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.
The Wizard of Fed
Every Fed meeting is second-guessed by the markets –and the latest is no exception. No one can deny the power of the Fed to impact the economy by increasing or cutting interest rates. But not even an informed group of experts can set the perfect rate to keep the economy moving on an even keel..
Disadvantages of Medicare Advantage
As Medicare open enrollment continues through December 7, it appears those media commercials for Advantage plans are working. Now, more than half of Medicare participants have left traditional Medicare plus supplements behind, lured by the enticements of “more benefits at lower monthly cost.” But before making the switch, you should understand the costs and restrictions..
Calculating your RMD
If you have a retirement account – and IRA, 40l(k), 403(b) or other “qualified” retirement account -- and you are, or have have reached, the age of 73 this calendar year, it is time to calculate and withdraw your Required Minimum Distribution or RMD. It’s actually a very simple process, but failure to calculate the..
College Application Time
High school seniors and their parents are thinking past Homecoming to CollegeGoing! This is the moment when families should start strategizing for college applications and financial aid. A quiet family discussion, and a meeting with the high school guidance office can avoid tears and recriminations later. The Money Discussion -- A Reality Check The starting..
Medicare Open Enrollment
Note: Updated to add the ONLY and BEST Medicare supplement plan for all NEW applicants: Plan G! It’s that time of year again, when seniors face the challenges of Open Enrollment in Medicare, starting October 15th. .These are the most consequential decisions seniors must make, not only because of the financial impact, but the impact..
Debt in Retirement
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
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
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
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?
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
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
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?
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
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?
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!
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
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
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
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
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..
