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Terry Savage: News on student loans, consumer protection

Business / Terry Savage /

Consumers just got some good news about a student loan forgiveness extension and about protections on credit card late payment charges, resulting from a Supreme Court ruling on the Consumer Financial Protection Bureau. Here’s what you need to know:

The deadline for applications for student loan forgiveness has been extended to June 30, 2024. ...Read more

Terry Savage: Funding long-term care insurance

Business / Terry Savage /

The most unexpected and costly expense of retirement is the need to pay for long-term custodial care — a burden that is not covered by Medicare or supplements. No one wants to think about needing help to eat or shower or do the basic activities of daily living. But you ignore the possibility at your peril.

For 2024, the projected national ...Read more

Terry Savage: Younger generations are changing the workplace

Business / Terry Savage /

The unemployment numbers are encouraging. The unemployment rate has remained below 4% for 27 months, the longest streak since the 1960s. Average hourly wages are up 4.1% over the last year — slightly beating inflation. The economy has added around 200,000 new jobs every month.

Those financial headlines go beyond economic statistics and ...Read more

Where’s your income tax refund? Read on

Business / Terry Savage /

What do you do if your IRS tax refund still hasn’t arrived? Now that the IRS has received most 2023 tax filings, and should have sent your refund, it’s worth investigating.

How to proceed depends on how you filed, who filed for you (such as an accounting firm, online tax prep service or tax preparer) and how you expected your refund to ...Read more

Terry Savage: Warning on credit repair and chasing rewards

Business / Terry Savage /

In my recent column about credit card warnings, I explained the dangers of zero-interest cards, particularly those offered by retail stores. If you fail to pay the FULL balance off within the specified zero-rate time period, you can be charged a 30%+ rate for the entire amount, retroactively from the original date of purchase!

Even the zero-...Read more

Terry Savage: Credit Card 'Bewares'

Business / Terry Savage /

Some of my best column ideas come from you, my readers. The example below was posted on my AskTerry blog at TerrySavage.com. It inspired me to do some digging, not only into this situation, but other credit card tricks that can be truly shocking if you’re unaware.

"Terry, I purchased furniture at The RoomPlace three years ago on a 36-month ...Read more

The pros and cons of reverse mortgages

Business / Terry Savage /

For seniors who own their own home — fully paid off or with a small remaining mortgage — but need more income, a reverse mortgage can be the perfect solution. Or it can be a costly mistake. And you won’t know until you consider all the costs as well as your likely future housing needs.

Here are some key details on how reverse mortgages ...Read more

Terry Savage: Commissioner steps up to address Social Security horror stories

Business / Terry Savage /

New Social Security Commissioner Martin O’Malley has just taken a major step to offer immediate relief to those facing clawbacks from his agency.

Economist Larry Kotlikoff and I detailed these horror stories on "60 Minutes" last November — and in our book "Social Security Horror Stories." Millions of Americans have been or are due to be ...Read more

Terry Savage: The dangers of debt

Business / Terry Savage /

Let’s stop ignoring $1.3 trillion in credit card debt owed by millions of Americans. Perhaps including by you. Even if you stop buying, balances grow like a cancer, because the average annual interest rate on credit cards is 20.75%, according to Bankrate (many cards now charge 29% or higher). In most states, credit card rates are not subject ...Read more

Terry Savage: Tax filing ironies

Business / Terry Savage /

Have you filed your 2023 income tax return yet? Millions already have. The rest of us are now officially procrastinators. But we’ll get it done. Except for the 125,000 high-income earners who did not even file tax returns going back to 2017 — and who owe roughly $100 billion in back taxes.

It boggles the mind. How did the IRS even find ...Read more

Terry Savage: A widow’s guide to financial recovery

Business / Terry Savage /

On average, women live longer than men. It’s an actuarial fact known by every insurance company and financial planner. At age 65, the life expectancy of a woman is 20 years, while men at the same age have a life expectancy of 17 years.

So, it stands to reason that the 2020 Census Bureau reports that there were 11,271,000 widows in the United ...Read more

 

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