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Q&A: How can I Make Money Grow Fast but Safely in 12 Months?


Question and background:

How can I make money grow fast but safely in 12 months?

Beginning May 2016, I will receive $2,088 per month from Social Security (turned 66 in April 2016). I am still working and plan to continue until June 2017. I have no retirement assets other than Social Security and a public pension from my employment. So I would like to make the Social Security funds grow quickly, but safely.

Answer:

"Growing fast but safely in 12 months" is unfortunately a contradiction in terms, especially in the current overpriced (US) investment environment. If you're going to tap that money in 12 months, put it in secure savings to be sure it'll be there when you need it.

As an alternative, have you considered waiting to draw Social Security when you've retired a year down the road? Your Social Security benefit will be ~8% larger for life. Consider working with an advisor who specializes in this area to help you map out your retirement transition and run projections (including Social Security) to guide you in making the best choice.