Where to put 10K if not needed now

[YodaRules in NC]

I'm 72, living in a lower income senior apartment complex (rent $1K monthly) and have 10K sitting in a credit union money market account. This 10K is above what I keep for "rainy day" and "emergency living" funds. Wondering, and asking your advice, on a good place to put these funds with maximum availability to grow. My only caveat is a 5-7 year window in case I do need the funds then. TIA

 

[leastlongprime]

Credit union CD, 8-18mo.

 

[Myquest55]

Shop around. Our Navy Fed. Credit Union has a limited time offer of 5% for 15 months, right now.

 

[Victor]

Yes but even with 5% you will only keep up with cost of living

increases probably. A good recession proof common stock is ok but risky. Maybe worth waiting for it to rise into profit like Phillip morris

 

[Geezer Garage]

Not sure if still available but there were I=bonds that were paying 9.62% on up too 20k.

 

[Teacher Terry]

I bought Ibonds. You can buy 10k a year.

 

[HarryHawk]

How much of the 10K can you afford to lose? The answer to that question will help you focus on your investment options.

 

[squatting dog]

Well... If you're worried about it gathering dust, I could apply it to the next 57 chevy I've been eyeballing.

 

[Farrah Nuff]

Six Safe Investments for Seniors in 2023

 

[RadishRose]

My wallet.... plenty of room.

 

[Right Now]

Six Safe Investments for Seniors in 2023

This is a bit outdated but still good advice.

I have an American Express high yield savings. The interest is currently 3.40%, so monthly it is padding my account nicely. They sometimes raise it monthly, depending on the current status. At $25000 , it pays $850 a year. Nice!

 

[RandomName]

Yoda, did you do anything yet? You could always just leave it in the money market at the credit union. What percentage does it pay?

 

[palides2021]

If you don't need the money, put it in a high yielding CD; imho it's safer than stocks. There are also CDs with a bump-up, so that's also something to consider as the interest rates rise (I think there might still be room for higher rates in the future).

 

[Tom52]

U.S. Treasuries is about as safe as you can get. Six month treasuries purchased now will get about 4.9% and are state tax free.