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.
IRA Updates
It’s safe to open your eyes now, and time to take a peek at your IRA. Whether you’re still contributing or thinking about withdrawals, there are some changes to the rules and some opportunities for planning. RMDs As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you won’t have to take a..
Power Play: Fed & Government
Who can do the most to help the economy recover: the Federal Reserve or Congress? Ironically, the economic question may be dominated by science. A vaccine to combat COVID-19 could do more to solve our financial problems than anything the Washington powers can create. A vaccine would not only be a health solution in the..
Unemployment Soars, Stocks Rise?
How is it possible that unemployment is soaring, GDP is crashing, major retailers are going bankrupt, the word Depression is used regularly, a pandemic still rages -- and yet the stock market is making headlines on the UPSIDE? The glib answer is that the economy is re-opening and the market is looking ahead, past the..
College Decisions and Coronavirus
For the first time in memory, students have the upper hand in college admissions – but only if they have enough money to play that hand. It’s no secret that as the traditional May 1 deadline for confirming attendance and posting deposits is being extended. Colleges have grown more concerned about two key problems: how..
Dealing with Debt & Bills Now
As the coronavirus lockdown wears on, the bills are becoming more frightening. Many people are still waiting for unemployment or stimulus checks to arrive. Others are dealing with cuts in work hours or commissions or tips, resulting in lower income. Here are some ideas on how to prioritize paying those bills. —Student loans: Federal student..
Monday, April 27th Update
PATIENCE IS REQUIRED! The first round of payments went primarily to taxpayers who had included direct deposit information on their 2019 (or 2018) returns. Yet, quite a few of you received paper checks in the mail. Now the IRS is making a second large sweep in coming days, which is expected to send benefits to..
Bull vs. Bear
Where will the stock market go from here? That’s an important question for millions of Americans who have watched their retirement accounts shrink and then rebound — and as the ultimate impact of this economic shutdown become less, not more, clear as the days go by. Here’s what a leading bull and a leading bear..
TurboTax Stimulus Check Registration
How will the government find you to issue the stimulus check? IMPORTANT: - You don't have to register if you filed a tax return in 2019 or 2018. - You don't have to register if you receive Social Security, SSI, or Disability -- even if you DON'T file a tax return. BUT, if you do..
Where Do We Stand Now?
The stock market crisis has morphed into an economic crisis, which has hit home in an immediate personal finance crisis for millions of Americans. There have been !0 million job losses in the past two weeks, and at least double that number are waiting for a layoff notice in the coming days. No one working..
Stimulus Checks-Top 10 Q & A
The questions keep coming --and they are very similar. Since I can't answer each of you personally, here are my answers to the Top 10 Most Common questions about Stimulus Checks. Odds are, you will find your answer below. If not, please post on Ask Terry, and I will try to get to your question...
Stimulus Checks and Care Act Changes — Everything You Need to Know!
Note: This is a relatively long special post designed to answer your questions about the Care Act stimulus program. First posted Sunday night March 29th, it will be updated as necessary. UPDATE March 31st: OK, I'm swamped with your questions! I can't answer each individually. Here is an update to address some of the most..
College Acceptance, What Now?
In the midst of this COVID-19 pandemic, high school seniors and their families will receive the long-anticipated college admissions letters in the coming days. They will learn which schools have accepted them and which have put them on the waiting list. They will also be asked to make a nonrefundable deposit with the school of..
Is That All There Was?
Is it over, this quick and devastating bear market? Will we look back in amazement that we could shut down virtually the entire economy and the stock market crashed and then rebounded in days? Or is there yet more bad news that will be reflected in stock prices? I pose those questions, because I honestly..
It’s Not Over Yet
As we approach the market opening on Wednesday, it's obvious that the market is still trying to make up its mind about whether our problems -- the economic ones -- are "solved" by this new agreement. The details are slowly coming out, but clearly there is going to be a LOT of money thrown at..
Money Heaven and Other Thoughts
Note: This is my syndicated column, written last week, and published across the country on Monday, March 23rd. America, and the world, will get beyond this social and economic crisis eventually. Meanwhile, it’s almost cynical to be talking about the financial markets. But, there are lessons to be learned from the past when it comes..
Fed Acts. but Congress Delays (3/23 Pre-open comments))
While Congress is still trying to get its act together, the Fed basically opened the spigots to help small businesses stay in business. Great news! Instead of the market opening down more than 600 points, it now appears the market will open up a similar amount on this good news. Now Congress must act swiftly..
Here We Go Again!
As we enter the third week of financial chaos, the market is still facing a lack of data –and that is triggering yet another sell-off. We still don’t know the extent of the spread of this dread disease, but we can extrapolate. And we are getting a better handle on the economic impact, which will..
Terry’s Response to Your Questions
Thanks for all your questions. As you can imagine, I’ve been overwhelmed with individual questions about specific investments. It would be impossible and unprofessional of me to try to answer them without knowing more details. And that is impossible. So this message is directed at those who get no advice because they are in 401(k)..
Dialing for Dollars (pre-open 3/19)
Take a breath. The stock market has reached a level that is "average" for a bear market, a decline of about 30 percent from the peak. Now, we must look at two other numbers that could spiral out of control. The first is the number of new cases of Covid19 -- now that we have..
You Can’t Hide in Bonds
If you're feeling safer -- or even a bit superior -- because so much of your retirement fund is in bonds (or bond funds) paying a nice yield, you might want to take a closer look. Bond prices are falling sharply -- all categories of bonds from corporate to municipal, from high quality to "junk"..
