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Terry Savage: T-Bill rates beat CDs

Business / Terry Savage /

The Federal Reserve continues to push interest rates higher, and that has the stock market in a tizzy. After all, who needs to take the risk in stocks if you can earn interest safely in an FDIC-insured bank account or in Treasury bills, which are short-term IOUs directly from the government?

In recent years, savers have been penalized for ...Read more

Recession Prep

Business / Terry Savage /

It’s time to stop debating the definition of recession and start preparing. We have had economic slowdown warnings from the Federal Reserve and from economists and television financial pundits. And, if that wasn’t enough, last week’s announcement by FedEx that its shipments were slowing and that it expected a global recession certainly ...Read more

Get Ready for RMDs

Business / Terry Savage /

It’s time to start thinking about RMDs — those required minimum distributions that you must take from your retirement plans every year, once you reach age 72. Of course, those withdrawals can be made at any time of the year, but many people leave it to the last minute, which could be an expensive mistake.

Over your working years, you made ...Read more

Terry Savage: Time to confront FAFSA-phobia

Business / Terry Savage /

Ready, get set ... FAFSA!

If you’re the parent of a senior in high school, you’re about to embark on an amazing journey into the first step of paying for college. FAFSA stands for Free Application for Federal Student Aid. All families should apply, regardless of income. Many colleges use the application to offer additional financial support...Read more

Terry Savage: Who is forgotten in student loan forgiveness

Business / Terry Savage /

The student loan $10,000 forgiveness has created a social debate over fairness and an economic debate over inflation. But there’s one large group of borrowers that has a well-deserved complaint. They are the people who have paid and paid on their loans over the years but still have huge loan balances, some even greater than their original ...Read more

When your benefit's at stake, don't take SSA rep's word as final

Business / Terry Savage /

As millions of baby boomers make Social Security decisions, it’s important that they have reliable information about the impact of their choices. And the sad truth is that Social Security representatives are unlikely to give the right answers even to straightforward queries.

Consider the actual case of a woman we will call Ellen, a reader who...Read more

Terry Savage: Watch your credit

Business / Terry Savage /

The good news is that inflation is abating. The bad news is that prices are still 8.5% higher than a year ago. And the scary news is that many consumers are dealing with rising prices by adding to their credit card debt.

The proof is in the statistics. Outstanding credit card balances grew by $46 billion in the second quarter of 2022 — a 5.5%...Read more

Creative strategies for buying long-term care insurance

Business / Terry Savage /

The cost of long-term care (LTC) insurance is the price of peace of mind. It’s that simple. The price may be too high for many to pay. But before making that decision, you need to understand some creative strategies for buying LTC insurance that may make it more affordable.

First, a review of the basics. Medicare and supplements do NOT cover ...Read more

Terry Savage: Off to college

Business / Terry Savage /

If you’re one of the millions who will head off to college in the next few weeks, here’s some practical financial advice to make sure you get off to the right start.

Eva Dodds is an accredited and experienced college adviser. Her company RootCollegeAdvising.com helps families start preparing for college well in advance, with advice on ...Read more

Terry Savage: Series I bonds - Everything you must know

Business / Terry Savage /

In an era of low CD rates, Series I savings bond rates are astounding — currently 9.62%! Interest rates on Series I bonds are adjusted every six months to reflect inflation.

From May 1 through November 1 the interest on I bonds is 9.62%! That rate will be paid on all I bonds purchased during this period for the succeeding six months, whether ...Read more

Terry Savage: The financial impact of Alzheimers’ disease

Business / Terry Savage /

Confronting the possibilities that you or a loved one will one day suffer from dementia or Alzheimer’s is a prospect too terrible to consider. That’s why the book “Don't Let Dementia Steal Everything: Avoid Mistakes, Save Money, and Take Control” (American Bar Association, 2018) by famed attorneys Kerry Peck (PeckRitchey.com) and Rick ...Read more

Matching the markets

Business / Terry Savage /

As I write this column, the markets can’t seem to make up their mind about whether the greatest threat is inflation or recession. Commodity prices of everything from oil to copper and lumber have fallen sharply on fears of an economic slowdown in the United States. The 10-year Treasury note, on which mortgage rates are based, has fallen from 3...Read more

 

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