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.
Markets, the Economy, and Your Decisions
In mid-March, with the markets falling sharply and the Dow Jones Industrial Average hitting a low of 18,213, most investors would have been amazed to think they would recoup their losses and “break even” in their lifetime! Well, here we are less than 6 months later, with the markets making new all-time highs. The rebound..
Mortgage Moment
For most Americans, the family home is your largest asset, competing with your IRA or 40l(k) as the base for your financial security And unlike an investment account, your home provides shelter as well as appreciation over the long run. Now it’s time to re-evaluate your home from a financial point of view. One of..
Stock Slices– Starting Small
You can buy pizza by the slice, so why not stocks? It’s a concept that is catching on in the investment world --- as a new generation turns its expertise in electronic games into an effort to make money in the stock market. It’s better than wasting real dollars buying items in Roblox. Fifty years..
Why Gold
All that glitters is gold these days. Gold has broken through to new all-time highs, nearly $2,000 an ounce. Why gold now? It’s very simple. The Fed is creating (“printing”) an enormous amount of dollars – with more on the way to finance the next $1-plus trillion stimulus bill. The “smart money” is losing faith..
IDES and Identity Theft
Did you receive an unexpected debit card loaded with unemployment benefits from IDES? You’re not alone! Suddenly, cards are being sent to retired people, working people, and many who never applied for unemployment. At the same time, many people received notice of a separate bank checking account and a debit card -- accounts they never..
Didn’t Get Stimulus Payment? Do this!
The Link below leads you to IRS form 3911. It says for Tax Refunds, but it is also to track missing stimulus payments (EIP). Please follow the instructions below if you are sure you qualified for a stimulus check but have not received it yet. First, make sure someone else did not declare you as..
Making Sense of Stocks
The stock market has proved in recent days that it can exceed its all-time highs, depending on which indexes and stocks you are watching. Given market volatility, as you read this it could be lower, or even higher. But one thing is sure: in no way is the economy in better shape than it was..
Student Loan Rates Drop — but what’s the REAL Cost?
College plans remain suspended for many thousands who are wondering just what the next academic year will look like. Schools are in the process of deciding if and how they can reopen campuses safely. And students are deciding whether to take the risk of attending — even after negotiating some significant tuition breaks. And into..
Taxes Due July 15th
The countdown is on. Like seeing Santa in summer, the July 15th tax deadline is shocking – but real, and soon! You didn’t prepare while locked down inside your house this spring, so now the scramble starts. Here’s a three-set plan of attack to get your taxes done in the next few days: • Getting..
New “Best Interests” Regulation
A new rule promulgated by the Securities and Exchange Commission known as Regulation Best Interest (Reg BI) goes into effect June 30. It promises to give investors a clearer picture of the fees and other costs they are paying, as well as the disciplinary history of brokers and advisers who are giving financial advice, although..
Money News Update 6/24/20
IRS says RMDs Can Be Returned If you took a Required Minimum Distribution at any time during 2020 – or even regular distributions on a monthly basis, you may return them to your IRA without penalty if you act by August 31st. Of course, the IRS announced in April that NO RMDs would be required..
Long Term Care Insurance — Act Now!
One of the most tragic aspects of the coronavirus pandemic is that as of June 3, 42% of all COVID-19 deaths in the U.S. have come from nursing homes or assisted-living facilities. The statistics reinforce every senior’s desire to remain at home in his or her final years, which is only possible if you have..
Stock Market — A Second Chance?
The stock market has retraced practically all of its losses. If you gritted your teeth and rode it out, you have a right to feel smug. Or, at least, relieved. If you panicked and sold near the bottom, you’re likely kicking yourself with remorse. But now, you get a second chance to revisit your investment..
A New Look at Retirement Planning
The recent economic, financial and social changes in our country have impacted not only our investments and financial planning but our entire view of the future as well. From a personal finance perspective, the current job losses will make it more difficult for many to retire on schedule, send children to college and make mortgage..
Markets & Money Update 6/3
As the stock market steams ahead today, the disconnect between our social and economic problems looms larger. Clearly, the economic recovery has been set back by the civil unrest that has destroyed so many business districts around the country. (No social commentary here -- just the economic facts.) And the sad fact is that many..
IRA Updates
It’s safe to open your eyes now, and time to take a peek at your IRA. Whether you’re still contributing or thinking about withdrawals, there are some changes to the rules and some opportunities for planning. RMDs As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you won’t have to take a..
Power Play: Fed & Government
Who can do the most to help the economy recover: the Federal Reserve or Congress? Ironically, the economic question may be dominated by science. A vaccine to combat COVID-19 could do more to solve our financial problems than anything the Washington powers can create. A vaccine would not only be a health solution in the..
Unemployment Soars, Stocks Rise?
How is it possible that unemployment is soaring, GDP is crashing, major retailers are going bankrupt, the word Depression is used regularly, a pandemic still rages -- and yet the stock market is making headlines on the UPSIDE? The glib answer is that the economy is re-opening and the market is looking ahead, past the..
College Decisions and Coronavirus
For the first time in memory, students have the upper hand in college admissions – but only if they have enough money to play that hand. It’s no secret that as the traditional May 1 deadline for confirming attendance and posting deposits is being extended. Colleges have grown more concerned about two key problems: how..
Dealing with Debt & Bills Now
As the coronavirus lockdown wears on, the bills are becoming more frightening. Many people are still waiting for unemployment or stimulus checks to arrive. Others are dealing with cuts in work hours or commissions or tips, resulting in lower income. Here are some ideas on how to prioritize paying those bills. —Student loans: Federal student..
