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Savings Guide 2006

Savvy savers

  There's more to saving than stuffing your extra cash in a mattress.
Savings: The next big thing
   
Money market accounts 529 accounts
Christmas/vacation clubs Savings bonds
Money market mutual funds Treasuries
 

Pros
Cons
Who it's for
Comparison
 
 
 
 

Generally, "Treasuries appeal to retirees and people looking for a little income and a safe investment," says Barry Picker, partner in New York-based Picker, Weinberg & Auerbach CPAs.

"For the most part, people who have Treasuries and CDs tend to be retirees," he says.

Since all three types are backed by the federal government, the investments carry the reputation of being safe and secure. And the exemption from state tax makes them attractive to retirees and people living in areas with high state income taxes.

Trying to figure out which options best match your savings strategy? Here are several key points to compare and contrast at a glance.

 
minimal usually none yes no no complete
$1,000 - $50,000 yes no no no liberal
minimal usually 0 yes no no complete
$500 - $5,000 often yes no yes partial
$500 - $5,000 usually yes no no with penalty
minimal usually 0 no yes yes highly restricted
approx $25 yes yes no no restricted
minimum $1,000 yes yes no no restricted
Select:

-- Posted: Oct. 1, 2006
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