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.

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..

Scary Scam Story

May 10, 2023

I’m going to tell you a scary story. Or rather, I’m going to let the person involved tell you his true story – one that should make you aware how easy it is for your parents – or you – to get drawn into a financial scam. Technology has enabled fraudsters to grab your money..

Medicaid Planning

May 03, 2023

People tend to avoid the discussion of estate planning because no one likes to think about their mortality. Plus, there’s the presumption that only the wealthy have an “estate” that needs planning. But many moderate-income families may have a very special need to do some simple estate planning. If they arrange their assets properly, they..

I Bond Rates Drop Sharply

April 29, 2023

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 on these bonds will be made on top of that 0.90% fixed base rate. The current inflation..

Speaking of Safety

April 26, 2023

In the search for safety of your financial assets, there’s a sudden recognition that the FDIC doesn’t cover deposits above a certain limit-- $250,000. You can extend that coverage through the use of joint accounts or trust accounts, but that begs the question of why you want to juggle those accounts when it is easy..

Social Security Going Broke

April 12, 2023

The Social Security trustees just announced that the primary trust fund used to pay retirement benefits is set to become depleted in 2033. At that point, the only money available to pay promised retirement benefits will come from those currently paying into Social Security out of their monthly paychecks. And, in 2033, that inflow is..

Money, markets, and Fear

April 09, 2023

Given the recent headlines, I just want to say a few words about the safety of your money in the bank — and all the “end of the world” financial stories, memes, and postings that have started to circulate— again. This is not the first time Americans have worried about the survivability of the US..

Rate Hikes Hit Home

March 29, 2023

The Fed’s latest rate hike is the ninth increase in the last 12 months — for a total of 4.75 basis points. Interest rates have more than tripled after years of Fed rates as low as 1%. As a result, Americans have received a very public lesson in interest rate risk, and its impact on..

The Unexpected Costs of Care

March 23, 2023

It’s the one financial planning issue that everyone wants to avoid. Your retirement may go according to your financial plan. On the other hand, you and your family may face the unexpected cost of long-term care that is not covered by Medicare or Medicare Advantage plans. This is the cost of getting help doing the..

Tax Time

March 20, 2023

It’s that time of year again – income tax time. If you’ve already filed your return, pat yourself on the back. But if you’re one of the millions who procrastinate, here are some helpful reminders along with some tax changes that you might not have noticed since you haven’t started doing your return: • Tax..

Banking Crisis Update — What Happened?

March 19, 2023

Update: March 19th. I posted the article below on Monday, March 13th -- and everything I wrote has been verified over the past five days. The "crisis of confidence" spread to other regional banks, and one big Swiss bank that had previously suffered from poor management and made serious lending errors. But over the past..

Social Security Horror Stories

March 05, 2023

Social security makes mistakes. Big ones. If they miscalculated and underpaid you for many years, you might never find out. But these days, many people are getting letters from Social Security saying they have been OVERpaid for many years. And Social Security demands you return such overpayments even if the overpayments were Social Security’s mistake!..

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