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My goal now is not so much to grow the money substantially, but to avoid paying taxes on my investments, as I would have to do with certificates of deposit.

With the stock market so high, I have suggested that he might want to sell the investments, take the tax hit and consolidate into short-term certificates of deposit or similar.

A campaign of rate increases by the Federal Reserve, which is intended to tamp down inflation, has driven yields that investors can get on ultrasafe instruments like certificates of deposit to 5 percent or higher.

But some banks have already started reducing the rates they pay to consumers, including on some certificates of deposit.

Instead, the experts said, the bonding company might demand that he pledge liquid assets, such as certificates of deposit or Treasury bonds.