Where to put $5,000 now

What would you do with a million bucks? That's easy. But what about five grand? With a handful of broad goals in mind, here are Money Magazine's picks.

When will you be debt free?
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I want to pay off my credit cards in:
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Goal: Retiring rich
Best moves near retirement:
Pay down your highest-interest credit-card debt
Being in the black is always a good idea, but it's doubly true as you approach retirement. You don't want costly debt when you're not working.

Pay off the credit card with the highest interest rate. Once that debt is wiped out, go for the card with the next-highest rate.

You could also move some of your high-interest credit card balances to a card with a lower interest rate. But read the fine print: Sometimes low-interest-rate offers are only in effect for short periods of time, after which the rate skyrockets.

What's more, consolidating your debt on one card may lower your credit score if your debt-to-available-credit ratio worsens.
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.