Before retiring, it’s crucial to have cash savings for unexpected expenses. Once retired, cash becomes vital for handling surprises without selling stocks or depleting savings. High-yield cash accounts like Wealthfront can help grow savings efficiently, offering a base APY of 3.50% and a total APY of 4.15% for new clients. Balances up to $8 million are insured by the FDIC. Retirees may face home repairs or medical emergencies, making cash essential. Long-term care insurance can cover costs not addressed by Medicare, preventing financial strain on family members. Consider consulting a financial advisor for personalized guidance.

Read more at Yahoo Finance: Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement