Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. for retirement.

Hi, everyone.

Welcome back to another episode of Ready for Retirement.

I'm your host, James Cannell.

And one thing that I encourage a lot of clients to do, one thing a lot of people encourage a lot of people to do.

So kind of just common best practice and personal finance is to keep an emergency fund. An emergency fund is there so that if you have an

emergency, if you lose a job, if something comes up, you have funds that you can use to pay for

that expense. The challenge, though, is with the most recent Federal Reserve moves in response to

coronavirus and the shutdowns was rates have been

set at zero. So that's what they determined was the best move for the economy to keep things

moving. The downside is for savers. If you checked your online savings accounts, or if you've

seen the rate that you're getting those savings accounts, it's pretty depressing.

With the Federal Reserve moving rates to zero, that translated also into the savings rates that you're getting in those savings accounts, it's pretty depressing. With the Federal Reserve

moving rates to zero, that translated also into the savings rates that you could expect being at

0% or next to 0% as well in many of your savings accounts. So a common question that I get a lot

is James. With this, given the fact that interest rates are next to nothing or are at nothing,

where should I keep my emergency fund given the interest rates are next to nothing or are at nothing, where should I keep my

emergency fund given the interest rates are so low? So what we're going to explore today is,

what's the purpose of the emergency fund? How does the purpose of it dictate how it should be saved?

And what are the best options of what you can do with your emergency fund at this point?

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