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.
Investigate Your 40l(k)
After nine years of a bull market, your 40l(k) retirement plan is likely your largest financial asset, perhaps even dwarfing the value of your home. Yet, while you pay attention to home repairs, you many not spend much time inspecting your retirement plan. For sure, you should be contributing the maximum to get your employer’s..
Don’t Get a Tax Refund
Everyone loves getting a tax refund. That’s strange, since a refund means you’re essentially getting back your own money. A tax refund is a result of overpaying your taxes to the government along the way, likely by having too much money withheld from your paycheck. Most of us consider a refund to be the lesser..
Plan for 2018 Taxes Now!
As you settle into the project of doing your 2017 taxes, it’s a good time to look ahead to the return you will file next year at this time. Some of the changes in the tax laws create opportunities for tax savings —if you start now. Next year’s tax return is likely to be easier..
The Dollar and Your Future
We live in dollars, spend in dollars, and make financial plans in dollars. But what will your dollars be worth in the future, when you plan on spending them? That’s not an idle question, even though we have few alternatives to using dollars for all our plans. Anyone over 40 can tell a story about..
Your Risk Appetite
The Stock Market is Getting Interesting! Just when you thought you had it all figured out -- hang in there and buy every dip -- the stock market has created some uncertainty. Ignore it at your peril. The rebound of the past two days may be a sign that the bull market continues -- or..
Acorns Online Financial Education
One of my favorite financial websites is Acorns.com. There you can register your credit and debit cards, so that all of your purchases are automatically rounded up a few cents to the nearest dollar. And when all those little cents reach $5, the money is automatically transferred from your registered checking account into an investment..
Long Term Care Insurance — The Latest
We’re all getting older. And it’s much better than the alternative. But the greatest fear of retirees is running out of money in their lifetime. And nothing can devastate financial plans like the need for costly long-term custodial care (LTC), either at home or in assisted living. According to Genworth’s annual cost of care survey,..
Bye, Bye Boomers– Millennials Now The Target
Sorry, boomers, but the world of banking and insurance isn’t so interested in you anymore. You’re getting too old to buy insurance and too conservative with your investments. And your time horizons are too short to be very profitable to the investment world. The financial services industry is aiming at millennials now. Many millennials —..
529 Plans Even Better Now
It’s time to take another look at 529 College Savings plans. The recent tax bill creates some changes in the uses of 529 college savings plan – and may even make them more attractive from a tax point of view. You cannot deduct 529 contributions on your Federal tax return. But, with state income taxes..
Next Step in Tax Advice
Many of you are going to need help with your taxes. It’s not just about the last-minute things you did to maximize deductions in 2017. It’s about setting yourself up with the appropriate plans for 2018, when you’ll lose some deductions and gain others. Without those deductions next year, you might even have to make..
New Year, Clean Slate
No use looking back at mistakes made. You can’t undo them and must live with the consequences. But the New Year presents us with a clean slate, a chance to start over with better money habits and smarter decisions. Here are some practical things to consider. Accept the bull market. It IS a bull market,..
A Christmas (True) Fable
Tis the season to receive long, chatty messages tucked into holiday cards, describing the year's significant events for family members including the dog. But this year, I received one such missive by email, that I thought I would share with my readers, hoping to capture the pure joy of financial planning and self-discipline working out..
CollegeIllinois Closed To Investors
CollegeIllinois! — the state’s prepaid tuition plan — has closed and is no longer selling contracts. It’s the second time in recent years the program has been closed as it struggles to fill a $320 million gap between the money it has taken in on prepaid tuition contracts and the cost of the promised tuition...
Talk Money with Family Over the Holidays
The holiday season is time for families to get together and celebrate. But it’s worth stepping back from the festivities to consider whether all generations are prepared for both the inevitable and the unexpected. Read It Here
Holiday Gifts that Teach Kids about Money
Every year at this time, I write a column about gifts that teach children about money. While the latest toys, dolls and electronics may capture their brief attention spans, the gifts described below will provide far more meaning in the long run. Read It Here
Scholarship Search Time
Set aside some time in the holiday season to search online for scholarships that can make all the difference in college affordability. High school sophomores and juniors should search, too. Read It Here
Can’t Afford Obamacare Plans?
Obamacare survived the political process. The big question is whether middle-income Americans can afford to buy a policy. And millions are saying they can’t. There’s a great irony in the health care system. Many Americans who qualify for a subsidy — individuals earning less than 400 percent of the poverty level (about $49,000) — get..
Small Biz Health Insurance Special
Small businesses – employing from 1 to no more than 50 people — now have a one-month opportunity to buy the very best group insurance available – at no cost to the business — and without participation requirements! Read It Here
Medicare Open Enrollment — Know This!
This is an an especially challenging time for seniors, who quickly learn that, while Medicare is a wonderful program, there are costly and significant decisions that must be made each year. For starters, you MUST review your Part D Prescription Drug Plan! Read It Here
Beware of Bonds!
If you’re worried about protecting your stock market profits, where can you hide? That’s the dilemma facing many investors who want less exposure to the stock market at this stage of their life, especially considering the incredible gains of the past ten years. Unfortunately, too many people have told me they are “hiding” from the..
