The rest of the country is missing raises and losing their jobs, so we SS recipients should not be asking for what is not owed.A lot of fiscally responsible seniors have money saved in CDs, using what we thought would be 4% at least interest on those savings to add to pensions and/or social security. At rates of 2%, which isn't that easy to find, it decimates that income for seniors.
That's insane. If the feds want to get money back into the economy for a stimulative effect, higher interest on CD savings is probably the best way to do it. It's money that would quickly create local jobs, too, with a lot of that money going into the local economy.
The government is running on stupid.
A lot of fiscally responsible seniors have money saved in CDs, using what we thought would be 4% at least interest on those savings to add to pensions and/or social security. At rates of 2%, which isn't that easy to find, it decimates that income for seniors.
I can remember when 8% Money Market was considered low-moderate.
I can remember when 4% CD was considered a great rate.
The last CDs of mine that matured dropped from 4% to 2%. Now, they are up for renewal and the rate is 1.15%.