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.
Understanding IRMAA
Meet IRMAA. This is not a senior’s dating site, but every senior on Medicare should be intimately familiar with IRMAA – the initials that stand for Income Related Monthly Adjustment Amount. It’s the amount by which your Medicare Part B and Part D premiums increase each year, based on your recent modified adjusted gross income..
The Gift of College 529 Plans
The upcoming holiday gifting season is a perfect time to review the incredible 529 College Savings Plan opportunity to build a tax-free fund for college, which can be used by any member of your family. And with recent improvements, even if your child gets a scholarship or decides not to attend college, the money can..
Charitable Giving Done Smartly
Giving to charity is all about money – and if a tax benefit comes along, the gift is much sweeter. But since the tax reforms of 2017 increased the standard deduction, 9 out of 10 Americans don’t itemize their tax returns – and thus don’t get a deduction for their contributions. Giving USA noes that..
RMD Time
Required minimum distributions (RMDs) loom for millions of seniors who have reached age 73. These distributions from retirement plans such as an IRA, 40l(k), or 403(b) must be completed by year end. Avoid the holiday rush, and contact your retirement plan custodian now. The rules are simple, but the penalties for failure to withdraw on..
Part D Q&A Response Plus a New Part D Search Service!
My recent columns and newsletter about the changes in Medicare Part D generated so many terrific questions – most of which I couldn’t answer myself! – that I posed them to Thomas Dillon of JT Medicare Solutions (JT Medicare Solutions | Home). And, like you, the more I know, the more incredulous I become that..
VA Loans
In an election year it’s all too easy to forget the Veteran’s Day holiday on November 11th, even though all Federal offices and banks will be closed. The Veteran’s Day holiday was made official in 1954, but before that it was celebrated as Armistice Day, starting in 1919 and marking the first anniversary of the..
Part D — How to Choose
Medicare’s drug coverage has been dramatically changed for 2025. Figuring out what you should do is one of the most complex challenges you will face in the next few weeks. Only one thing is for sure: Everything has changed so you MUST do something -- even if you loved your 2024 drug coverage. Whether you..
Medicare Open Enrollment 2024
Medicare Open Enrollment in 2024 runs from October 15 through December 7th. This year, more than any previous year, it is important to review your coverage – even if you love your current coverage! The new $2,000 cap on drug costs means that whether you have Part D or have drug coverage under an Advantage..
Medicare Open Enrollment — Big Changes!
It’s time for Medicare Open Enrollment, the few weeks between October 15 and December 7 when all current Medicare beneficiaries must make some important decisions about their coverage for 2025. Even if you were perfectly content with your coverage this year, some big changes are coming that could be costly if you fail to take..
Selling Your Home? Know this!
Despite the soaring value of the stock market, residential homes are considered the largest asset class in the country. The United States’ residential real estate market is worth $43.5 trillion, which is larger than the market capitalization of the S&P 500 stock index and the total value of all U.S. public companies. The housing market..
Valuing College
There is no doubt that a college education is a key ingredient in future success – although these days many traditional trade apprenticeships seem to pay more in starting income than a bachelor’s degree. It’s harder to find a skilled plumber or electrician than a liberal arts grad driving an Uber. The cost – and..
Help for Credit Card Debt
Credit card debt is soaring, interest rates on balances has moved into the 30% range on many cards, and delinquencies and bankruptcies are rising. The statistics are grim as consumers fight to keep up with higher prices, having spent down their pandemic-era savings: • According to data released by the Federal Reserve, credit card balances..
Alone and Older
This column was prompted by a call to a radio program from a man who explained that he is fairly well financially-situated as he enters retirement, but was worried about the fact that he has no children, no close family, and no trusted friends to rely upon as he grows older. It’s a problem that..
History Says Americans Overloaded in Stocks
Famed market commentator Dennis Gartman no longer writes a daily letter. But when he sends out a special bulletin, I pay attention. Today, September 13, 2024, Gartman highlighted stock market history in a very long-term perspective: "I’ve included here today a chart created by the good people at JPMorgan Chase detailing the level of public..
REAL Financial Planning
Caution: Read this column only if the idea of “running out of money” in your lifetime (with the exception of Social Security) keeps you awake at night! Relying on conventional financial planning could give you a 20% likelihood of that result. In my columns I try to recognize the diversity of my readers. The one..
The Fed, Money & Markets
The Fed has spoken. Chairman Jay Powell clearly declared victory over inflation at his annual Jackson Hole, Wyoming press conference. The next direction for interest rates is down. The Fed appears to have done the impossible: reduced inflationary expectations without causing a steep recession and loss of jobs. While inflation is not yet down to..
Mind the Insurance Gap
Nothing could be more devastating to your personal finances than an uninsured illness or accident. Yet each year, many Americans inadvertently find themselves caught in between insurance coverage as they change jobs or wait too long to apply for Medicare. The rules are tricky, and worth examining — especially now that changes are coming in..
Finding Trusted Financial Advice
Whether your retiring and rolling over your 40l(k) or just starting to build your financial future, it pays to get trusted financial advice. The key word here is “trusted”! There’s plenty of financial advice around, but does it come from someone who is “on your side” – working to build your retirement – not theirs?..
What’s in YOUR 40lk?
What’s inside your retirement plan? That’s a question every boomer should be asking these days, according to Ron Surz, of Target Date Solutions and the Baby Boomers in Jeopardy newsletter. Surz has patented a “safe glide” strategy that he says will better protect retirees from the risks inherent in most Target Date Funds. For two..
Fed & Election Year Politics
Here's a short special column intended to deal with the question of whether the Fed has any particular political inclination to cut -- or not cut -- rates this close to a Presidential election. The Fed ALWAYS says it is NOT political -- and history bears this out! In this excellent piece of research (linked..
