Terry’s Columns

Terry Savage’s Archives

Below you will find the columns terry has written by date.

PAGE 1 of 23

Below you will find the columns terry has written by date.

Long Term Care Insurance — A Creative Way to Pay

May 20, 2024

The most unexpected and costly expense of retirement is the need to pay for long term custodial care – a burden that is not covered by Medicare or supplements.  No one wants to think about needing help to eat or shower or do the basic activities of daily living.  But you ignore the possibility at..

News on Student Loans and Credit Card Rules

May 16, 2024

Consumers just got some good news about a student loan forgiveness extension and about protections on credit card late payment charges, resulting from a Supreme Court ruling on the Consumer Financial Protection Bureau.  Here’s what you need to know: Student Loan Forgiveness Extended The deadline for applications for student loan forgiveness has been extended to..

Changing Work World

May 15, 2024

The unemployment numbers are encouraging.   The unemployment rate has remained below 4% for 27 months, the longest streak since the 1960s.   Average hourly wages are up 4.1% over the last year – slightly beating inflation.  The economy has added around 200,000 new jobs every month. Those financial headlines go beyond economic statistics and political maneuvering...

Rollover Advice Rule

May 08, 2024

Have you noticed how much your 40l(k) plan has grown over the years?  There’s now nearly $11 trillion in these retirement plans – boosted by years of continuous investing in a bull market, and by employer matching contributions. And now as boomer retire, more than $1 trillion every year is “up for grabs” as 40l(k)..

I-Bond Update — and Advice

May 01, 2024

The new rate for Series I bonds purchased after May 1, 2024 is 4.28%. That includes a new higher base rate of 1.3%, which will stay with the bond for its entire lifetime. Future inflation adjustments to these bonds will be made on top of that 1/3% fixed base rate. Series I bonds purchased two..

Where’s My Refund?

April 26, 2024

What do you do if your IRS tax refund still hasn’t arrived? Now that the IRS has received most 2023 tax filings and should have sent your refund, it’s worth investigating. How you should proceed depends on how you filed, who filed for you (an accounting firm, online tax prep service, or tax preparer) and..

Warning on Credit Repair and Chasing Rewards

April 16, 2024

In my recent column about credit card warnings, I explained the dangers of zero-interest cards, particularly those offered by retail stores. If you fail to pay the FULL balance off within the specified zero-rate time period, you can be charged a 30%+ rate for the entire amount, retroactively from the original date of purchase! Even..

Credit Card Warnings — and Trusted Help

Some of my best column ideas come from you, my readers. The example below was posted on my AskTerry blog at TerrySavage.com. It inspired me to do some digging, not only into this situation, but other credit card tricks that can be truly shocking if you’re unaware. Terry, I purchased furniture at the room place..

Reverse Mortgages Explained

April 06, 2024

For seniors who own their own home (fully paid off or with a small remaining mortgage), but need more income, a Reverse Mortgage can be the perfect solution. Or it can be a costly mistake. And you won’t know until you consider all the costs as well as your likely future housing needs. How Reverse..

Social Security Commissioner Steps Up!

March 26, 2024

New Social Security Commissioner Martin O’Malley has just taken a major step to offer immediate relief to those facing clawbacks. In a message to Social Security employees, he announced the first of several initiatives to make the system work more fairly. His words speak volumes: “Effective today, instead of initially withholding 100% of a Social..

Dangers of Debt

Let’s stop ignoring $1.3 trillion in credit card debt owed by millions of Americans. Perhaps by you. Even if you stop buying, balances grow like a cancer, because the average interest rate on credit cards is 20.75% according to Bankrate, but many now charge 29% or higher. In most states, credit card rates are not..

A Victory on Social Security Horror Stories

March 15, 2024

We made a difference! At last some good news for victims of Social Security clawbacks. These Social Security Horror Stories revolve around the individual pain caused by Social Security’s mistaken benefit calculations and demands for repayment going back as far as 30 years. The Agency has been in the process of clawing back $21.6 billion..

T-Bills beat CDs

March 11, 2024

U.S. Treasury Bill interest rates are still mostly higher than the comparable bank CDs. As of  April 29, 2024, the yield on a 13 week (3 month)T-bill is 5.4%, and on a 26 week (6-month) Treasury bill is 5.37%. That's what you received if you participated in the weekly T-bill auction described below. It's easy..

Tax Filing Ironies

March 10, 2024

Your income tax return must be filed any minute not – unless you’re one of those 91 million people who already filed, likely to get a tax refund. The rest of us – another 40+ million people -- are now officially procrastinators. But we’ll get it done. Except for the 125,000 high-income earners who did..

A Widow’s Guide

February 27, 2024

On average, women live longer than men. It’s an actuarial fact known by every insurance company and financial planner. At age 65, the life expectancy of a woman is 20 years, while men at the same age have a life expectancy of 17 years. So, it stands to reason that the 2020 Census Bureau reports..

FAFSA and Medicare Timely Updates

Todays column focuses on two time-critical updates on recent columns. The first is for younger families who are seeking financial aid for college through the FAFSA form. The second is for seniors who want to re-think their Medicare Advantage programs. Time is running out for both! FAFSA Millions of students and their parents are still..

Forget Flowers – Get Money Powers

February 13, 2024

Financial power is a far more valuable commodity than all the hearts and flowers sent on Valentine’s Day. Proof comes in the latest Allianz Life “Women, Money, and Power” study, an ongoing survey of women’s priorities and attitudes toward money and investing. Long gone are the days when women were patronized with a “don’t worry..

How Long Will You Live?

February 08, 2024

Here’s a personal question: How long do you think you’ll live? Most people will roll their eyes, believing that only a higher power has the answer to that question. It’s an imponderable. Why bother asking, since it makes us so uncomfortable? We know the longevity statistics, which tell us for a child born today, girls..

Advantage Crunch Arrives

January 29, 2024

Medicare Advantage is causing huge losses for insurers like Humana, which recently reported a surprising loss, attributed to higher spending in Advantage plans than anticipated. The company’s stock immediately fell 22% on the news, as the company disclosed their earnings would likely be less than half what had been widely expected. Other Medicare Advantage insurers..

All Good News . . .But

January 24, 2024

The good news is in the headlines. On the same day that the S&P 500 stock index hit all-time highs, consumer confidence (the University of Michigan’s consumer sentiment index) climbed dramatically to 78.8 from 69.7 in December. This is the second month in a row that the index has seen a strong gain, and the..

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