The Best Ways to Invest When Inflation Takes Off nbcdfw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcdfw.com Daily Mail and Mail on Sunday newspapers.
As worries about inflation grow, CNBC spoke to financial advisors about how investors can protect their money from rising prices and even profit from them.
What’s the best place to keep cash I will use to pay off mortgage?
Updated Mar 31, 2021;
Q. We have 14 years and $270,000 left on our 20-year mortgage. I plan on paying off the loan in about five years but rather than send the bank a little more money each month or year, I’d rather keep it working for me until I have an amount that’s equal to the outstanding loan amount. I don’t see the point in letting the bank have access to the money beforehand. Right now I’m keeping these funds in an online bank earning 0.40%. Is there a better place to keep this money and earn some kind of yield without too much risk?
Will my spouse get anything from Social Security if I die?
Updated Feb 11, 2021; Planning
A. There are several benefits for you to consider.
As a married couple, your husband would be entitled to survivor benefits if you were to predecease him.
Upon your death, Social Security makes a $255 one-time payment to a surviving spouse, said Nicholas Scheibner, a certified financial planner with Baron Financial Group in Fair Lawn.
The monthly survivor benefits your husband would receive would depend on his age at the time he decided to apply for them, he said.
“A widow or widower may begin survivor benefits as early as 60 years old,” Scheibner said. “If he decided to apply for benefits before his full retirement age, he could see a reduction in monthly benefits.”