CDs and money market funds are OK for parking cash, but certainly not for earning income. One-year CDs averaged yield of 0.68% going into Monday, according to Bankrate.com. And the average taxable money fund's seven-day yield was 0.03% as of Feb. 7, according to Money Fund Report. To cope, money professionals are telling investors to think beyond traditional sources for income. Michael Fredericks, head of U.S. Retail Asset Allocation for BlackRock Multi-Asset Client Solutions, recommends a go-anywhere tack.

This can tap anything from U.S. dividend-paying stocks to foreign bonds. Similar themes are popping up in several presentations at the Charles Schwab Investment Outlook 2012 conference, taking place Tuesday in Boston. Income from high-yield bonds and funds is among the highest of nonsavings account vehicles. Junk bond funds tracked by Morningstar Inc. average a 7.07% yield.

Source: Investors.com

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