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.
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..
Roth Conversion Advice
Read this column and watch Terry's Roth Conversion Podcast with Economist Larry Kotlikoff, who created the MaxifiPlanner.com software that includes specific advice on Roth Conversions, as described below. To Watch the Podcast, click HERE! Would you send the government a big check this year – in return for a potentially far larger future tax break?..
Social Security Fairness Act Passes!
The Social Security Fairness Act was passed in the waning moments of Congress, just before the budget bill was approved. And now President Biden has signed it into law. It essentially repeals the WEP and GPO – two acronyms familiar to the nearly 3 million American retirees who found their earned Social Security benefits reduced..
Dealing with Debt in the New Year
Americans enter the New Year of 2025 with record amounts of credit card debt! And with an average credit card interest rate of 22.3%! That kind of interest can bury you – destroying all your efforts to get ahead, undermining the hours you put in at work, and painfully demonstrating that they system is destroying..
New Year Head Start
Forget resolutions – just do it! Get your financial life in order by following these easy steps as you move into the New Year. 1. Get Organized. This is the moment when you get to start over with no excuses or recriminations. If you’re still using paper, set up a filing system – a few..
FAFSA, Again!
Last year families that filed the FAFSA form for Federal Student Aid for college found themselves trapped in a computer nightmare. In an attempt to make the process simpler, the government’s botched rollout left many families unable to file FAFSA until January – three months late. And that delayed college notifications of financial aid until..
Holiday Money Gifts for Kids
Every year I devote a column to meaningful gifts for children of all ages – gifts that might grow in value or spark an interest in financial matters, or just be a relief from the online games that take up so much of their time. 529 College Savings Plans. In a recent column, which can..
Understanding IRMAA
Meet IRMAA. This is not a senior’s dating site, but every senior on Medicare should be intimately familiar with IRMAA – the initials that stand for Income Related Monthly Adjustment Amount. It’s the amount by which your Medicare Part B and Part D premiums increase each year, based on your recent modified adjusted gross income..
The Gift of College 529 Plans
The upcoming holiday gifting season is a perfect time to review the incredible 529 College Savings Plan opportunity to build a tax-free fund for college, which can be used by any member of your family. And with recent improvements, even if your child gets a scholarship or decides not to attend college, the money can..
Charitable Giving Done Smartly
Giving to charity is all about money – and if a tax benefit comes along, the gift is much sweeter. But since the tax reforms of 2017 increased the standard deduction, 9 out of 10 Americans don’t itemize their tax returns – and thus don’t get a deduction for their contributions. Giving USA noes that..
RMD Time
Required minimum distributions (RMDs) loom for millions of seniors who have reached age 73. These distributions from retirement plans such as an IRA, 40l(k), or 403(b) must be completed by year end. Avoid the holiday rush, and contact your retirement plan custodian now. The rules are simple, but the penalties for failure to withdraw on..
Part D Q&A Response Plus a New Part D Search Service!
My recent columns and newsletter about the changes in Medicare Part D generated so many terrific questions – most of which I couldn’t answer myself! – that I posed them to Thomas Dillon of JT Medicare Solutions (JT Medicare Solutions | Home). And, like you, the more I know, the more incredulous I become that..
VA Loans
In an election year it’s all too easy to forget the Veteran’s Day holiday on November 11th, even though all Federal offices and banks will be closed. The Veteran’s Day holiday was made official in 1954, but before that it was celebrated as Armistice Day, starting in 1919 and marking the first anniversary of the..
Part D — How to Choose
Medicare’s drug coverage has been dramatically changed for 2025. Figuring out what you should do is one of the most complex challenges you will face in the next few weeks. Only one thing is for sure: Everything has changed so you MUST do something -- even if you loved your 2024 drug coverage. Whether you..
