SauteePan-Another cash account that might be viable for as a retirement account is annuities. Annuities are cash investments offered my insurance companies.
They are usually for terms of five to seven years and have a fixed yield component to them. The first two years offer an above market rate of return in terms of the yield offered, but after that the annuity will offer a minimum yield.
For example, if you initial signup for a five year annuity and invest $75,000 the initial two years might offer a yield of 3%.
However, the minimum yield for the remaining three years is 1% which means that the company is only guaranteeing that you will receive 1% after the second year.
Annuities should only be used for retirement purposes because if you withdraw an annuity or choose not to renew the annuity after the term is up, you will be subjected to double taxation.
The money will be taxed as ordinary income and you will also pay an additional tax of 10% for early withdrawal. You really have to be 59 ½ in order to withdraw the money without penalty.