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.
Avoiding Heartbreak
This breaks my heart. Below are two messages I received recently, describing the compounding of grief and financial disaster in the wake of death of a loved one. So, today’s column is dedicated to all those who love their families, yet let their own pride and stubbornness create this type of disaster. First to arrive..
The Great AI Debate
Artificial intelligence is coming faster and more furiously than you might have imagined. It has the power to change our society, our economy, our health, and our personal relationships in ways you might not want to consider. But you can’t ignore its impact on your personal finances, and on your investment decisions. So, instead of..
Taxes for Seniors
In the coming months, millions of seniors will file their tax returns – and many other seniors will think there is no reason to file a return based on their low income. But not filing -- even with low income -- could potentially deprive you of a refund on taxes that might have been withheld..
Last Chance for FAFSA
Time is growing short for parents of high school seniors (and those returning to college for the 2026-27 school year) to file the FAFSA – the Free Application for Federal Student Aid. This is not just for low-income parents to gain access to Federal Student Loans. FAFSA is used in many college grants and private..
The Annuity Pitch
A decade ago the insurance industry made a huge annuity sales pitch to pre-retirees, offering them “variable” or “indexed” annuities with potential stock market growth – and typically with an attached “rider” promising future income. Now, in most cases, despite the huge gains in the stock market, the income portion is worth far more than..
The Housing Market
With so much attention focused on the stock market, the housing market has faded into the background a bit. Sellers have been reluctant to give up their older 3% mortgages to buy another, more expensive house. And buyers balked at the current 6% mortgage level – completely forgetting that 40 years ago many homebuyers were..
Sell Your Silverware?
With the prices of gold and silver bullion making all-time highs, many people are thinking about turning grandma’s sterling silver flatware or grandpa’s collection of gold coins into cash. It could be considered “found money.” But there are a few things you need to understand before you rush to the nearest coin dealer or hotel..
Why Gold
Gold and silver prices have soared in the midst of global geopolitical uncertainty, concerns about the global role of the dollar, long-simmering inflation, and general economic uncertainty, including another potential shutdown of the U.S. government. As this column is posted, gold is trading over $5200/ounce, and silver at $113/ounce. Regular readers of my column know..
RMD and Review
This is the perfect moment for retirees to review their investment exposure and – if you will be over 73 this year – to calculate your RMD and plan for withdrawals. Yes, it’s January – and markets are still near all-time highs. So, it’s tempting to just ignore those year-end statements now arriving in the..
The Challenge of Chicken Money
Now, things are going to get tough for “chicken money” holders. Your self-discipline is about to be tested as short-term rates decline, while inflation remains steady. It’s easy to set money aside to earn interest when rates are high. But as rates drop, you will be tempted to take just a bit more risk to..
Year End Investment Advice
There’s an old Wall Street saying: “No one ever rings a bell at the top.” Only in hindsight do we know that the market has peaked and headed down. There’s another truism of Wall Street. It says that stocks go down far faster than they go up. Or as some say, bull markets climb stairs,..
Identity Theft, Scams and Protection
It’s the holiday shopping/scamming season. And that makes it a good time to think about protecting yourself from the dangers of identity theft. These days, the fraudsters are so sophisticated that even the most wary consumer can become a victim. So here are the most common scams – and some ways to protect yourself, your..
IRMAA Increases Medicare Premiums
Every senior on Medicare should be intimately familiar with IRMAA – the initials that stand for Income Related Monthly Adjustment Amount. It’s the amount by which your Medicare Part B and Part D premiums increase each year, based on your recent modified adjusted gross income (MAGI). The more you earn while on Medicare, the higher..
Year-End Planning Checklist — and More
This is the time of year when I typically offer financial planning advice to those who have the flexibility to make charitable gifts or plan ahead for taxes. But this year, more than ever, I am acutely aware of the millions of people to whom that advice doesn’t apply. They are hard-working Americans struggling to..
Small Biz Health Insurance Deal — Act Now!
Suddenly millions of working Americans can no longer afford “Obamacare” health insurance, as premium subsidies have been removed. But there is one other potential health insurance opportunity that could offer significantly lower premiums – if you act quickly. It’s called the Small Business Special Enrollment period which runs from November 15th through December 15th. This..
Happy Thanksgiving — and an Opportunity!
Once upon a time parents and children sat down together for the toughest talk: the birds and the bees. Now it’s time to face up to an even tougher conversation: The bills and the wills. As the baby boom generation ages and their adult children mature in their careers, boomers confront the most difficult challenge..
Waiting to take Social Security
You may have seen videos making the rounds on TikTok or other social media. Or even a recent op-ed in the Wall Street Journal. All suggest that you grab your Social Security benefits at age 62 to “get that money while the getting is good.” In fact, they suggest you could come out ahead simply..
RMD Time — Again!
Time flies – and never so quickly as we approach the annual deadline for taking a Required Minimum Distribution from traditional IRAs and 40l(k) and 403(b) plans. With more boomers reaching age 73 each year, it’s worth reviewing the rules. And even more importantly, it’s worth sitting down right now to calculate and take your..
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 –..
