Share This Episode
MoneyWise Rob West and Steve Moore Logo

Mobile Pay Scams

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
July 19, 2021 8:03 am

Mobile Pay Scams

MoneyWise / Rob West and Steve Moore

On-Demand Podcasts NEW!

This broadcaster has 380 podcast archives available on-demand.

Broadcaster's Links

Keep up-to-date with this broadcaster on social media and their website.


July 19, 2021 8:03 am

Anytime you have a lot of money changing hands—even digitally—there’s always a danger of fraud.  And that risk is still present when you use a mobile pay app like Venmo, Zelle or Apple Pay. On the next MoneyWise Live, host Rob West will talk about the latest scams affecting those apps today. Then he’ll take your calls and questions on various financial topics. That’s MoneyWise Live—where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio.

YOU MIGHT ALSO LIKE
MoneyWise
Rob West and Steve Moore
MoneyWise
Rob West and Steve Moore
MoneyWise
Rob West and Steve Moore
MoneyWise
Rob West and Steve Moore
MoneyWise
Rob West and Steve Moore

Hey there I'm Jim and Baxter and I certainly radio is the director of business development. Our team's job is to find businesses that love Moody radio and Jesus Christ and want to support the work we do financially just like you today.

I like to introduce you to United States mortgage. Simply put, they are afraid focus mortgage team serving clients across the United States. They put together a team with Christian values with faith and family at the core. They know that this is arguably the most important purchase of your life. Check out the top five things you should know about United States mortgage@united5mortgage.com thanks to you and United faith mortgage for supporting the radio United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license mortgage banker for all licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah is one of those mobile apps like the Mosel shark in unfortunately scam artists of learned very convenient way to separate you from your money Rob West anytime you have a lot of money changing hands even digitally, there's always a danger of mobile payouts are no exception today and then it's all your calls at 800 525 $7000, 24, seven, 800-525-7000. This is moneywise. Why are you about many times fishing with a pH is when scammers send out emails pretending to be from a legitimate company trying to get you to give up your personal financial information. Swishing is when scammers send you a text that in this case it's to tell you that your mobile payouts than Mosel or some other is about to be charged, but you can stop it by clicking the link, and logging in, of course, the website is fake and now that you tried to login the scammers now have your username and password so they can access your real account and take your money obviously you want to be vigilant about the domain name of any link you sent.

If it looks suspicious or has typos, it's probably a scam. The safest thing you can do if you think there's been an unauthorized charge to your account is to use only the official app or website to check it out. Now the next scam involves phony sales.

Not all mobile payouts are designed for business transactions. In fact, that Mel explicitly says it's basic app shouldn't be used for transactions like buying or selling on Craigslist.

That's because, unlike with a credit card. There's no way to get your money back if someone scans you and it works both ways. If you order something it never shows up your out the money these days. The best example of this involves rental cars you need to rent a car so you search online for deals. You see an ad for what you like, click the link it takes you to something that looks like a this hurts our national's website, but it's fake you don't realize that and you fill out a reservation for when you're told to pay in advance with a mobile app or a gift card so you do you maybe get a confirmation number so you think everything's fine. It's always best to use a credit card and not a debit card or mobile payouts to buy something online.

That way if there's a problem you can file a claim and get your money back mobile payouts like Venlo cash out the cell heart required by law to have buyer protections in place so they don't.

Okay so next we have the money transfer scam, then this one could get you if you use just about any mobile payouts including Venlo cash app Apple pay, or sell for this scam con artist use a stolen credit card bill use as much balance as is on the card to transfer money to random people like you.

They will then claim the transfer was an accident and ask for the money back because you're an honest person. You'll probably return the money. But before you can do that.

The scammer changes the card information from the stolen one to his own so he gets the refund so far your event. But later, when the stolen card owner notifies the issuer about the fraud. The transaction will be reversed.

Meaning, the money comes out of your mobile app account a second time you've been scanned and there are no protections in place to help you. Finally, keep in mind that credit cards usually cover fraud costs, but many digital wallet. Vendors do not perpetrators of our final scammer, like digital pickpockets. You might be walking through a mall or parking lot just about anywhere, really. What a stranger politely asked if they can borrow your phone to make a quick call. There's just died or they forgot it at home. It seems harmless it up so you handed over the scammer then pretends to call someone who doesn't answer the scammer then says he'll just send a text but all that button tapping is in the text. He's really transferring money out of your Venlo or Zell out to himself.

The odds are you won't even notice that the monies gone until much later.

