⚠️ Every Senior: Never Keep More Than This in the Bank After 65 (Most Never Check)

There is one number that decides what your savings are worth to you, and almost nobody over sixty five can say what theirs is. It is not the balance. It is what the bank pays you for holding it, and your bank is not required to tell you when that number falls. Two days this month set it for the winter. The Federal Reserve meets on the twenty seventh and twenty eighth of October. The Treasury sets a new savings bond rate on the first of November, and the fixed half of that rate does not change again for as long as the bond is held. Meanwhile the average savings account in this country pays sixty six cents a year on every hundred dollars while the best pay four dollars and fifty cents, for money insured exactly the same way in both places. This is education, not financial, tax, or legal advice. In this video: 00:00 The number almost nobody can say 00:46 Who these four reach 01:06 #1 Two days that set your winter 02:38 #2 Sixty six cents, or four dollars fifty 04:24 #3 A cut reaches you in days, a rise takes weeks 05:53 #4 What the first of November fixes, and for how long 07:47 The line through all four 08:06 The correction: the Federal Reserve warned nobody 09:08 Where this video stops 09:25 The four, said quickly 10:15 The calls that follow the headlines THINGS TO ASK ABOUT / OFFICIAL LINKS: • When the Federal Reserve meets — https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm • What savings bonds pay, and when the rate is set — https://www.treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/ • Buying savings bonds direct from the government — https://www.treasurydirect.gov/savings-bonds/i-bonds/ • The national average savings rate this week — https://www.bankrate.com/banking/savings/average-savings-interest-rates/ • Comparing savings bond types — https://www.treasurydirect.gov/savings-bonds/comparing-ee-and-i-bonds/ If somebody in your family has money sitting in one account, do not explain any of this. Ask them what their bank is paying them, and see how long it takes them to answer. #SeniorFinance #Savings #Retirement #SeniorMoney #Banking