Greetings r/FinancialPlanning!
I am getting anxious about the approaching recession with the Fed Reserve looking to cut interest rates, corporate debt bloating and the Fed Chairman basically worries about global worth slowing down. I have about $6000 in savings, I make $37000 a year and have $11000 in student loans that I’m quickly paying off despite my low income; I live with my parents. I’m pursuing another job but until then, I’m worried that my Ally online savings account interest rate will drop again...so here’s my question, would it be more beneficial to move those $6000 in savings towards a locked in IRA or other conservative investment plan or keep it in my online savings account. I have not and will not take money from that savings account. I have a different “emergency fund” set up, those $6000 are strictly for retirement but I am on the conservative side when it comes to risk. Sorry for the rambling! I appreciate any input!
Submitted July 23, 2019 at 11:50PM by jovannymejia https://ift.tt/2Oh8BRt