Obviously, you never want a stranger to have access to a smartphone loaded with financial apps, you can simply say no. If you find yourself in that situation or offer to make the call yourself. The bottom line is mobile payouts are very convenient and a great way to transfer money to and from people you know like family and friends, but you're taking a risk. Using one to buy merchandise unless the app is linked to a credit card that provides buyer protection and this is a great opportunity to remind you to keep those passwords new and fresh and never conduct business via your calls at 800-525-7000: 24, seven, 800-525-7000. This is moneywise biblical wisdom for your financial security were sedately doing this today for moneywise live on Rob West taking your calls and questions and just about anything financial, here's the number slides open eight 525-7000. That's 800-525-7000. This is the program we recognize that God owns it all and were stewards and therefore money is a tool to accomplish God's purposes so we mind the 2350 verses in God's word to pull the principles out that we can apply to today's financial decision so whatever's on your mind today be at saving or investing. Perhaps it's giving were getting out of debt. Whatever it is we'd love to hear from you again the number 800-525-7000 will begin to see today in Toronto, Ontario, and even ask you this. Thank you for your call today.

How can I help you, lastly, well power of attorney.

I think all medical need have built like November last year told because different treatment that she would get her heart stopping slowly and to start getting things in order and my I thought she looked fine. She was still coherent and she will take care of her while God had been me and she dragged herself to treatment and not she can and she is going to have me come October. She money from the Celtic property on scene to make sure that when trying to go back I will still be able to take care of everything and it not be a burden on I don't know which way to go. I was talking to electronic account. Take care. I'm not sure what you doing I'm worried. I know that he will call you sometime soon.

I'm not sure I got I don't think she's she's okay.

I don't want to make don't want to take a likely know you're staying with my yes well.

Eunice God is using you to be a blessing to your mom and the season of life, and it's obvious by even your question today that you want to do that in a way that's really honoring to her. Clearly he is so good to give you some wisdom here. There's a couple of issues I'm hearing number one is just the estate planning side to make sure that you have the ability to make decisions on her behalf, both now while she's with us in the event she is incapacitated and unable to make some decisions and at death as either the executor or the trustee. However, it set up and that could be handled with a godly estate planning attorney will talk about that in a moment, and then the second issue is just her housing arrangements whether she stays with your brother or whether she moves to a home either in a home that's in an assisted living community were she can have her own home, but then care could be provided if needed or if she's truly on her own in a single-family home or something.

Perhaps it requires less upkeep like a townhouse or condo. Let's start with the estate planning side for a moment you mentioned. I believe that you have a durable power of attorney is that correct okay so that allows you to make decisions on her behalf, and that's obviously a critical document of the thing that would trust would do would be for anything that's titled in the name of the trust be at the real property or other assets there could be triggering events that allow you as the trustee to make decisions on her behalf but that can be handled other ways both with the durable power of attorney which has more blanket access to her affairs as well as for specific decisions such as a healthcare surrogate living will. Things that allow you to act on her behalf and for her to express her wishes regarding end-of-life decisions. So I encourage you if you have an estate planning attorney that you visited with perhaps in the state that she resides that you revisit with that professional just to ask some questions as to whether or not there's a reason to have a trust or whether everything can be handled with you as her personal representative at death and prior to that, through the durable power of attorney.

Do you have that relationship with a godly estate planning attorney that you could revisit these items with well went to me by changing quickly back from her night and I gave up on that but I just sold everything so many dare take care of it like you take care of you know that you're on sure everybody's okay to. I don't have a handle on much.

Yes, that power of attorney which had been great. So now I'm thinking more than just now. I would agree with you, and I think it's worth you visiting with the godly estate planning attorney in your mom's estate. Probably right there in her area perhaps according make that visit with your next visit to see her. If you don't have one.

