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Find a retirement adviser. How to save Getting started, getting the most out of savings, problems. Investing How to invest, types of investing, buying and managing. Types of savings Help with meeting goals, tax-friendly saving, saving for children. Savings All Savings guidance. Calculator Savings calculator. As of September , the U. You can buy them in paper or electronic format through the U. TreasuryDirect website.
Cashing in your savings bond is a fairly simple process. If you own electronic bonds, you can log into TreasuryDirect and follow the instructions for redeeming your bond. If you own a paper bond, you can cash it at most banks and financial institutions — you may want to call ahead before attempting to do so, however, to make sure that the place you intend to cash your bond still offers that service.
You can also cash your paper bonds directly through U. Treasury Retail Security Services. Additionally, if you cash them in before the first 5 years, you may lose the last 3 months of interest accrued. For example, if you redeem your savings bond after 18 months, you will only receive 15 months of interest.
Still confused about savings bonds? Here are a few frequently asked questions to help clarify these bonds and what they do. Whether anything is worth the investment is entirely up to you — but savings bonds, as far as investments go, are a pretty safe bet.
They can help you protect some of your savings from inflation and can supplement your retirement income. Like any other investment, however, there are drawbacks to savings bonds, too. The biggest problem with savings bonds is that the return on your investment will be minimal. The maturation date of a savings bond is the day that the government, who you lent the money to, promises to pay you back double what you gave them originally.
Maturation dates depend on when you purchased your bond, but they are usually anywhere from 17 — 20 years in the future. Savings bonds are a useful way to protect your earnings from inflation and set aside money to support your retirement.
Though these investments are typically fairly low-yield and low risk, they are an excellent way to diversify your financial portfolio and set yourself up for success.
The U. These bonds are no longer issued. Series EE bonds were first issued in and continue to be issued today. These bonds pay either a fixed rate or a variable rate, depending on when they were issued. Series EE bonds issued after May earn a fixed rate of interest. Both series of bonds earn interest for as long as 30 years. The longer you hold the bond, the more it will be worth, up to that year time limit.
Paper bonds can be cashed at most local financial institutions, while electronic bonds can be cashed on the Treasury website. Simply log in to your account and follow the instructions for redeeming the bond. The cash will be credited to your checking or savings account within two business days of the redemption date. However, the bank cashing the bonds may impose a restriction on how much you can redeem at one time. The biggest advantage of savings bonds is the absolute security of them.
Savings bonds are subject to income tax only at the federal level, not at state or local levels. However, if your state has any estate or inheritance taxes, the bonds are subject to them. In addition, you may use savings bonds to pay for higher education expenses and thereby avoid paying taxes on some or all of the interest on the bonds.
Here are more details. Series I bonds offer some protection against inflation because their price adjusts in response to changes in the Consumer Price Index for urban consumers.
If inflation rises, the yield on Series I bonds will be ratcheted up. If inflation declines, so will the rate on the bond. Series EE bonds have a special feature: the Treasury guarantees that an electronic EE bond issued in June or later can be redeemed for at least twice the face value. In effect, if you hold a Series EE bond for 20 years, you would earn an annual yield of at least 3. Meanwhile, Series I bonds issued between November and April offer a yield of 1.
Bonds are also relatively inflexible. The biggest positive of savings bonds relative to savings accounts is that you can achieve a higher yield with Series I bonds. These bonds offer a fixed interest rate and then an additional floating rate that adjusts with inflation. Many savings accounts offer lower yields than Series I bonds.
Plus, as already mentioned, bonds are backed by the U. Two big positives of a savings account include its high level of flexibility and its high level of safety. In addition, savers can withdraw money from the account up to six times per month without penalty, giving them access to their money while still earning interest. Plus, a savings account may pay better interest than a savings bond, especially if you do just a little bit of legwork to find a high-yield account.
The downside of a savings account is that its yield will fall as interest rates fall, so your return might not beat inflation, whereas the floating, inflation-adjusted yield on a Series I bond helps mitigate this risk.
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