Terry’s Columns

Terry Savage’s Archives

Below you will find the columns terry has written by date.

PAGE 3 of 23

Below you will find the columns terry has written by date.

Debt in Retirement

September 26, 2023

There’s a personal debt crisis coming. I see it in the posts on the “AskTerry “ section of my website, www.terrysavage.com. These stories go beyond the frightening national statistics to reveal the human costs. Especially for seniors. Americans are now carrying more than $1 Trillion in credit card debt – a new record. And the..

Turning Points

September 16, 2023

Summer is over and autumn is here. You’re not surprised to see Halloween candy on the shelves of your local WalMart. Fall is just part of the cycle of nature, predictable in general — although we still may suffer with some high-temp days and nights. Summer is over. If we’re not surprised by the cycles..

Surviving a Recession

September 06, 2023

Will you be able to survive a recession? The odds are rising that a recession will arrive sooner rather than later. In fact, here are a few signs a recession could be just around the corner. • Credit Card Delinquencies Rising: Credit card debt in America has now topped $1 Trillion for the first time..

Resources for Seniors

September 05, 2023

Approximately 27% of U.S. adults aged 60 and older were living alone in 2020, according to the Pew Research Center – and that number is growing every day as Baby Boomers reach retirement age. There are so many resources available to seniors. But those living alone – or their adult children – might not know..

High Rates for How Long?

August 28, 2023

Do you have “chicken money” – money that you want to protect from risk? If so, it should be in short-term CDs, or money market accounts, or short term Treasury Bills – IOUs from the Federal government. Those are the safe places to stash your cash. When interest rates were so low just a few..

Medicaid Lost Insurance

August 16, 2023

How would it feel to suddenly lose your health insurance? Frightening? Vulnerable? Well, 4 million Americans, including families with small children, just faced that terrifying reality. All were on state Medicaid programs, many joining during the pandemic when they lost their jobs and their insurance coverage. Despite returning to work, they were allowed to stay..

Fast Money

August 09, 2023

Money if moving faster than ever, and that’s a good thing for businesses, consumers, and the entire economy. The Federal Reserve has created a new and instantaneous money transfer technology that will allow immediate receipt of payments, even over the weekend when the Fed’s current ACH transfer system is closed. It’s called FedNow. Let me..

What’s Your Score?

August 08, 2023

The United States’ credit standing was downgraded from AAA to AA+ by Fitch, one of the rating agencies. It was a very public slap in the face for the United States, but not the first time this has happened. In 2011, the S&P ratings agency also downgraded the country to AA+. Since then, America has..

Student Loan Sticker Shock

July 30, 2023

Get ready for a budget shock. You knew it was coming – the onset of student loan repayments. But did you realize what a dent it was going to make in your budget? A new study just released by TransUnion – the credit bureau, has details. And it shows that the burden of resuming debt..

Boring Money Summer?

July 16, 2023

The financial markets are in their most boring slow summer days, as I write this column. Even news about unemployment and interest rates doesn’t seem to rock the stock ship. The long-awaited recession appears elusive, and inflation appears to be waning. Meanwhile, the anchors on financial tv programs are struggling to create interest in their..

Arbitration Surprise!

July 08, 2023

More and more investors are learning the hard way that if you have a complaint against a broker or registered investment advisor, it’s going to be tough to get justice, much less get your money back. And even if you try to investigate the background of someone who is trying to get you to make..

True Story from a Reader

July 05, 2023

I use this space to post my own syndicated columns. But I just received the following (which I am reprinting in full) from a reader. Why share this with you? Because it's so easy to get cynical about our economy, our society, our politics. And sometimes an entire generation uses this cynicism to believe our..

Medicare “Observation” Trap

July 03, 2023

Thank goodness for Medicare (and supplements). The program, though costly to the Federal government, has provided peace of mind about healthcare to millions of seniors. But there are some traps in the program that can be costly. Every fall, I write an advice column, geared to the annual Medicare re-enrollment period. It typically explains the..

Your Home, Your Money

June 21, 2023

Your home is likely your greatest lifetime investment. But as in all investing, timing is everything. The real advantage of putting money into home ownership is that you’re incented to ride this investment out through ups and downs, because not only is it an investment – it’s the roof over your head! Home prices make..

Student Loan Restart

June 14, 2023

It’s official. Federal student loan repayments will start in September, and it’s your job to get ready. After more than 3 years of deferrals by both administrations, the debt ceiling deal forced the end of the moratorium. And if you owe money on Federal student loans, it’s going to be your responsibility to make sure..

Consumers, It’s Up to You!

June 06, 2023

It’s up to you, the consumer, to determine the fate of our economy. While we waited for news about the debt ceiling debate and still wonder about the next interest rate move on the part of the Fed, the real moving force in the American economy is YOU! Consumer spending accounts for about 70% of..

Beat the Market?

June 03, 2023

The stock market has traded in a fairly narrow range in recent weeks, holding its breath for a deal on the debt ceiling and for signs of oncoming recession. The market is also awaiting future Fed actions. Bulls and bears have been in a standoff – debating whether a weaker economy will cause the Fed..

Meet the Market

May 24, 2023

The stock market has traded in a fairly narrow range in recent weeks, holding its breath for a deal on the debt ceiling and for signs of oncoming recession. The market is also awaiting future Fed actions. Bulls and bears have been in a standoff – debating whether a weaker economy will cause the Fed..

Long Term Care Insurance & Inflation

May 17, 2023

A recent survey from the Senior Citizens League detailed the impact of inflation on the items senior consumers purchase most often. Over the past 23 years – from 2000 to 2023 – they point out that Social Security increased benefits by 78%, averaging 3.4% annually. But during the same period, the cost of goods and..

More SS Horror Stories

May 15, 2023

I recently posted a column telling the story of an older woman, a widow recovering from heart surgery, who was being harassed by Social Security demanding a “clawback” of more than $88,000 in benefits she had received over the years – all because they made a mistake in calculating her benefits. Social Security threatened to..

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