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.
Artificial Intelligence — A New View
Does the concept of Artificial Intelligence (AI) scare you or intimidate you? Or do you figure it won’t actually impact your life, so why bother learning about it? Well, AI is definitely entering – and improving – your life, whether you choose it or not. When I first wrote about ChatGPT several years ago, AI..
We Live in a Digital World
We live in a digital world – especially when it comes to money. And, like it or not, you’ll soon be forced to get used to it – especially since the IRS will soon no longer accept – or pay out – paper checks! On March 25th, President Trump signed an executive order mandating that..
I-Bond Update — and Advice
The new rate for Series I bonds purchased after May 1, 2025 is 3.98%. That includes a new base rate of 1.1%, which will stay with the bond for its entire lifetime. Future inflation adjustments to these bonds will be made every 6 months, on top of that 1.1% fixed base rate. The rate will..
Student Loans: Do Something Now!
Student loans have been looming in the background for more than five years – ever since payment requirements were suspended during the pandemic. During that five-year period, there were several opportunities to reorganize your debts, based on more generous income provisions, to lower the monthly payments. Many took advantage of those plans, and re-started their..
Know What You Own
In the midst of all the advice about not panicking over stock market volatility, likes a hidden vulnerability: Most people have very little idea about how exposed they are to the stock market! In fact, if you ask people to just give an estimate of what percentage of their non-housing assets are invested in the..
Social Security: True or False?
Update: April 28, 2025 The Social Security Administration is backing off a plan it announced in March to withhold 100% of many beneficiaries’ monthly payments to claw back money the government had allegedly overpaid them. Instead, the agency will default to withholding 50% of old-age, survivors, and disability insurance benefits, the agency said in an..
The Fine Line Between Fear and Faith in the Economy
There’s a fine line between fear and optimism, between financial fact and emotion. The whipsaw headlines these days make it even more difficult to plan for your future and protect your finances. It’s not your fault that your emotions may overwhelm your good judgment. No matter what your political persuasion, the sudden policy reversals are..
What are the Odds?
What are the odds? It’s a question you should ask yourself when making any financial decision – from investing in the stock market to buying a house. What are the odds that this decision makes sense? What are the odds of profit? What are the odds of a loss? If we each had a crystal..
Fasten Your Seatbelt — Updates
Update on Thursday, April 10 The shock of the original tariff announcement was equaled and exceeded by the stunning and unexpected reversal midday yesterday. From my viewpoint, this whole process has exposed a level of irresponsibility that is shocking. Only when the ability to borrow -- refinance our debt at reasonable rates-- was called into..
The Stock Market — What to Do Now?
I have been asked by many over the past few days: “What do I do now?” I find that question particularly painful, as I have been warning for the past few months that a decline in the market was on the horizon. Read my recent columns, begging people to make sure they have enough “chicken..
Quote of the Day — March 21, 2025
"As we know from experience, every small bear market started out as a correction – and every big bear market was initially a small bear market." Jim Stack of Investech Research (www.Investech.com) goes on to say: " This sharp pullback has brought out a large contingent of investors who are proclaiming that now is the..
Ode to Gold
Gold has now closed at over $3,000. It’s a shame the “original gold bug”, James Dines, is not alive to see his forecast come true. So, this column is written in memoriam to James Dines – and the lessons he taught me so many years ago. To sum up his philosophy, Dines famously said (and..
More Social Security Horror!
There’s good news and bad news for Social Security recipients. And since the bad news is actually horrible, I’ll start with that. I hope you remember Social Security Horror Stories — a series of columns that led to a book written with Social Security expert Larry Kotlikoff, and an appearance on 60 Minutes. We revealed..
Recession?
It’s been a significantly long time since the United States last went through a recession – longer than the average gap between economic slowdowns, if you don’t count the Pandemic recession of 2020 that lasted only two months, but saw GDP decline by about 20%. If you don’t count the brief pandemic recession, it has..
Tax Return Security
The most frightening place for identity theft to occur is around your tax return. You typically find out when someone else has filed a tax return using your Social Security number! And likely claimed a refund. But sometimes the IRS will catch the fraud first, or at least they will notify you that they suspect..
Chicken Money Update
The stock market seems to be taking uncertainty in stride. Neither economic concerns over the impact of tariffs, nor the political concerns revolving around the rule of law have so far dented enthusiasm for American stocks. It’s been a long time since we’ve seen a bear market, and this column is not in the business..
Tax Time, Again
It’s income tax time again – and this year it’s time to make a big change in how you file if you’re one of the small minority (less than 10%) who still file a paper return and then trek down to your local post office to send that return by registered mail – return receipt..
Tariffs 101
Note: This was written on Friday as an explainer, before tariffs were announced on Saturday, and before Canada and China announced retaliatory measures on Sunday, and before the tariffs were delayed for 30 days on Monday! This is a risky, high-stakes game for our economy, and theirs -- as described below. Let’s talk about how..
Housing Affordability
Housing affordability is going to be a huge topic in both personal finance and politics in the year ahead. It’s not your imagination that housing – whether home ownership or rental – is taking a bigger bite out of your income. The question is what you – and the government – can or should do..
Quicken LifeHub
Quick – think about who would know where everything is if you were in an accident or had a stroke that left you unable to communicate. By “everything” I mean your healthcare power of attorney, your health insurance documents – or even the password to your cellphone so they can notify friends and family. While..
