The save-versus-invest dilemma has become trickier amid high inflation. Here's what to know.
for the year. Savers, meanwhile, are being rewarded by a slight uptick in interest rates—and rates are projected to reach pre-Great Recession levels by year-end as the Federal Reserve scrambles to quickly ratchet up a benchmark rate to quell inflation that hit aearlier this year. These factors have made the save-versus-invest dilemma trickier this year.
Having a clear goal in mind—like Ely’s goal to buy real estate—is important because then you can create a successful strategy to get there, adds Amy Richardson, a certified financial planner with Schwab Intelligent Portfolios Premium. That’s why, she says, the question of whether to prioritize saving or investing right now yields answers that are so specific and unique to a person’s financial situation. “There’s gray area, and that’s why I love what I do.
Investors and savers alike have more intriguing options for their money now. Interest rates are starting to go up after being at near-zero for the past two years, and the Federal Reserve adjusted a key interest rate to a range of 0.75% to 1% in early May. As a result, people focused on short-term goals will find better rates on savings accounts, certificates of deposit and even. Meanwhile, the market’s selloff could present an opportunity to buy stocks at cheaper prices.
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