Should there be a minimum interest rate, like a minimum wage?

With a new President comes new ideas. Whole bunch of ideas being thrown around within the new administration. Ideas like increasing the minimum wage and forgiving student loan debt. All ideas that mainly benefit the young and the working.

What about something to benefit the retired- those without student loans or current wages? I have an idea- how about a minimum interest rate. Where the federal government guarantees that no matter what you will earn at least x% on your retirement savings.

Maybe something like no less than 3% interest on your first $250,000 of retirement savings. The government could even create a new type of note or government bond for retirees to purchase.

I know it is just an idea, but think of the potential benefit. Right now a retiree would earn around $1,500 a year in interest ($125 per month) on $250,000 in a savings account. If the minimum interest rate was 3%, they would earn $7,500 a year in interest or $625 a month. Money they would likely spend to improve their retirement years.

Write your Congressman or AARP about the idea of a minimum interest rate.

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