1 year certificate of deposit. With the recession and the housing market crash it has taken it’s toll on the economy. The stock market is so frenetic that it is hard to put your money into anything that gives you a steady return. Bonds look good if you are willing to take some risk with the lower rated bonds. Bankrate.com is a good place to checkout the current rates. I don’t see how retirees are surviving. Social security isn’t healthy and the majority of the population is getting older which means that the minority of the population will have to support the retirees. The retirees deserve this because they put in their time and paid into the system.