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Terry Savage: Safety for financial assets
In the search for safety of your financial assets, there’s a sudden recognition that the FDIC doesn’t cover deposits above a certain limit: $250,000 per depositor, per insured bank.
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Terry Savage: Is Social Security going broke?
The Social Security trustees just announced that the primary trust fund used to pay retirement benefits is set to become depleted in 2033. At that point, the only money available to pay promised retirement benefits will come from those currently paying into Social Security out of their monthly paychecks.
Terry Savage: Money, markets and fear
Given the recent headlines, I want to say a few words about the safety of your money in the bank — and all the “end of the world” financial stories, memes and social-media posts that have started to circulate — again.
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The highest paying college majors
The decision to attend college is not always an easy one with costs skyrocketing. Some majors are better than others when it comes to setting up graduates to have higher-paying jobs. Here are the 25 highest paying college majors.
Terry Savage: What interest rate hikes mean for your finances
The Federal Reserve’s latest rate hike is the ninth increase in the last 12 months — for a total of 475 basis points. The current Fed Funds target rate is 4.75% to 5%; a year ago it was less than 1%.
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Federal Reserve raises its key rate by a quarter-point
The central bank also signaled that it’s likely nearing the end of its aggressive series of rate hikes.
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Terry Savage: Tips for tax filers
It’s that time of year again — income tax time. If you’ve already filed your return, pat yourself on the back. But if you’re one of the millions who procrastinate, here are some helpful reminders along with some tax changes that you might not have noticed yet.
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6 common reasons why workers' compensation claims are denied
Simply Business compiled a list of six common reasons why workers' compensation claims get denied by employers.
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States where AI will put the most people out of work
The U.S. job market is about to enter an era of unprecedented change that could impact tens of millions of workers. As robotics and artificial intelligence technologies continue to advance, companies will be able to leverage new, cost effective tools to create and deliver their products to the market, while reducing their need for workers.
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Unexpected costs when starting your own business
Starting a business is a dream for many, but the excitement of bringing a vision to fruition makes it easy to overlook some of the nuts and bolts of running a business. Skipping those details may lead to failure: According to the Bureau of Labor Statistics, about 20% of new businesses close within their first two years, and 45% fail within the first five years.
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6 steps that will strengthen your retirement savings this year
Coming out of one of the most volatile years on record for the stock market, investors are looking for ways to take back some control over their investments—especially the savings they're putting away for retirement.
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How to set productivity goals for 2023
With the new year, many people make resolutions that they're going to get more done, whether it's at work or in their personal lives.
The IRS is taking a closer look at your fintech transactions.
Give someone you love — or yourself — a financial valentine this week.
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Terry Savage: Do you live in a ‘sinkhole city’?
The American Rescue Plan Act of 2021 sent $350 billion of federal tax dollars to states, cities and tribal governments around the country to help them offset the costs and impact of COVID-19. That’s on top of the $150 billion that went to municipalities in 2020 under the CARES Act of 2020.
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The states with the lowest cost of living
Americans face a dilemma. The consumer price index rose 7% in December, and while wages have risen recently, they have not, for the most part, kept up with inflation. The median household income in the U.S. dropped 2.9% in 2020 to $67,521, in fact. Even as inflation increases the cost of living nationwide, the cost of living is not uniform between states. The state with the lowest cost of living is Mississippi.
(These are the best places to live on a budget of $30k.)Terry Savage: What to do with chicken money in inflationary times
If you have some “chicken money” (money you can’t afford to lose), is this the time to throw caution to the winds and seek higher yields outside insured deposits?
It’s not fair that savers are losing money by trying to keep their money safe.
Terry Savage: Retiree medical costs are soaring
If you’re a retiree dealing with Medicare, you’ve just noticed that your increased (5.9%) Social Security benefit is being reduced substantially by rising costs for Medicare Part B and Part D (your drug plan), as well as by increased costs for drugs that may be only partially covered by insurance.
If you’re a retiree dealing with Medicare, you’ve just noticed that your increased (5.9%) Social Security benefit is being reduced substantially by rising costs for Medicare Part B and Part D (your drug plan), as well as by increased costs for drugs that may be only partially covered by insurance.