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.
Tax Filing Ironies
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
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
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?
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
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
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..
Is Bitcoin for You?
Bitcoin is making headlines, as the regulators have finally approved a way to “invest” that doesn’t require a crypto wallet, an unregulated “exchange” intermediary, and a “crypto key” that might be easily lost or stolen. In short, Bitcoin has joined the league of major asset classes now that Bitcoin Exchange Traded Funds (ETFs) will be..
New FAFSA
There’s a problem with FAFSA. If you’re a high school senior now applying for college, you should already be in the process of applying for financial aid. In fact, as acceptances start to roll in, the amount of each school’s financial aid package might be the deciding factor in which school you and your family..
10 Money Tips to Do NOW!
You started the year with such good intentions. But did you write down the most important things to accomplish in 2024, financially. Did you set some goals? Or were those fleeting ideas that faded with the New Year’s hangover. There’s an old Savage Truth: “A goal without a plan is just a dream.” So it’s..
Fraud vs. Scams
Don’t count on your bank to replace your money if you’ve been taken by a scam. It all depends on the bank’s investigation of how the money was removed. And most major banks are taking a tough line on reimbursements these days. So if you were scammed into giving out your PIN or transferring money,..
The Gift of Financial Organization
The gift of financial peace of mind is priceless. And it all starts with organization. Instead of waking up in the middle of the night worried about money and bills, wouldn’t it be amazing to feel in control of your finances? The first step in getting to your goal is to get organized. And this..
Extended! Student Loan Year-End Deadline
Update 12/19: The Admnistration just extended the year-end deadline for all borrowers by 4 months -- until April 30, 2023. But don't procrastinate. Consolidating loans can start you on the path to forgiveness. So, all of the below -- except the year-end- date -- remain the same!! Don’t miss out on the December 31st deadline..
Planning for a Disabled Child or Adult
Could you make a financial plan to provide for three instead of just two life time retirements? That’s exactly the challenge facing parents of children with disabilities, according to Mary Anne Ehlert, founder of ProtectedTomorrows.com. These families must plan not only for their own retirement, but for the lifetime care of a person who may..
Know What You Own
Long ago, when Americans mostly owned stocks and mutual funds in accounts of retirement plans and IRAs, December was known as the tax-loss selling season. This was the practice of “harvesting” losses to offset gains, and a limited amount of ordinary income. But these days, the majority of individual investments are held in tax-sheltered retirement..
Know What You Own
Long ago, when Americans mostly owned stocks and mutual funds in accounts outside of retirement plans and IRAs, December was known as the tax-loss selling season. This was the practice of “harvesting” losses to offset gains, and a limited amount of ordinary income. But these days, the majority of individual investments are held in tax-sheltered..
Thanksgiving — and beyond
At this time of year the headlines are filled with “holiday shopping deals” as stores advertise the best prices on everything from clothing to electronics. Your in-box is filled with “flash sales” on brands you’ve shopped before. And personal finance columns remind you of the dangers of credit card debt, to be repaid with high..
Charity Contributions from IRA RMD
It’s the season of the year when thoughts turn to charitable gifts and IRA required minimum distributions. With deference to turkeys, this is a classic case of being able to kill two birds with one stone! Let me explain. You know you must take an RMD before year-end from all retirement accounts (except those created..
Social Security Horror Stories — The Book & Website
Social Security is clawing back $21.6 Billion in mistaken overpayments to elderly retirees and disabled people because the agency miscalculated benefits, often for decades! It could happen to you – or your parents. Social Security has unchecked power. If you don’t repay their mistakes, they simply stop sending your monthly benefit! I uncovered this story..
I-Bond Rate Update (and some advice!)
Remember when you rushed to buy Series I bonds a year ago, before November 1, 2022, to get that astounding 9.62% rate? You did earn that rate – for the next 6 months. And then, as inflation dropped, rates for subsequent 6-month periods also declined. And if you purchased an I-bond a year ago at..