if you are over 59 1/2 and have a bank retirement CD - FYI [View all]

For some reason my banker told me this and it seems to be a federal law that some people have not noticed, but if you have a retirement CD - IRA, SEP, Keogh - once you hit 59 1/2 you can change your account once a year -

With the future of higher interest rates looming as a possibility up, it reminds me of this before, I always opt for the best return, even if it is 6 years, I know that I can change my CD for a different one without penalty even if it is not due once a year - so go for the gusto knowing that you can change it.

I did find some bankers did not know this rule, the thing is to have them call the IRA department to check, then you are done.