Dear Mr. Berko:

I have a $100,000 CD (which is most of my money) coming due next month that was paying 4 percent, or $4,000, a year in income, and I get a $16,000 pension from the church plus $14,442 from Social Security. I would like to reinvest $50,000 into the CD and then use the other $50,000 to an get an 8 percent return in preferred stock issues that are not junk status. I know you have mentioned several times that there are preferred stocks and bonds that have yields of 15 percent but are speculative. I would like my income to be level with what it was two years ago, but these low rates are making it impossible, and it looks like I’m ready to take risks just to maintain my standard of living. I’m 81, a retired pastor and feel that I and others like me on fixed incomes are being made scapegoats for the evil in the economy that the administration is trying to fix by pushing interest rates so low. The Lord helped me earn a comfortable and modest retirement, and I hope you can help him help me get it back. God bless you for the good advice you have given to so many people.

Dear Pastor:

I have a dear friend whom I’ve known for 55 years. She’s a nun. She lives in South Bend, Ind., and we graduated in the same class at the University of Dayton. Her name is Mags, and she always enjoys teasing me (with a smile) that the Lord should have been a woman. Mags told me last week: “The U.S. wouldn’t be in this mess if the Lord was a she rather than a he.” And you know what? I think a lot of us are ready to agree with Mags!

Yes, there are many investments with double-digit yields, between 12 percent and 25 percent, most of which are speculative and many of which belong in the devil’s portfolio. But there are some preferred issues with 8 percent yields…still speculative that I would be comfortable owning. However, I can’t, with a comfortable conscience, recommend them unless you have an angel or two in the parish belfry to indemnify you against loss. So, assuming you have an angel:

ING Groep NV 8.50 percent Perpetual Hybrid Capital Securities (IGK-$25.38) trades on the New York Stock Exchange. It’s rated BBB- and pays 53.125 cents a share in March, June, September and December. ING is an international financial services company with 111,000 employees, and this issue yields 8.4 percent. IGK is callable at par $25 after September 2013. Phoenix Cos. Incd. 7.45 percent Quarterly Interest Bonds maturing 1/15/2032 (PFX-$22.05) trades on the Big Board. It’s rated CCC+, pays 46.5625 cents a share in January, April, July and October and yields 8.4 percent. Phoenix has been in business since 1851 and provides life insurance and annuity products to independent life agents and financial advisers. Merrill Lynch Depositor Preferred Plus 8.5 percent TRUCs for Liberty Media due 7-15-2029 (PKK-$25.91) trades on the New York Stock exchange. It’s rated BB-, pays $1.0625 a share twice a year in January and July and yields 8.2 percent. Liberty Media owns interests in QVC, IAC/InterActive and News Corp. Finally, S.Y. Bancorp Capital 10 percent Preferred due 12-31-38 (SYBTP-$11) is not rated and trades on the Nasdaq. It pays 25 cents a share in March, June, September and December and yields 9.1 percent. S.Y. Bancorp is the holding company for Louisville’s Stock Yards Bank & Trust Co., established in 1904 and considered among the fastest-growing community banks in the U.S.

A $50,000 investment in these low-rated issues produces an income of about $4,250, or 8.5 percent. Each has survived the debacle of 2008 and 2009 and can do so twice more if it happens again and again. Invest the same dollar amount in each, but for heaven’s sake, don’t use a Big Box Brokerage like Merrill Lynch to execute those orders . Even with a senior discount, the commission costs will be in excess of $250 or $300. Use Fidelity or Schwab or Vanguard, and total commissions will be under $36.