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Saturday, January 19, 2013

ABC: Best Savings Accounts by Age

Let's see, at a young age we usually start out by feeding our piggy banks. We have no notion of how much goes in or how much the total of its stomach is. We just know its 'food' is so important we are not allowed to get to it, let alone eat it ourselves.

By the time we reach the teen-stage, the pig has already been, or is about to be, slaughtered. Its contents disappears as quick as it comes out and there is no point in opening a savings account when you are constantly flat broke.

Over time, we have become part of the working class and the money it yields needs to be kept safe somewhere. The old sock has holes in it and sticking it under the mattress is too obvious. A bank is the most logical choice. Who cares about interest rates? The main thing is that it is close by.

By the time we are middle-aged, we realize we need to do something more substantial with our money. High interest rate savings accounts and/or retirement accounts suddenly take precedence. There are options galore and we decide to sleep on it before making a decision.

We woke up, only to discover we have reached old age. There is no need to sock it away anymore, in case we are still able to remember where we put it. We don't care what the best savings accounts would be and soon we won't be needing them anymore anyway.

Apparently, we never did!

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