Rolling over a 401k retirement savings is a very serious financial decision that no one should take for granted especially if it involves a huge some of money. This is true if you want to make sure you are financially covered upon reaching retirement age. If you want to be financially secure when income stops coming in, securing your 401k money should be your financial goal.There are options that you can take when you opt out of the 401k plan.
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An IRA CD account is one of the options if you want to roll over your 401k retirement savings. Another option is to put your money into a money market account. However, there are advantages and disadvantages of doing so. When a financial need arises, you must wait for the maturity period of your CD account before you can take money out otherwise you will be charged with a penalty for early withdrawal. This is different when you put your 401k money into a money market account. However, if you think you have extra funds you can turn to in times of need and do not have any plans of taking money our of your retirement savings then a CD account is a good option.
Here is an IRA CD account rates table from Discover Bank that you can check out with estimated earned interest:
Term Interest Rate APY Earned Interest
10 Years 2.27% 2.30% $6,370.53
7 Years 2.23% 2.25% $4,223.44
5 Years 1.98% 2.00% $2,601.58
4 Years 1.74% 1.76% $1,801.94
3 Years 1.49% 1.50% $1,142.83
30 Months 1.34% 1.35% $851.67
24 Months 1.29% 1.30% $653.38
18 Months 1.19% 1.20% $450.25
12 Months 1.14% 1.15% $286.63
9 Months 0.70% 0.70% $131.59
6 Months 0.65% 0.65% $81.38
3 Months 0.35% 0.35% $21.88
This post first appeared on Best IRA CD Rates | Bank IRA Rates, please read the originial post: here
