Do you have savings bonds and you don't know what to do with them? Follow these steps before you head to the bank.
Did your grandparents give you savings bonds for high school graduation and you don't know what to do with them?
If you're lucky enough, they're in an envelope. They're in a box and probably haven't been dusted off in a very long time. So what's the first thing you want to know when you grab them? Look at them and say, Hey, they're ready to be cashed? What do you do first? All right. And physically, when you're like, okay, this is good to go, these guys are ready to be cash. Do you go to your bank? Where do you go for this?
That'd be a big bummer. After waiting so damn long. Yes, exactly. So speaking of that, going into the physical bank branch, let's say you have your I.D. Do you need any other forms of I.D. to fear this is you on these savings bonds? But when it comes to a savings bond, that could be quite a bit of money if you've had it for decades. So it's important to make sure that you're taking that into consideration as your, you know, check cashing out that savings bond and making sure that you have that money set aside to pay Uncle Sam.
Yeah, you don't hear about it a ton, but you know a lot of older folks who are looking for a gift to give, maybe a new grandchild or a parent looking to give something to their child that's going to mature over the course of their young adulthood. You know, savings bond can still be something pretty, pretty great to get because it does help hedge against the rate of inflation and help you earn interest.
So if you're looking for something like investing and saving for retirement, that's where 41k comes into play. Or if you do want to do a college 529 investment for your child, you are likely to earn more interest than you potentially would with the savings bond on both savings bonds. There is the nice factor that is a guaranteed return, whereas saving in the stock market, you know it it could be volatile, especially in the short term.
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