Savings accounts and CDs are a major source of retirement income for 14 percent of retirees. A quarter of workers are hoping these FDIC-insured accounts will help fund their retirement years, including about half (49 percent) of people in their 20s. “If you put all your money in fixed income or bonds or CDs, you are guaranteeing yourself very low returns that in many cases barely equal inflation. The majority of people need to grow their funds to at least outpace inflation,” Christopher Jones says.