It sounds like you don't I encourage you to go to our website moneywise live.org click find a CK stands for certified kingdom advisor in your mom state near her and just not contact any one of them and asked for referral to a godly estate planning attorney Bill all have one that they work with and I would interview maybe one or two and find the one that's a good fit. That's a good fit. But this is good to be a really important time for you to make sure that the will is up-to-date that all of the documents are there and that there's a clear plan so that when the Lord calls her home whenever that is. There's not any questions or ambiguity. You have the ability to act on her behalf, both at death and even prior to that, if necessary, and so I think that's good to be a really important visit as to the home. Obviously, in this season of life taking on her own single-family home just brings with a lot of maintenance and upkeep, especially without family members nearby to take care of that, although perhaps your brother could help with that. I guess I would just wonder should you consider a home in an estate living a assisted living complex or perhaps something like a condo or townhouse where there's going to be less upkeep work, she can literally lock the door and doesn't have to worry about the grounds outside and some of the extra things that come with a home talk to me about your thinking there I didn't want my mom in particular she wants her pride and I told her that there what she nobody need to come into our home. Until that time, when thing happened happened fast and everybody's family to get help that she should get better. I be happier with her accepting that many not having much of the now because she does not, but it will come, and I keep telling God. Don't stone pushed he will show you what you need to be and I feel that but I want her to tell me that she feels the same parent state, but I don't want to make sure she could care when she does have those in her house. Yes, well, I certainly understand that you think you're on the right track their perhaps her visiting a place to realize that if the funds are there and she has the financial means to do so having a private residence with access to assistance would be the best of both worlds because she'd be on her own and belike she has her independence and yet you have the peace of mind and she would as well that with just a phone call or the touch of a button there somebody that can provide that help and so I think it's time to begin doing some research in her area for options that perhaps you and she and your brother could go visit and then we'll just trust that the Lord will give you all some peace of mind to know which is the right place for her to go. Whether it's one of those or something where she truly is more on her own, at least for this season but I would encourage you to think about the upkeep and maintenance. The perhaps make it difficult for her in the near future and ask her moneywise live community to be praying for you to give you wisdom as you navigate this you are carrying the load but just know that it pleases the Lord. What you're doing and I know your mom appreciates it as well. Keep us posted and that we appreciate your call today, very, very much a difficult situation, one that none of us are prepared for.

As we care for aging parents.

We know clearly it's on the heart of God for us to bless and honor our parents and this is one of the ways we can do it.

Being prepared both in the conversations leading up to it so there's not unmet expectations but also legal to make sure we have the right documents and plan in place so that moneywise live 800-5257. Thanks for joining us today on moneywise live biblical wisdom for your financial decisions taking your calls and questions 800-525-7000 800-525-7000. We have some lines open. Did you know you could take moneywise live with you on the go are moneywise app is a great way for you to access all of our broadcast archives and the live show every day. So if you'd like to download it.

You can download it free in your app store to search for moneywise biblical finance, whether it's the Apple App Store the Google play store moneywise biblical finance puts it back to the phones. Jack is waiting patiently in Chicago, Illinois hi Jackie, how can I help you sure have IRA set up that maybe $18,000 in the air.

I have a retirement fund that I have worked for hospital UFC and day out with having fun and we donate into and name when you leave it just growled whatever money is left so I didn't left it there just air and is still growing, maybe about.

I think work with the fellow that just didn't want to have interest in anything now have 25 Not staining the pond about it. I I don't do anything inspiring like do something. What have IRA. I don't have it invested anywhere money just sitting there and that's what I don't know anything about the market.

No stock bond. I have no idea okay with that or how to do it on the counter piece I don't let it fit to be thanked. Yes, okay, very good. Well, you come to the right place. I be happy to help you number one, I'm glad to hear you have some savings to consider that your emergency savings that 25,000 you don't have anything in addition to that, in liquid savings to you.

Okay, now how many at what you spend on a monthly basis.

What would you say is your total expenses. If you had to guess on a monthly maintenance I would say how about 1500. Okay, let's say it's 2000.

So we take 2000 times Teresa would want at least 6000 if we wanted to forward to have three months expenses. If we took that out for a full six months that would be 12,000.

So you've got twice that with 25,000 in savings you got plenty of liquid savings which is a great thing, so that should cover it was much as a years worth of expenses. If you needed it for the unexpected.

In fact, we could probably take a portion of that and deploy it for either a specific purpose of your saving to buy a home someday or you need to replace the car or if you have truly surplus you could look at giving opportunities or even additional retirement savings. Let's talk about those retirement accounts do you have other than the old retirement account and then the IRA that you have right now. Do you have a new plan at work where you work today.

Now I have a 401(k) in my new job. I don't have it, I'm not matching siding benefit from that okay and are you actively contributing to the IRA know I had anything to it and I don't want to stand IRA like it get money in there but cannot contribute money to and if I contribute money to what will they like do something with taxes that company that I really don't know. Sure okay well so here's the thing. So there's the type of accounts and then there's the investments inside the account and what's key is, it doesn't really matter which of these accounts you're contributing to the key is that you get something going into them on a systematic basis because that's going to take something out of every paycheck, and get it into either the IRA or your new 401(k) at work and allow that to grow over time. Once it's invested properly, and I understand you're probably been hesitant to put new contributions and because you just don't know what you have and you don't know what to do with it. And so the natural result is just to not do anything.

