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.
Costs Add Up
How much did you pay in investment costs and fees last year? If you’re like most investors, you don’t even have a ballpark idea. And those costs can add up – or better yet, subtract out – of your long term investment goals. This is a perfect time to uncover the hidden costs you paid..
Count Your Blessings — and Share Them!
The shopping rush is over, and holiday dinners digested. This is a perfect time to sit back and count your blessings. And share them! Expressing gratitude for your own blessings does not mean that you don’t have any problems -- whether financial, emotional, or family. Everyone does. But if you have the luxury of reading..
Secure Act 2.0 for Retirement Savings
Congress gave American workers a last minute holiday gift – a set of new incentives to save more for retirement. Passed just before Congress adjourned, as part of the huge Omnibus spending bill, the Secure Act 2.0 increases limits on many retirement plans and creates a few new opportunities for workers to become more financially..
Holiday Credit Card Traps
Everyone likes a little recognition – a sense of being known and appreciated. Perhaps that’s why I must admit I get a little rush when I’m shopping online, choose PayPal to pay, and I instantly get a message that says: “We recognize you on this device, Terry. You don’t have to sign in!” That always..
Rollover Now
If you have several IRAs or leftover 401(k) plans from previous employers, this is a perfect time to consolidate them in one IRA rollover account. Not only will this simplify your financial recorded-keeping, but it will create an opportunity to access one of the best and safest investment opportunities for your money. So don’t let..
When to Take Social Security
Social security decisions are among the most complex and impactful choices seniors must make. The most critical decision revolves around “when” to take your benefits: “early” (at age 62 when you get reduced benefits); at “full retirement age” (around 68 now); or delaying until the last possible moment (age 70,when you must start taking benefits)...
Year-End Tax Planning
The steps you take in the month of December could save you tax dollars next April. Now is the time to take the steps that can reduce your tax bill for 2022, and lay the groundwork for a financially smart New Year. Taxes and Deductions: For 2022, the “standard deduction” jumps to $12,950 for a..
Holiday Financial Gifts for Grandchildren & More
Every year around this time, I try to make helpful holiday gift suggestions for the younger people in your family. Toys, clothes, and digital games rate highest with young people. But the holiday season is a great time to spark new interest in money matters – or, at the very least, create a gift that..
Know Your Money Personality
Instead of focusing on the wild gyrations of the stock market, this is a perfect time to look inward and understand your personal reaction to the headlines. And the stock market certainly has been making headlines in recent weeks. Instead of the feared October bear market, there was a dramatic rally. But the real headlines..
Crypto Crash
We have now witnessed the collapse of the largest (so-far) 21st century "tulip bubble" as the FTX (crypto) Exchange collapsed -- taking down the value of the best known crypto-currencies, along with the equity of some very sophisticated players and the wealth dreams of small-time investors. When it was revealed that the FTX "exchange" was..
Housing Recession
Americans may be excused for wondering where this recession talk is coming from. Economic growth (GDP) turned nicely positive in the third quarter. The stock market has rallied, regaining some, though not all of this year’s losses, on hopes the Fed will declare victory and ease up on interest rate hikes. Consumer confidence dipped a..
Continuing Care Retirement Communities
One of the most difficult choices retirees must make is where to live in retirement. By this stage of your life the family home might be too large and burdensome. Downsizing is one option. And these days more seniors are turning to Continuing Care Retirement Communities (CCRCs). But these communities offer a variety of costs..
I-Bonds: Everything You Must Know
Updated 04/29/23 The new rate for Series I bonds purchased after May 1, 2023 is 4.30%. That includes a new higher base rate of 0.90%, which will stay with the bond for its entire lifetime. Future inflation adjustments will be made on top of that 0.90% fixed base rate. The current inflation adjusted portion of..
Medicare Open Enrollment — The Basics
Here we go again. It’s the annual Medicare Open Enrollment period. Making a mistake could impact your healthcare and its cost for the rest of your life! You must do more than listen to enticing television commercials, and instead use the Medicare.gov website to search out your alternatives. Here are some of the choices you..
The Stock Market — Dealing with the Bear
The stock market has gone through some dramatic volatility in recent weeks, huge declines followed by market rebounds. Swings of 500 points have become an everyday occurrence. And even a drop of 1300 points in one day has not led to panic. The panic will arrive in coming days when third quarter statements arrive from..
Recession Prep
It’s time to stop debating the definition of recession and start preparing. We have had economic slowdown warnings from the Fed and economists and television financial pundits. And, if that wasn’t enough, last week’s announcement by Fedex that its shipments were slowing and that it expected a global recession certainly burst the optimists’ bubble. The..
Ready for RMDs
It’s time to start thinking about RMDs – those Required Minimum Distributions that you must take from your retirement plans every year, once you reach age 72. Of course, those withdrawals can be made at any time of the year – but many people leave it to the last minute, which could be an expensive..
What Happened to the Market?
What Happened? Hopes that we had seen "peak" inflation were dashed with today's release of Consumer Prices for last month. The "street" had been hoping for a slight decline of 0.1%. Instead it got a "slight" increase of 0.1%. And in that misplaced decimal, the truth about inflation was revealed: It's "sticky"! The "core" inflation..
Social Security — Trust but Verify
As millions of Baby Boomers make Social Security decisions, it’s every more important that they have reliable information about the impact of their choices. And the sad Savage truth is that in even straightforward situations they are unlikely to get the right answers from Social Security representatives. Take the actual case of a woman we..
Student Loan Forgiveness — And the Forgotten
The student loan $10,000 forgiveness has created a social debate over fairness and an economic debate over inflation. But there’s one large group of borrowers that has a well-deserved complaint. They are the people who have paid and paid on their loans over the years – but still have huge loan balances, some even greater..
