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Question: I’m 68, have $1.6M in the market managed by a large firm, have no debt, own 2 properties and my wife is taking her SSA but I haven’t started yet. My investment portfolio has been flat for 18 months so I’m considering parking it all in CDs and reviewing it again in 2 years. Does this seem like a good plan? Would I benefit from hiring an adviser to help me explore other options?
If you do not have a long-term plan, it may be prudent to hire a pro to help develop one, and invest accordingly. Consider hiring a fee-only certified financial planner. CFPs must complete extensive coursework, exams and thousands of hours of work-related experience. CFPs are also bound to a fiduciary duty, meaning they’re required to put their clients best interests first over their own, eliminating conflicts of interest.
Should you park your money in CDs right now? It’s true that 2022 was an especially tough year for both stocks and bonds, and while 2023 started off stronger, it’s still been a turbulent year. “Looking back at the S&P 500 over the last 18 months it has been flat, so it’s not surprising that your portfolio has been as well,” says St. Laurent. As of September 30, 2023, the 1 year return on the S&P 500 is 19.59%.
And CDs aren’t without their downsides. “My biggest concern about parking it all in CDs is the fact that you can’t get to it for that 2-year period. If there’s a medical emergency, a business opportunity, a trip of a lifetime or a new family member, your money will be stuck in the bank,” says St. Laurent.
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