Better Money Education is Needed in US Schools

Business / Terry Savage /

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, founder 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 endowed a foundation and created a...Read more

Terry Savage: Identity theft epidemic

Business / Terry Savage /

Identity theft is becoming its own pandemic. It grew exponentially as unsophisticated state governments processed unemployment complaints without proper security precautions. The U.S. Department of Labor estimated earlier this year that at least $89 billion of the estimated $896 billion in federal unemployment program funds were paid out ...Read more

Retirement, Really?

Business / Terry Savage /

Retirement is a word that has traditionally been used to define the period after a life of full-time work ends – and before death. Historically, it was a short period of three to five years in which a “worn-out” retiree could play golf, or fish, or sit on a beach. That quaint concept has been overtaken by today’s reality of longer ...Read more

When to take Social Security benefits

Business / Terry Savage /

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.

The most important choice you will make is when to take Social Security. If you ...Read more

Target Date Funds Don't Suit All Investors

Business / Terry Savage /

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 they present to those in or close to ...Read more

News On Stimulus Payments, Child Tax Credit and Refunds

Business / Terry Savage /

The IRS has been the busiest agency of government for the past 18 months. To say the agency is multitasking is an understatement. Not only is it collecting taxes but it is also sending money out to millions of Americans!

The IRS is just about finished sending out refunds on 2019 tax returns filed last July. It sent out $600 stimulus payments in...Read more

Terry Savage: Identity theft and taxes

Business / Terry Savage /

Identity theft is always scary. But lately it has become more complicated and more difficult to resolve. And that’s especially true when it comes to income taxes.

Long gone are the days when you prevented identity theft by covering your PIN while you withdrew cash from the ATM or used your debit card at the gas station (although that’s ...Read more

Cryptocurrency Basics

Business / Terry Savage /

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 about 10 ...Read more

As Mortgage Forbearance Ends, is Fraud Afoot?

Business / Terry Savage /

A new mortgage finance rip-off is now underway impacting homeowners who must deal with the end of mortgage forbearance. Some mortgage servicing companies are already trying to take illegal advantage of those who are unable to make the soon-to-be required payments.

Mary’s story below shows what could happen if you aren’t careful in dealing ...Read more

What to Know About the Child Tax Credit

Business / Terry Savage /

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, and by a year ago the amount had risen to $2,000, ...Read more

Student Loan Freedom

Business / Terry Savage /

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 30, 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 are hoping that the ...Read more

Taxing Matters

Business / Terry Savage /

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 be jointly ...Read more

Where’s Inflation?

Business / Terry Savage /

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 ...Read more



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