When deciding how much to keep in a savings account, you may consider having an emergency fund of three to six months' worth of living expenses, as commonly suggested by financial experts. Most savings accounts in the U.S. are insured by the FDIC up to $250,000 per depositor, per insured bank; amounts beyond this limit are not protected by the insurance. Additionally, savings account interest rates are often lower than the rate of inflation, which means the purchasing power of your money can decrease over time. For those with substantial savings, like a retirement fund, it may be worth exploring investment options that may offer higher returns, such as securities - ensuring long-term growth and financial security.
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