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.
Our National Debt
Our national debt is the sum of all the money we have borrowed over our country’s history. It is currently nearing $29 trillion. Sadly, we have grown accustomed to such huge numbers. Now they’re called “MEGO” numbers. That stands for “my eyes glaze over!” To put numbers into perspective, the national debt reached a record..
College Prep & Payment
Parents of college students starting the fall semester have come to the moment of truth — the moment when it’s time to start paying out all that money they’ve been saving and borrowing. There are some rules involved in how you spend scholarship and grant money, as well as money you've saved in tax-advantaged accounts...
A Tale of Two Countries
When it comes to figuring out the economy, let me borrow the famous line from Charles Dickens: “It was the best of times, it was the worst of times....” If you follow the economic headlines, trying to make money decisions that impact your life, it’s understandable that you might be confused. Economists are confused, too!..
Money Education Needed (And YOU can help!)
The pandemic scrambled the personal finances of many people. But that’s not the only reason Americans are tangled in a web of financial insecurity. Tim Ranzetta, co-founder with Jessica Endlich, of Next Gen Personal Finance, is so convinced that the lack of education about money is a major cause of social disparity that he personally..
Stock Market Surprise?
A sneaky market decline set the stage for a volatile week. But those looking behind the headline new highs posted in recent weeks aren’t surprised. I write this as the market has opened down 700+ points, and media are calling for an opinion, or perhaps reassurance! By the time you read this the market may..
Social Security Timing
Once upon a time – our parents’ time --Social Security was automatic: You reached age 65 and started collecting your monthly check. Today, dealing with Social Security involves making important decisions that will impact your income for the rest of your life. When to Take Social Security Benefits The most important choice you will make..
Target Date Fund Warning
Are you one of the millions of Americans who have invested some of their 401(k) plan money in target date funds? If so, perhaps you should take a closer look at what is inside the fund. That’s the conclusion of Ron Surz, a pension consultant and long-time critic of these funds, because of the risks..
IRS Update: Refunds, Stimulus, Child Credit
The IRS has been the busiest agency of government for the past 18 months. To say the agency is multi-tasking is an understatement. They’ve just about finished sending out refunds on 2019 tax refunds on returns filed last July. They sent out $600 stimulus payments in January, and $1400 stimulus payments are still going out..
Bitcoin Basics
Have you heard of Bitcoin? Probably, you’ve at least seen new headlines about the soaring price of this cryptocurrency. Don’t feel left out because you aren’t already on the crypto bandwagon. More than half of Americans who own cryptocurrencies have purchased them in the past year, according to a survey by The Motley Fool. And..
When Forbearance Ends
The extended period of mortgage forbearance is scheduled to end on June 30th. If you've been helped by this program, you should be preparing for what comes next. And you need to be proactive to make a plan with your servicing company -- and to avoid a financial crisis. A new mortgage finance rip-off is..
Student Loan Forgiveness for Public Service
The issue of student loans is bubbling away on the back burners of Congress. Forbearance authorized by the Cares Act is scheduled to end on September 30th, at which point borrowers will have to start making regular payments again. Since the start of forbearance, nearly 42% of borrowers have not made any monthly payments. Many..
Child Tax Credit – The Facts
More money is on the way to millions of American families with children. Here is the basic information you should know about it. The Child Tax credit is not new this year. It was introduced in 1998 to give families with children a payment of $400 for each child. Over the years that number grew,..
Taxing Matters
Did Bill and Melinda Gates decide to get divorced now because of potential changes in the tax law? That’s the speculation in the wealth management community, where many advisers are discussing proposed changes in the tax laws with their clients. The Gates family fortune is primarily tied up in their foundation and will continue to..
Where’s Inflation?
The latest economic numbers reflect strong growth, but no headline inflation. The Fed can’t find enough inflation to worry about. The gold market, which traditionally rises as a hedge against inflation, can’t seem to find inflation either. So, why worry about inflation? Well, maybe we’re not looking for inflation in the right places. We tend..
Caregiving Costs Add Up
The pandemic has revealed some uncomfortable truths about aging. Social realities have a new perspective. And financial costs are suddenly more apparent – both to those growing older and those who might become their caregivers. The pandemic has awakened all generations to the perils of isolation – for themselves as well as their parents or..
Don’t Cash that Check!
The Federal government is in the process of sending out nearly $300 billion in stimulus payments of $1400 each to qualifying recipients. And soon they will start sending $250 per month -- per child -- to low income families for the new $3,000 annual child care credit. Also, many people who do not pay taxes..
College Tuition, Student Loans & Taxes
When it comes to college and money, everyone is focused on getting money for college this year or wondering whether the new administration will forgive some student loans of the past. But with the tax return deadline now pushed to May 17, you might want to also focus on the tax implications of scholarships, loan..
Credit Score can Improve
Have you checked your credit score lately? It might have improved during the pandemic, and there are steps you can take to help that process along. In fact, many people are at a critical moment when they can either raise their scores or revert to their old spending habits. While we know that many families..
A Brief HIstory of Taxes
The Internal Revenue Service has postponed the deadline for filing income taxes for 2020 to May 17, 2021, giving Americans a chance to avoid this unpopular topic for an extra month. Most states that have an income tax have fallen in line. But those first quarterly estimates are still due on April 15 and June..
Stocks for the Long Run!
As the stock market makes new highs and headlines, the pundits continue to debate which stocks will outperform. And how high could the stock market go? Or will a bear market wipe out all recent gains? You’ll get wide disagreement among market professionals on these issues. Even worse, some people now think the stock market..
