Are you debt free (except maybe for car and house)? Do you actually have enough $ to not live in poverty now if you open an IRA (which is what you are talking about). CD's are good to hold short term funds, but return very little in terms interest earned.
And fix that "dumb" problem. Read books, magazines, and newspaper articles about money handling*. Start by handling the money you have wisely. {And that probably does not include a joint account with your son. What can he do in terms of banking?} Be conservative to start. {in investing, and your routine budget.}
* But only believe half of what you read.
I'm pretty "dumb" when it comes to all the different accounts with banks. I have about 7k I want to put in an account that will accumulate interest for when I am older. I currently have a Savings & Cheking with WF. I also have a joint accounts with my 5 year old son a savings and a CD.
Should I open a CD for my self, or what kind of account will serve as a retirement fund?
Thanks in advance!
You need to open a retirement account. bank saving and CD's will accumulate very low. consider a Roth IRA or traditional IRA instead. choose Vanguard or Fidelity and pick a mutual fund and invest in it.
Try learning about investing into the stock market.
In the meantime, your best bet is CDs
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