So let's talk about the accounts that you have. First, the first thing I would do is consolidate that old account into the existing IRA with your previous employer, I would look for an opportunity to roll that together so you have one new IRA that has both of the both the current IRAs money and the previous employers money and then I would be looking to contribute to that moving forward.

The goal would be to get you up to 10 to 15% of your take-home pay going into that every month if you can't get up to 15 right away or even 10 start somewhere. But let's start getting something going in on a systematic basis, so that's good to be the starting we got to read here.

But we come back I'll talk about the investments inside and how you should think about getting that money working for you in a stocking month so you hold the line will talk more about that. This is moneywise live 800 557 joined us on moneywise live today around last year calls and questions on anything financial 800-525-7000 just before the break, Jackie Chicago was sharing with us about previous employers retirement account. That's just sitting out there kind of dormant earning about 4% and existing IRA with some money in it, but she's looking for some direction on how to move forward to get this money actually invested for her so she can make additional contributions that are growing for retirement and Jackie as I was saying the first thing I'd love to do is consolidate that the old account into the new IRA that I want you to begin contributing on a systematic basis and that's gotta be dependent upon first making sure that in addition to that emergency fund that you have that you don't have any credit card or consumer debt. But then we want to get up to ultimately 10 to 15% of your take-home pay going in to a retirement account, whether that's your IRA or your new 401(k) at work, even though there is no matching. With regard to how it should be invested.

The first question I would have is would you like to take a more active approach to this where you're getting some guidance and direction actually making the selections yourself or would you like a more automated, hands-off approach to the investment strategy.

Automated handout yeah okay there's a great option out there called Robo advisors for somebody in your situation where you're sparely new to investing. You just kinda getting started in terms of the what you have in terms of assets under management. That is very effective and very low cost and there's two Robo advisors in particular that I would direct you to one is called betterment and you'll find it online@betterment.com BET TER in the NT or the Schwab intelligent portfolios and that's from Charles Schwab, which is most people are familiar with been around a long, long time, but the intelligent portfolios are there Robo advisor solution.

In either case, Jackie. What would happen is you would move your IRA. There and you'd roll your new you'd roll the money from your previous employer into the new IRA there as well.

So all of that would just get consolidated into one new account at betterment to Schwab you would answer a series of questions about your age or lifestage your goals and objectives and then they would build an automated portfolio for you using what are called index funds, which basically just mirror the broad market indexes so as the market moves over time, up and down your account would move with it and it's a very low cost, very tax efficient way to invest that I think would do quite well for you. You not to try to pick the winners and losers.

You basically just going to capture the broad moves of the market, but it's good to be done in a portfolio that's consistent with your goals, objectives and age and I think that is really what you're looking for, so I think your next step is to research those two betterment Schwab intelligent portfolios. Open your new IRA transfer your existing IRA. There, move your old retirement account there and all be in one new account get that money invested using the Robo advisor solution and then you can start making new contributions. Moving forward is that make sense that one question yelled you did say that I shouldn't use my 401(k) here at my that even though it is not matching well you're going to be limited in terms of how much you can put into that new IRA you can only put in among all your IRAs.

You only put in 6000 a year. So with you're going to try to get 10 to 15% going into retirement at some point you're going to hit the ceiling on the amount you can put in your IRA in a given year.

So that's where you have to go back to the 401(k) just to be able to put more money away even though there's not any matching Iraq catching IRA very good listen you all the line were to send you a copy of the soundbite investing handbook that I think will be an encouragement to you, get you on the road to learning more about investing and we appreciate your call today to Chattanooga, Tennessee Joan, thank you for your patience. I can help you are like insurance and are well okay my head and had insurance tonight.

She had two children from another marriage I happy children from another marriage and knowing what it now if I don't survive. He died and I don't to fighting identically die together. It's wording I get the rest and residue of my estate.

71% hit children 29 the mind not getting the rest and residue of my estate. I would get.if we die together his children really like insurance and mine and we have would be split for the latest reported quite understand it is interesting. So what would it be. Let's back up for sale. What have you all decided in terms of how you want things to be passed that, given that you have children from a previous marriage. Have you decided you want to your estate to pass equally or are you separating certain assets out for each of your children rally now now trying get along.we held a Houston planet, we would NHL the cars. I'm thinking my car checking account are hating all that would be split four ways okay. Is there any way will reads what I'm kinda reading and if we die together like percent of the estate hit children. 29. The mine and that's what would kind that's confusing to me. But what's good you know you have to consider as well is that life insurance proceeds will have a named beneficiary that will pass even outside of the will. So it seems like it's a it's a great opportunity for the two of you to come back together and perhaps visit with an estate planning attorney where you can update all of these things to make sure that your wishes are truly reflected because what you're describing to me as to what you believe your intentions are and what you're reading don't seem to be compatible and so I think you know we all need to revisit these things periodically and make changes, especially if there's questions regarding how certain things have been drafted and if your desire is together for your estate to pass on a pro rata basis to all four kids. Then it sounds like some changes are in order. At the very least, just have somebody look it over and explain to you why it's been written. The way that it is.

What's also critical that you do Joan is that you will look at all of those beneficiaries for each of those policies on the life insurance to make sure that those are updated so that you know it's it's one thing if you Hebrews predeceases you and everything comes to you and vice versa.

But as you said in the event the Lord takes you both home at the same time you want to make sure that those secondary beneficiaries are correct so that the money from both the proceeds of the life insurance as well as the estate are going to pass according to your wishes. So if you don't have an estate planning attorney there in Chattanooga. I'd connect with a certified kingdom advisor and ask for referral another some wonderful godly estate planning attorneys there in Chattanooga that could read through everything that you have.

Make sure everything is up-to-date and reflects your wishes and it would be a great time to make sure that you have things like a durable power of attorney's and healthcare surrogates and living wills.

You can knock all of that out at the same time. We appreciate your call today very much. I know how all of this in order. The way that you wanted to read is really important. It's the last ship decision will make it so we need to make sure that we are doing things. Appreciate your call, but he was not in fact just around the corner about all this joins us each Monday to share his mark commentaries with this investment officer across market investments where investments and values intersecting.

Today's been a wild ride in the stock markets of survival have share with us today. That's just the money was moneywise live on plastic calls and questions 800-525-7000. Well it's Monday answer final segment, which means Bob Dole joins us. Bob is chief investment officer Trustmark global investments where investments and values intersecting Bob, great to have you with us on a Monday boy was a wild ride in the market today. Hope you had your seatbelt on and shoulder harness it with Rob a lot of lot of red on the screen and that is you and I talk from time to time, the pride that we got this happen sooner a lot of cracks on the surface. You know I'm also the view of the bull market is not over, but it could be bumpier for well yes well for those who perhaps are just getting caught up. The market was down. Bob was nearly a thousand points of one point where did we finish down about 820 so it came back from the yet below, but still it still attempting yes.

Is this just a sign of what's going on with rising coded numbers and hours at something else is driving.

Certainly the headline excuse, and I don't want to dismiss it because coded that cases particular the Delta variants are up. That is, cases reported hospitalizations and sadly that all three from pretty low numbers but the numbers are moving in the wrong direction that would be excuse what we talked in recent weeks. Rob what we got thinking and GDP growth peak earnings growth second half will still be good but not as good market for love acceleration not deceleration the concerns about inflation. I don't think they've gone away and not what's going on in Washington DC going to get a bill is it going to be a bipartisan bill is going to be democratic only reconciliation bill.

What's gonna look like, how much money we going to spend her taxes going up a lot of unanswered questions until the market losing except altitude yes you say global growth even though it perhaps will slow you still are looking for to remain firmly above the trend correct. That's a good point global and US growth. We can grow this far above potential growth for very long. Otherwise all kinds of supply and demand imbalances in and we get runaway inflation but we are decelerating to it to a level that still have this you're probably going to be a strong growth we seen in the last 20 years, with the exception of the first half of this year. Sure sure well it still significant. I know we saw about bank earnings last week Bob but what was your take away from the bank earnings regarding the state of the American consumer.

