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Terry Savage: Credit card dangers

Business / Terry Savage /

Everyone likes a little recognition — a sense of being known and appreciated. Perhaps that’s why I must admit I get a little rush when I’m shopping online, choose PayPal to pay and instantly get a message that says: “We recognize you on this device, Terry. You don’t have to sign in!” That always makes me smile.

It’s as if I’ve ...Read more

Terry Savage: Act now to make tax day easier

Business / Terry Savage /

The steps you take in the month of December could save you tax dollars next April. Now is the time to take the steps that can reduce your tax bill for 2022 and lay the groundwork for a financially smart New Year.

Taxes and deductions: For 2022, the standard deduction jumps to $12,950 for a single return, $25,900 for married couples filing ...Read more

Terry Savage: Give the gift of financial security

Business / Terry Savage /

Every year around this time, I try to make helpful holiday gift suggestions for the younger people in your family. Toys, clothes, and digital games rate highest with young people. But the holiday season is a great time to spark new interest in money matters — or, at the very least, create a gift that will last longer than just one season.

Now...Read more

The Crypto Crash

Business / Terry Savage /

We have now witnessed the collapse of the largest (so far) 21st century "tulip bubble" as the FTX Crypto Exchange collapsed — taking down the value of the best known cryptocurrencies, along with the equity of some very sophisticated players and the wealth dreams of small-time investors.

When it was revealed that the FTX "exchange" was backed ...Read more

Terry Savage: Know your money personality

Business / Terry Savage /

Instead of focusing on the wild gyrations of the stock market, this is a perfect time to look inward and understand your personal reaction to the headlines. And the stock market certainly has been making headlines in recent weeks.

Instead of the feared October bear market, there was a dramatic rally. But the real headlines are frequently made ...Read more

Are We Cntering a Housing Recession?

Business / Terry Savage /

What recession? Americans may be excused for wondering what all the fuss was about.

Economic growth turned nicely positive in the third quarter. The stock market rallied, regaining some though not all of this year’s losses, on hopes the Fed will declare victory and ease up on interest rate hikes.

Consumer confidence dipped a bit last month, ...Read more

Terry Savage: Living choices in retirement

Business / Terry Savage /

One of the most difficult choices retirees must make is where to live in retirement.

By this stage of your life, the family home might be too large and burdensome. Downsizing is one option. And these days more seniors are turning to continuing care retirement communities (CCRCs).

These communities offer a variety of costs and promises, and ...Read more

Terry Savage: Inform yourself for Medicare open enrollment

Business / Terry Savage /

Here we go again. It’s the annual Medicare open enrollment period. Making a mistake could impact your health care and its cost for the rest of your life!

You must do more than listen to enticing television commercials and instead use the Medicare.gov website to search out your alternatives. Here are some of the choices you must consider.

The...Read more

Terry Savage: Hiding from inflation

Business / Terry Savage /

The Federal Reserve is fighting it. The markets are fearing it. Investors are figuring out ways around it. Savers are delighting in it because they are finally catching up to it. I'm talking about inflation, of course.

However, for ordinary people, living on low incomes or fixed incomes, it’s difficult to avoid the negative impact of ...Read more

Terry Savage: Bear market success requires discipline

Business / Terry Savage /

The stock market has gone through some dramatic volatility in recent weeks, huge declines followed by market rebounds. Swings of 500 points have become an everyday occurrence. And even a drop of 1,300 points in one day has not led to panic.

The panic will arrive in coming days when third quarter statements arrive from your brokerage accounts, ...Read more

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

 

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