Where to find higher yields

Paying down high-cost debt

Paying down your debt offers a guaranteed, risk-free return that is greater than any yield you'll find.

Melody Juge, founder and managing director of Life Income Management in Deerfield, Mich., says paying off debt now will give you more to save down the line.

Let's say you were carrying $10,000 on a credit card at a 15% interest rate and making a minimum payment of 1% of the principle plus interest. At that rate, it would take 28 years and a whopping $12,000 in interest to pay it off.

Bump up the payments to $400 per month, and you'll pay it off in only three years and with only $2,000 in interest charges. That's a savings of $10,000.

"If you're paying credit card debt at 23%, forget about savings until you buckle down and pay that off, Juge says."You'll end up better off in the long run because you'll pay far less interest."