The bank earnings pointed out, the US consumer and America for that matter pretty healthy shape, thanks, reported better than expected earnings, but much of it Rob from bursting from the loan-loss accrual they put on at the height of the crisis, expecting it would last longer so the old recruits of the money back in their income statement, a low-quality beat and that's why the stock sold off as the interest rate picture came down which is good for banks, bank need rising interest rate okay all right well were still overweighting the equities meetings, we should still take a long view and be allocated toward stocks, but we might want to temper our expectations moving forward. You been fully invested in enjoyed the nearly 100% game last year and 1/2 don't have to take the pics and some money off the table and and put it aside. No one ever gets faulted for taking a profit. I agree Bob, great to have you my friend will look for you next week got blessed by like the bike Bob Dole chief investment officer across more global investments joins us each Monday with his market analysis and we always appreciate Bob's insights especially on a day like today, with the market selling off nearly 800 points. But when you have a bull market like we've seen the last several years, and more. Today is just part of what comes in stock market investing and that's again why you don't try to jump in and jump out. You take the long view. All right, let's go back to the phone Chicago Illinois rose thank you for your patience. I can help you. My question and my heart and I are 50 we have can't and so far we have not got any kind if I will call people at work people to have 401(k) term insurance and equity in our house and we just want to know what weight to go to be need to create it well and we need to hire an attorney to do that are crafted good, yes, well, a will is going to be less expensive than the trust and probably all that you need rose. The key is the will is going to determine how your estate is passed at your death so that your wishes are carried out so that your property and your assets all your personal effects are passed, according to your wishes and not left up to the probate court to decide. There will be a probate court involved with Bill Reed the will in the executor of the estate will handle the estate according to the will.

Apart from that, if you die intestate, then they're going to make those decisions for you and you certainly don't want that to happen really benefit to a trust would be if you wanted to have the ability for a trustee to make decisions prior to death. In the event you will were incapacitated or you wanted to to happen outside of the public record.

Those would be some of the main reasons why you would use a trust, but it sounds like for a fairly simple estate. A simple will, three to $500 would be all that you would need just to make sure that your wishes are carried out, and at the same time you could deal with the other things like a durable power of attorney for you and your husband respectively so that you could make decisions on each other's behalf, if necessary, you could do with some end-of-life decisions through a living will or healthcare surrogate document.

Those could be addressed at the same time. If an attorney determine with you that you will need of the trust. You could certainly do that but having a basic will, I think, is clearly the starting point.

It's critical when you have minor children, because that's also going to be the document that will determine who would become their guardian. In the event that you both passed away at the same time, but clearly there are adults now and so that's not as important at this point, but having everything else spelled out in your will is pretty essential so I would take a next step by contacting it godly estate planning attorney in your area. You can ask for referral from CK in your area or call your local church to see if there's somebody in your church that could assist you, and I think you'll be glad that you have that in place.

We appreciate your call but said to Illinois next Arlene how can I help you. Hi, yes, thank you for taking my call was planning on putting portion of my emergency time into a CD instead of just leaving it in savings account is not accumulating much interest and I found this company called Cohen minutes the direct on bank rate.com that's offering a pretty nice rate you know at this time but have never heard of them before, is that any place the institution institution that you've heard yes yeah so community is is an online bank.

They have a full range of products and the others more and more online banks all the time. Now you're going to have the FDIC insurance just as you would with a brick-and-mortar bank so it's definitely legitimate and that will give you insurance up to 1/4 million dollars as of airtime. Today my team went and looked their high-yield savings is about .55%, which is slightly above even the their peers at other online banks by about five basis points and then there one year CD is 7.7. I just don't think there's enough of a difference there for you to walk your money up for a year Arlene to get the difference between .55 and .70 15 basis points. I probably encourage you just to go with the online high-yield savings account and wait because as interest rates, head up, and the Federal Reserve is indicated.

That's the direction they're going out working to see higher rates and I think you'll see those first in your high-yield savings and probably not necessary to lock the money up for 12 months. You have given that there's not much difference does that make sense okay yes it thank you very much okay you're very welcome. We appreciate your call today quickly to Chicago. Denise, you'll be our final colored.

How can help you at all employee have a little bit over 600,000. My pain in my back up to 60% to 30% fee and 20% and I was thinking about switching up a little bit but trying to figure out what I have enough money to retire and for you that I will have 30 years of service and I'm just trying to fit that will be enough money like pension and Social Security. Okay, how much are you going to need to draw from this account to cover any shortfall for your monthly expenses, after you factor in your pension and Social Security. Do you know how much you will be needing to pull out of this I think to get about half when I retire and get myself drawing my well then I think you can build your budget on the pension and Social Security and let this grow. I think you're in a good position 60% in governments three years out of retirement is probably the position you want to be in right now anyway. Especially since you're not relying on this for your expenses but I go ahead and connect with an advisor to be ready for when you retire because you want to roll this over. We appreciate your call that time as light as a partnership between radio and moneywise media joining us today.

Come back and join us tomorrow as we apply God's wisdom to your financial decision

INTERESTING ARTICLES

Get The Truth Mobile App and Listen to your Favorite Station Anytime