Terry Savage’s Archives
Below you will find the columns terry has written by date.
Below you will find the columns terry has written by date.
Warning on Credit Repair and Chasing Rewards
In my recent column about credit card warnings, I explained the dangers of zero-interest cards, particularly those offered by retail stores. If you fail to pay the FULL balance off within the specified zero-rate time period, you can be charged a 30%+ rate for the entire amount, retroactively from the original date of purchase! Even..
Credit Card Warnings — and Trusted Help
Some of my best column ideas come from you, my readers. The example below was posted on my AskTerry blog at TerrySavage.com. It inspired me to do some digging, not only into this situation, but other credit card tricks that can be truly shocking if you’re unaware. Terry, I purchased furniture at the room place..
Reverse Mortgages Explained
For seniors who own their own home (fully paid off or with a small remaining mortgage), but need more income, a Reverse Mortgage can be the perfect solution. Or it can be a costly mistake. And you won’t know until you consider all the costs as well as your likely future housing needs. How Reverse..
Social Security Commissioner Steps Up!
New Social Security Commissioner Martin O’Malley has just taken a major step to offer immediate relief to those facing clawbacks. In a message to Social Security employees, he announced the first of several initiatives to make the system work more fairly. His words speak volumes: “Effective today, instead of initially withholding 100% of a Social..
Dangers of Debt
Let’s stop ignoring $1.3 trillion in credit card debt owed by millions of Americans. Perhaps by you. Even if you stop buying, balances grow like a cancer, because the average interest rate on credit cards is 20.75% according to Bankrate, but many now charge 29% or higher. In most states, credit card rates are not..
A Victory on Social Security Horror Stories
We made a difference! At last some good news for victims of Social Security clawbacks. These Social Security Horror Stories revolve around the individual pain caused by Social Security’s mistaken benefit calculations and demands for repayment going back as far as 30 years. The Agency has been in the process of clawing back $21.6 billion..
T-Bills beat CDs
U.S. Treasury Bill interest rates are still mostly higher than the comparable bank CDs. As of March 11, 2024, the yield on a 13 week (3 month)T-bill is 5.4%, and on a 26 week (6-month) Treasury bill is 5.3%. That's what you received if you participated in the weekly T-bill auction described below. It's easy..
Tax Filing Ironies
Your income tax return must be filed any minute not – unless you’re one of those 91 million people who already filed, likely to get a tax refund. The rest of us – another 40+ million people -- are now officially procrastinators. But we’ll get it done. Except for the 125,000 high-income earners who did..
A Widow’s Guide
On average, women live longer than men. It’s an actuarial fact known by every insurance company and financial planner. At age 65, the life expectancy of a woman is 20 years, while men at the same age have a life expectancy of 17 years. So, it stands to reason that the 2020 Census Bureau reports..
FAFSA and Medicare Timely Updates
Todays column focuses on two time-critical updates on recent columns. The first is for younger families who are seeking financial aid for college through the FAFSA form. The second is for seniors who want to re-think their Medicare Advantage programs. Time is running out for both! FAFSA Millions of students and their parents are still..
Forget Flowers – Get Money Powers
Financial power is a far more valuable commodity than all the hearts and flowers sent on Valentine’s Day. Proof comes in the latest Allianz Life “Women, Money, and Power” study, an ongoing survey of women’s priorities and attitudes toward money and investing. Long gone are the days when women were patronized with a “don’t worry..
How Long Will You Live?
Here’s a personal question: How long do you think you’ll live? Most people will roll their eyes, believing that only a higher power has the answer to that question. It’s an imponderable. Why bother asking, since it makes us so uncomfortable? We know the longevity statistics, which tell us for a child born today, girls..
Advantage Crunch Arrives
Medicare Advantage is causing huge losses for insurers like Humana, which recently reported a surprising loss, attributed to higher spending in Advantage plans than anticipated. The company’s stock immediately fell 22% on the news, as the company disclosed their earnings would likely be less than half what had been widely expected. Other Medicare Advantage insurers..
All Good News . . .But
The good news is in the headlines. On the same day that the S&P 500 stock index hit all-time highs, consumer confidence (the University of Michigan’s consumer sentiment index) climbed dramatically to 78.8 from 69.7 in December. This is the second month in a row that the index has seen a strong gain, and the..
Is Bitcoin for You?
Bitcoin is making headlines, as the regulators have finally approved a way to “invest” that doesn’t require a crypto wallet, an unregulated “exchange” intermediary, and a “crypto key” that might be easily lost or stolen. In short, Bitcoin has joined the league of major asset classes now that Bitcoin Exchange Traded Funds (ETFs) will be..
New FAFSA
There’s a problem with FAFSA. If you’re a high school senior now applying for college, you should already be in the process of applying for financial aid. In fact, as acceptances start to roll in, the amount of each school’s financial aid package might be the deciding factor in which school you and your family..
10 Money Tips to Do NOW!
You started the year with such good intentions. But did you write down the most important things to accomplish in 2024, financially. Did you set some goals? Or were those fleeting ideas that faded with the New Year’s hangover. There’s an old Savage Truth: “A goal without a plan is just a dream.” So it’s..
Fraud vs. Scams
Don’t count on your bank to replace your money if you’ve been taken by a scam. It all depends on the bank’s investigation of how the money was removed. And most major banks are taking a tough line on reimbursements these days. So if you were scammed into giving out your PIN or transferring money,..
The Gift of Financial Organization
The gift of financial peace of mind is priceless. And it all starts with organization. Instead of waking up in the middle of the night worried about money and bills, wouldn’t it be amazing to feel in control of your finances? The first step in getting to your goal is to get organized. And this..
Extended! Student Loan Year-End Deadline
Update 12/19: The Admnistration just extended the year-end deadline for all borrowers by 4 months -- until April 30, 2023. But don't procrastinate. Consolidating loans can start you on the path to forgiveness. So, all of the below -- except the year-end- date -- remain the same!! Don’t miss out on the December 31st deadline..
