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.
Social Security Insolvency
Social Security is running out of money in its main trust fund. The latest Trustees report predicts that Social Security will become “insolvent” in 2032 – one year earlier than previously expected. Before you panic, you should know that “insolvent” is a technical term. It means there will be no “cushion” of reserves to pay..
Reverse Mortgages Explained
As Americans live longer and costs continue to rise, a growing number of seniors have decided to tap into the equity they’ve built up in their home, by using a Reverse Mortgage. A RM allows you to withdraw cash tax-free from your home equity – money that does not have to be repaid until you..
Your Home as Your Piggy Bank
For generations of Americans, the family home is the largest investment they will ever make. And in most cases, it has given a tremendous financial return over the years. The family home is a pool of capital that many seniors count on for financial support as they move into their retirement years. A recent Redfin..
How To Buy Treasury Bills
U.S. Treasury Bill interest rates are still mostly higher than the comparable bank CDs. As of June 9, 2026, the yield on a 26 week (6-month) Treasury bill is 3.81%. 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..
Parent PLUS July 1st Deadline SOS!
Time is running out for Parent PLUS College loan borrowers to access money-saving repayment deals. The deadline is July 1st when reduced payment options disappear because of provisions in the OBBBA legislation. If you miss the July 1st deadline, you will be forced into a standard, 10-year repayment plan with high monthly costs, instead of..
Special “K”
We’ve all heard references to a “K-shaped” economy. It’s an image that reflects the growing wealth disparity in America. Those on the upward pointing arm of the “K” are seen as the wealthy, investor class. They are prospering, despite rising gas prices and concerns about job losses. The booming stock market has increased their retirement..
Next Year’s Taxes — Plan Now!
The last thing you want to think about now is taxes. You’ve just completed your return, and hopefully received your refund. Thinking about your taxes for year is like asking if you want dessert after a five-course gourmet meal – ugh! But the steps you take now to prepare could help you avoid a big..
Social Security “Con Job”
Social Security is making an offer you should refuse. Famed economist and Social Security expert Larry Kotlikoff calls it a “massive con job.” And he explains that like any con job, the offer is so enticing, it’s hard to pass up – until you do the math! Here’s what’s happening. People who have decided they..
Something’s Gotta Give!
The pressures on middle class Americans are mounting, regardless of the stock market’s relentless climb higher. Yes, there is plenty of good news about corporate earnings and productivity generated by AI. There is capital investment and job creation in the building of data centers, much as the creation of our national highway system boosted the..
A Taxing Surprise for Illinois Seniors
Illinois seniors who received a windfall deposit as a result of the Social Security Fairness Act are now finding that the consequences of that unexpected benefit can be costly. As a reminder, early last year seniors who had been receiving reduced Social Security benefits because they also had public pension benefits, suddenly received a boost..
Use Your Miles
A casual conversation with a group of friends elicited this comment from one woman: “It’s time to start using your miles.” It was an eye-opener. As the Baby Boomers reach age 80, in better health and more wealth than any previous generation, we are confronted with a new financial planning challenge: Spending that money responsibly...
Identity Theft — What To Do!
It makes sense to assume your identity has -- or will be -- stolen! Ever since the Equifax breach two years ago, the "dark web" has the names, birth dates, addresses, and Social Security numbers of millions of Americans! That has created an opportunity for companies to offer services around "protecting" your credit, or helping..
Health Insurance Today
Last year, when the additional subsidies for the purchase of health insurance under the Affordable Care Act (Obamacare) were removed, there were widespread predictions that millions of Americans would go without health insurance. Premiums were expected to rise sharply, even to double, without the government subsidies. We’ve become inured to doomsday prophecies. But in this..
Beat the Market?
Do you think you can beat the stock market? Should you even try? The volatility of the stock market in the past month has demonstrated the overall futility of just “guessing” what the market will do next. Yet lately I have noticed a surge of television commercials and email solicitations, suggesting that some well-known personalities..
MEGO Numbers
I call them MEGO numbers. That stands for My Eyes Glaze Over. Sometimes the numbers are so huge that they don’t even make a dent in our consciousness. For example, the U.S. National Debt now stands at more than $39 TRILLION. And we will add another $2 Trillion in debt in this year. The immediate..
Private Equity Beware
Oh, the irony. Just as market headlines reveal huge worries about “private credit” and “private equity”, the Labor Department (which is responsible for the security of pensions and retirement accounts) has proposed new guidelines to allow 40l(k) plans to include those very same instruments in the retirement plans of unsophisticated individuals. They say it is..
Time to Plan
Given the chaos in the world, when it comes to your personal finances, it’s tempting to just cover your head and let things take their course. After all, everything has worked out so far. And a future fraught with things we cannot control is intimidating. Whether it’s rising oil prices or global terrorism or AI..
Alone and Trusting
What happens when you’re older and alone – with no one you trust to be there in your time of need? If you never had children, or are estranged from them, this is a huge issue. Your friends are aging along with you. Your only relative, a niece, lives thousands of miles away. Your “estate”..
T-Bills (still) beat most CDs (update)
U.S. Treasury Bill interest rates are still mostly higher than the comparable bank CDs. As of March 16, 2026, the yield on a 26 week (6-month) Treasury bill is 3.68%. 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..
Time to Plan
Given the chaos in the world, when it comes to your personal finances, it’s tempting to just cover your head and let things take their course. After all, everything has worked out so far. And a future fraught with things we cannot control is intimidating. Whether it’s rising oil prices or global terrorism or AI..
