Retirement Planning/Series I-Bond

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Question
Can Series I-BOND Interest be claimed annually?
Thank you

Answer
A Series I bond can be redeemed after 1 year but you have to cash the whole thing in and cannot just take the interest. If redeemed in the first 5 years, there is a penalty of 3 months interest. They can be kept for up to 30 years. So if your not planning on keeping them for 5 years, it is probably not a good choice. The most you can purchase in 1 calender year is $10,000, so if you are at or near retirement, you wouldn't be able to purchase enough in a reasonable period of time to create a meaningful income. Here is a link with more info. I hope this helps. Best of luck!

Dave
diannopollo@twcny.rr.com

Retirement Planning

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David M Iannopollo

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