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In the case of a stock market drop, you wouldn't have time to make up your losses. Because the stock market is risky, experts generally don't advise investing money you'll need in the next five years. Instead, a CD is typically viewed as a type of savings account, and your potential for losses and gains - your risk - is much more limited.
CDs aren't generally considered investments the same way something like an index fund, which puts your money into the stock market, is.
