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I have all my money in a Christmas Club account I need help

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Clark,

I am 39 yr old mother of two grown boys. Both of whom no longer live at home. Shortly after graduating college in 2008 I retired. When I retired all of the money that I had been saving in my pension fund was handed over to me in the form of a lump sum check.

I have since paid off all of my debts. My house is completely paid for as well as my vehicles. I paid off whatever credit cards I had and closed all but three of them. I don't carry an outstanding balance on any of them. I have a traditional Mastercard, a Sams/Walmart store club card, and a Credit Union Mastercard.

I currently have about $38,000 in a Credit Union Christmas Club account, and about another $12000 in checking/standard savings.

The reason why I put my money in the Christmas Club account is because the intrest rate was higher than that of any of the CD's that the bank offered.

I currently recieve disability due to a work related injury (that's why I am retired so early). I also receive a small amount from my Public Employee's Retirement Fund.  So basically I pay all of my bills from my monthly income.

Since I am not living off the money in the bank I kind of feel like it is in the wrong place. At a mere 1.00% it  currently earns a little less than $40 per 30 day period. I have never been an investor and I have no idea what to do with this money. I didn't really look outside the bank for other options because I didn't want to get taken advantage of by any one.

I don't want to do the wrong thing. But I don't know what the right thing to do is.

Please help me

 

Thank you for your time,

 

Valeire King


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