Emergency fund investing
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Age, unfortunately, is a related issue: In part because they tend to earn more and occupy more specialized positions, it took older workers longer to replace lost jobs in the last recession than it did younger workers. Age discrimination is no doubt in the mix, too. New grads who could readily relocate, get roommates, or move back in with mom and dad can get away with a smaller emergency fund. But if you're carrying a mortgage, have two car payments, as well as children and related expenses, your emergency fund should obviously be much larger.
Step 2: See how much you have right now. Add up the aggregate investments that you hold in your checking and savings accounts, money market accounts and funds, and CDs. Exclude any assets that you have earmarked for other purposes, such as money that you're saving for a car down payment or college tuition; also exclude any cash holdings in your stock or bond mutual funds.
This is your current emergency fund. Step 3: Set your emergency-fund savings target. Subtract the figure from Step 2 your current emergency fund from the figure in Step 1 your target emergency fund. This is how much you need to save at a bare minimum--it should be double this level or more.
Setting money aside to hit this savings target should be your main savings priority in the months ahead. If you're also paying off high-interest credit card debt, you should try to build up your emergency fund at the same time. Step 4: Identify appropriate investments. Cash yields aren't that enticing. But your emergency fund is not the spot to stretch for extra income, especially given how small the differential is between FDIC-insured cash instruments and riskier alternatives like bond funds right now.
My advice is to use plain-vanilla cash investments: checking and savings accounts, CDs, and money market accounts. Online savings accounts are often one of the highest-yielding cash options; credit unions also frequently offer decent yields. As you shop for cash options to populate your emergency fund, remember that not every product type is FDIC-insured; money market mutual funds, for example, do not qualify for FDIC protection though in practice they've been quite safe.
Money market accounts on offer at banks are FDIC-insured. Remember that CDs carry penalties if you need to get your money out prematurely. Step 5: Find the right receptacle. Finally, being able to access emergency-fund assets in a pinch is crucial--you don't want to have to deal with taxes or penalties. For that reason, it's ideal to maintain your emergency fund outside the confines of your retirement accounts; that way you won't have to pay any taxes or penalties if you need to spend from your emergency fund prior to retirement.
However, as noted above, your Roth IRA can help back up your emergency fund if need be. While it's not ideal to use your retirement savings as a piggy bank, you can tap Roth IRA contributions at any time and for any reason. Because of that flexibility, setting one up is a great first step when you get started in investing. While your goal is to leave your emergency fund alone until an unexpected or sudden expense strikes, if your budget is squeaky tight, you might need access to savings at times.
You can battle some inflation in your emergency fund by using high-yield online savings accounts over those at traditional banks. Even though a lack of liquidity and risk presents issues with investments, there are good reasons to consider investing to save your emergency fund from inflation.
But investing all your emergency funds is very risky. Instead, consider splitting it up. Put one month or some part of your expenses in a high-yield online savings account. You can then use the cash savings before accessing investments if something happens. While mitigating risk is important, for some it can make sense to fight inflation on emergency funds by investing at least some portion of them.
What are Emergency Fund Investment Options? If you decide to move your emergency funds into accounts outside a traditional savings account, you have several options to consider. The first two products are more saving than investment vehicles but are worth noting here due to their generally higher interest offerings with little downside. Carefully weigh the risk versus potential returns and align your saving and investment decisions to your financial goals.
Here are your emergency fund investment options: Certificates of Deposit CD These might be the safest investment you can make, but likely offer a return just slightly higher than an online savings account. Look for No-Penalty CDs to avoid a loss of money for withdrawing funds before certificate maturity. Money Market Accounts Like CDs, these are a safe product, offering slightly higher returns than online savings accounts but include FDIC protection, debit cards, and check-writing privileges.
Fees, minimum balance requirements, and limited monthly withdrawals are potential drawbacks on these accounts. Money Market Mutual Funds With some similarities, but key differences from bank money market accounts, these are investment vehicles obtained through brokerage companies and mutual fund companies. Essentially, cash reserves within an investment portfolio can earn interest by buying shares in a money market fund while it awaits being withdrawn or invested in another investment product.
Money market mutual funds invest in relatively safe vehicles like CDs, and short-term debt of governments and major corporations. Money in these funds can be accessed anytime, and some may come with check-writing privileges. But these accounts are not FDIC insured and may have expense fees. Your contributions can be withdrawn at any time without a penalty. Brokerage Taxable Investment Accounts You have the potential for higher returns investing in stocks, but you accept more volatility as well.
Bonds offer more stability, but you may also sacrifice returns. Consider index or exchange traded funds over individual stocks or bonds. You can sell assets and withdraw funds from brokerage accounts without penalty, but you may face transaction fees and taxes on earnings.
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