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.
The Housing Crunch
The housing industry is tied in a knot. Sales are dropping, but prices remain high. First time buyers can’t gather the down payment, much less afford the monthly mortgage because of 30-year rates that now exceed 7%. Homeowners who locked in rates around 3% during the pandemic can’t afford to move, so they don’t list..
National Debt, Why Worry?
Our National Debt now exceeds $40 Trillion – a MEGO number, which stands for My Eyes Glaze Over! Why should you care? No one else seems worried. Not Congress, for sure. They just keep spending and borrowing more. There’s always been someone willing to lend us money. The rest of the world – until now..
How To Buy Treasury Bills
If you're one of the millions of people who have purchased Savings Bonds or Treasury Bills through the government's TreasuryDirect.gov website, you're about to face the challenge of creating a new, more secure log-in, using the ID.me verification service. The process is complex, and I urge you to act promptly when the new login becomes..
TreasuryDirect New LogIn
Nearly 3 million people opened accounts at TreasuryDirect.gov to buy Series I U.S. savings bonds when the rates – based on inflation – made headlines in 2022. Millions more savers have created TreasuryDirect accounts to purchase Treasury Bills at the weekly auctions – especially during periods when T-bill rates are higher than bank CDs. These..
Retirement Fear Index
Once upon a time, a retirement free of fear was defined as “having enough money.” In fact, about 20 years ago I even wrote a book called “The Savage Number; How Much Money Do You Really Need to Retire?” But now that the huge Baby Boomer generation is either in or closely approaching retirement, it..
Collect on Your Ex — Social Security
Many people are surprised to find out that other people can legally collect benefits on their Social Security work records. And it doesn’t diminish their own benefits. For example, if you’re an ex-spouse, you can legally collect on your former spouse’s record if you meet certain conditions. And if you are a surviving spouse –..
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. This update, as of September 1, 2026, is a reminder that as Congress avoids the topic in advance of the mid-term elections, the..
Avoiding Scams
Most people think it could never happen to them – until it does! Scam artists are becoming far more sophisticated these days, and victims are often people who believe they would never fall for a con. But the Federal Trade Commission says people have reported losing $3.5 BILLION to scams in 2025. And that doesn’t..
Waiting for IRS Refund
If you’re still waiting for your tax refund from the IRS, you’re not alone. A combination of factors seems to have created the “perfect storm” for delayed refunds. As the Agency switches to more sophisticated programs, it has kicked out returns with unexpectedly high refunds. And there are more unexpectedly high refunds because of changes..
Taking Control of Your Money
My recent column about stress-testing your retirement funds brought an interesting response from many of my readers. I learned something: While you are delighted to have large balances in your retirement accounts, many have no idea how to reduce their risk exposure as they reach retirement age. So, that’s the focus of today’s column. But..
Stress Test Your Money
With everything going so well, maybe it’s time for a stress test for your money. The time for a stress test is when things are running smoothly. Every big bank undergoes an annual stress test by Federal regulators, even though they are not expected to fail. When you reach a certain age, your cardiologist might..
New Student Loan Rules
New student loan rules have just gone into effect – an ever-changing and complicated array of repayment options have been replaced by a new set of repayment rules and limits on future loans. For families now considering how they will pay for college expenses this fall, it’s important to understand the changes. Beware of Adding..
Summer Road Trip
Now that gas prices are starting to come down, millions of Americans will hit the roads this summer – some of them in rental cars. Whether you’re traveling around the United States or internationally, insurance on your rental car is not a decision to be made at the last minute when you’re picking up your..
Trump Accounts
Trump Accounts are now open – and should be viewed on a financial, not political basis. There’s an old saying: “Don’t look a gift horse in the mouth!” It applies to this newly created product, designed to build assets and an interest in investing for young children. With the official launch on July 4th, if..
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..
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..
