Guys, I've got a few savings bonds that have been sitting around for the past 10-15 years. Thing is, I don't know what to do with them. I've been tossing around the idea of cashing them in before the market falls out from under me. Any ideas?
Guys, I've got a few savings bonds that have been sitting around for the past 10-15 years. Thing is, I don't know what to do with them. I've been tossing around the idea of cashing them in before the market falls out from under me. Any ideas?
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You may have just decided. Paper or preps? I know what I would do.
Be ready now, you won't have that chance later.
Are they the ten year ones? EEs?
they are EE'sOriginally Posted by piranha2
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They max out at 10 years. if its been that long, either cash them and buy me something or cash them and buy new ones. No more interest after 10 years. JK of course.
I would look at it this way....if they have matured then you have got all you can from them, on the other hand, do you want to wait and see if your able to cash them in later. I'm not telling anyone to give up on your hope for a retirement or cashing in on any money coming due but things are not improving in my eyes. Its anybodies guess.
Be ready now, you won't have that chance later.
They are actually the remnants of my college fund. There's only about $450 worth of bonds. I was going to cash them out and split them between my kids' savings accounts. I decided however, to go ahead and cash them out and put the cash in their piggy bank at home. Just until all the debt crap settles down. I'll put the money in their savings after i feel a little more confident about the financial mess.
WARNING: This post may contain material offensive to those who lack wit, humor, common sense and/or supporting factual or anecdotal evidence. All statements and assertions contained herein may be subject to but not limited to: irony, metaphor, allusion and dripping sarcasm.
Good plan. CYA
i joined this site just to give a warning to others:
watch what advice you take on the net.
EE bonds are essentially as good as cash. you might not be able to use one to buy a roll of tp at 3am at walmart, but unless you dont have any cash you can access and the bonds are your only source of funds, there is no need to cash them in. they can be cashed in at just about any bank in the country. walk in, sign the bond, walk out with $$$ (up to certain limits per transaction). But here is the big thing. a bond bought 10 years ago would give a 5+ percent yield. as opposed to sub percent yield on a savings account or a 1.5% yield on a bond bought today. while it wont make you rich, 5% is better than you will get out of most anything today, and certainly better than anything you would get thats 100% backed by uncle sam and just as good as cash.
Had you tucked them in a drawer and forgot about them till your kids are college age, they would have been worth about 1500$. again, wont make you rich, but a better return by far than anything you are likely to get these days that isnt risky as all get out/
Last edited by bobthe; 09-22-2011 at 02:06 PM.
I have a bunch that I am going to cash in and buy some more silver. Remember that when you cash them in and just put the money in the bank you have to pay the IRS what it due.
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