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.
Medicare Beware! A Special Report
The weeks between October 15th and December 7th are Open Enrollment – where seniors must make critical decisions that will impact both their cost and access to healthcare in the year ahead. This guide is meant to take you through the process – and provide sources of trusted, unbiased help. Please share freely – and..
Medicare Beware #3: Part D Drug Plans
You may not be taking prescription drugs when you sign up for Medicare at age 65, or when your work coverage ends. But it is a sure thing that as you age you will eventually be taking some drugs – for blood pressure or cholesterol control, or for more serious ailments. Count on it –..
Medicare Beware #2: Switching Plans
Last week’s column explained the key decisions you must make about Medicare – either when you initially enroll, or during the annual Open Enrollment period that runs from October 15 to December 7, 2025. Those decisions will impact the cost and coverage of your health insurance for all of 2026. Today, I want to go..
Medicare Beware #1: Open Enrollment Choices
Medicare Open Enrollment period starts on October 15th. Making the correct choices when you initially sign up for Medicare – and every year when you must review your drug coverage – could save you a fortune. Or cost you a fortune, if you make a mistake. Thus, MedicareBeware! Medicare is not a one-time event where..
Stop Procrastinating About Planning
Astoundingly, the year is almost over. And as the calendar races to the finish, you still haven’t gotten your finances in order and met with a financial planner you can trust. So much for New Year’s resolutions! But you still have time to start planning for this year and next – right now. You likely..
Wanna Bet?
Fall is already in the air in many parts of the country. Kids are back in school and the football season has started. What’s the tie-in for a personal finance column? Well, for many millions of people the football season is also the start of the official “gambling season.” It’s expected that legal football bettors..
Chicken Money Challenge Ahead
Savers are about to face the most significant financial challenge of all – the challenge of self-discipline. Short term interest rates are dropping. Short-term 6-month T-bill rates have already fallen significantly below 4%, down from a high of 4.75% one year ago this month, and 5.5% two years ago. Expect CD rates to follow quickly...
How Interest Rates Work
Will they or won’t they cut interest rates in September? All eyes are on the Fed, and its chairman Jerome Powell. He is seen as he all-powerful Wizard of Rates – but there’s more to the interest rate market than just one man. The buyers of our national debt – our IOUs – have a..
Artificial Intelligence Arrives
Artificial Intelligence is the buzzword that is driving the stock market and economic capital these days. It is showing up on your cell phone, and in your communications with medical providers, and your online searches. You can’t avoid AI. But you do need to understand it so that you can use it wisely, turn it..
Parent Plus Loans: Act Quickly
In my latest column about student loans, I focused on changes coming to the outstanding loan burden for graduates. But parents who have taken out Parent Plus loans also have some critical deadlines as a result of changes made by the Department of Education. Starting July 1, 2026 you lose ALL of your options to..
Bankruptcy
It has been quite a few years since personal bankruptcies hit the headlines. Before Covid, personal bankruptcy filings were averaging about 750,000 per year. Then stimulus checks and loan forbearances rescued many consumers, and only 517,308 cases were filed in 2024. Now, bankruptcy filings are on the rise again – along with consumer debt, which..
Student Loan Changes — Act Now!
If you have outstanding student loans, you are likely about to encounter some significant and confusing changes. If you have participated in a plan to lower your payments or defer them based on income, you have a relatively short period to contact your loan servicer to make changes. Nearly 8 million borrowers were enrolled in..
Are You Even?
Your 6-month account statements from your 40lk or IRA have likely just landed in your mailbox, or your inbox. Since the major market averages are now nearly back to their all-time highs, the news should be good. But your accounts likely went through a scary drawdown in April, after the shocking announcements of huge tariffs...
Private Equity Targets Your 40l(k)
Wall Street has a new target. With nearly $9 trillion in assets, 401(k) plans have caught the eye of Wall Street insiders. For years, they have been investing in “private equity” and venture capital deals. They find small, promising companies and lend their capital and management expertise — hoping to sell out in the public..
T-Bills (still) beat most CDs (update)
U.S. Treasury Bill interest rates are still mostly higher than the comparable bank CDs. As of October 12, 2025, the yield on a 26 week (6-month) Treasury bill is 3.82%. That's what you received if you participated in the weekly T-bill auction described below. It's easy (see links below) and SAFE! And you can start with..
Equity Linked Annuities
The promises are enticing – stock market upside with no risk on the downside. Or market “participation” with downside “protection.” File this under “too good to be true.” But as with all sales pitches, the devil is in the details. Index-Linked annuity sales reached $65.6 billion in 2024, marking a 38% increase from the previous..
Information, Please
Every day there’s a new headline number to impact the markets. Whether it’s about inflation or employment, about consumer confidence or the rates set at Treasury auctions, each number seems to move the markets – for a moment, at least. And despite all the commentary surrounding those reports, the only true response is felt in..
Social Security — The Latest!
It’s getting worse at Social Security—and it’s not your imagination. Here, as promised, are the latest updates – and some thoughts on the recent SS Trustees report of approaching “insolvency.” Below, my thoughts on that issue – but first some important links for you. CBS’ 60 Minutes updated our Social Security Horror Story report on..
Home Buying Opportunity Coming?
There is never a good time to buy a home – except in hindsight. As first-time home-buyers try to make the leap, the prices and interest rates seem daunting. Prices their parents paid 40 years ago seem like bargains now, and they despair of ever being able to afford their dream house. Take heart. History..
Housing Opportunity?
There is never a good time to buy a home – except in hindsight. As first-time home-buyers try to make the leap, the prices and interest rates seem daunting. Prices their parents paid 40 years ago seem like bargains now, and they despair of ever being able to afford their dream house. Take heart. History..
