Terry Savage is a well known expert on personal finance. Her book, "The Savage Truth On Money" was named one of the ten best money books of the year by Amazon.com, and wa
Terry has a nationally syndicated column at the Chicago Sun-Times, is a regular television commentator on CNN, CNBC, PBS and NBC, is a regular guest host on "ABC's Moneytalk with Bob Brinker" and is the author three best selling books. Her book, The Savage Truth On Money , was named one of the ten best money books of the year by Amazon.com, and was made into an hour-long television special which aired on PBS. Terry's latest book, The Savage Number: How Much Do You Need to Retire? is getting great reviews from important people like John C. Bogle and Charles R. Schwab.
Discuss Terry Savage
Discuss Terry Savage, her investment advice, what she says and writes, seek clarification from others or just talk about investing in general at FOR FREE at the Terry Savage Free Discussion Forum hosted by Suite101.com
"Terry's financial expertise comes from experience. She started her career as a stockbroker, and became a founding member -- and the first woman trader -- on the Chicago Board Options Exchange. She was co-editor of "Options Trading Strategies," an investment newsletter. Savage was also a member of the Chicago Mercantile Exchange's International Monetary Market where she traded interest rate contracts and currency futures. She is a registered investment advisor for both stocks and futures.
Terry Savage has won numerous awards, including the National Press Club award for Outstanding Consumer Journalism, and the Outstanding Personal Finance Columnist award given by the Medill School of Journalism at Northwestern University and two Emmys for her television work.
Savage takes an active role in America's business community. She served on the Board McDonald's Corporation for 14 years, Pennzoil-Quaker State Corporation for 5 years, and is currently on the board of The Chicago Mercantile Exchange (NYSE). She was a recipient of the "Director's Choice Award" honoring selected women who serve on America's top corporate boards.
Savage is also a director of The Executives' Club of Chicago, and Junior Achievement of Illinois. She serves as a Trustee of Chicago's Museum of Science and Industry and a director of Northwestern Memorial Hospital Foundation. She is a Phi Beta Kappa graduate of the University of Michigan where she won a Woodrow Wilson Fellowship in American history and economics."
The Savage Number provides the strategic guidance and hands-on techniques necessary to plan a successful, satisfying retirement-even if "enough" money hasn't been saved. Financial expert Terry Savage takes readers into the fascinating new world of Monte Carlo retirement modeling and the asset protection strategies of long-term care insurance and reverse mortgages. She takes the guesswork out of figuring out how much needs to be saved, how to continue to earn money during retirement, and how to safely use assets like home and life insurance policies to make sure that money doesn't run out.
It's not that Savage has found a new way to get rich. She hasn't. What makes this book work is her commonsense approach to attaining financial security. At the heart of Savage's advice is the notion that getting ahead is a matter of "self-discipline," which "means making knowledgeable decisions based on a rational assessment of likely results and then sticking to your decisions in the face of emotional upheaval." Forget about sticking your head in the sand--for Savage, knowledge is power, and knowledge begins when you examine your own relationship to money. She encourages getting online as way to manage your finances, educate yourself, and seek out new opportunities. The book is filled with insights on topics such as risk management, investing in mutual funds, saving for college, and buying insurance.
Step by step and dollar by dollar, The Savage Truth On Money empowers you to manage your money by freeing yourself from debt, creating a budget you can live with, and investing wisely-even on a modest paycheck-to build equity and wealth. Savage helps you harness the power of the Web by using money management software to develop and track your financial plan.
The Savage Truth On Money will give you the facts, resources, and confidence you need to take charge of your finances today-and give you a secure future for tomorrow.
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Comments
Aug 7, 2006 7:15 AM
PEIC
:
Retirement For Social Security, Timing Is Key By Terry Savage TheStreet.com Contributor 8/6/2006 9:37 AM EDT URL:
http://www.thestreet.com/funds/retirement/10301949.html
As baby
boomers turn 60, there's a big decision on the horizon.
It's not
just deciding when to retire -- it's also deciding when to start taking
Social Security checks. The mere timing of when you start receiving the
payments will have a major impact on retirement planning.
That
monthly check may not allow the retirement lifestyle you dream of -- the
maximum yearly payment for a 2006 retiree is about $24,685. But deciding
whether to take the payments at age 62, wait until your designated
retirement age or delay it even further is a choice that must be made
carefully.
The first step is to stop thinking in terms of age
65, the "traditional" retirement age at which everyone previously
qualified for Social Security. Now, for those born after 1937, the
eligibility age creeps up a few months or years, depending on your birth
year.
For example, those born in 1940 become eligible for full
retirement benefits at 65 and six months. Those born in 1943 to 1954 will
have to wait until age 66 to fully qualify for Social Security. To find
your eligibility age, go to the government's Social Security Web site and
click on "plan your retirement." Taking Benefits Early
But that new "eligibility age" isn't set in stone. You
can actually start taking benefits earlier, at age 62. Your benefits will
be permanently reduced if you make this choice, though they will be
adjusted upward annually as a result of inflation.
For example,
those born in the 1943-to-1954 period will find their benefits reduced to
75% of what they would have received at age 66 if they decide to take
benefits at age 62.
You might consider taking reduced benefits
early if you can't work any longer and need the money to live on. Or if you
figure your heredity or current state of health portends a shorter life
span. Some people decide to take their checks now because they worry that
Social Security might "run out" of money. Others figure that even
if they don't need the money, they could take the checks early and invest
that cash.
To help make this decision, you'll want to calculate
the "breakeven" point. That's the year in which -- if you live
that long -- you would have been better off waiting and taking the larger
check. You can do that calculation online at the Social Security Web
site.
Also consider the p
Aug 7, 2006 7:47 AM
allancoleman
:
in reading posts / threads from other message boards , different Social
Security offices across the nation have told applicants that applied after
62 , that they made a mistake and should have applied as early as possible
. that opinion was also expressed by a friend of mine who applied in my
local area . the majority of Social Security recipients receive their check
early .
just thoughts to consider while you're planning on when
to get your check . i intend to visit my local Social Security office when
i receive my Social Security statement in the next few months and apply
before i leave for sunny Hawaii beaches later this fall to spend the winter
. give ya an idea what i'm told about my benefit at that time .
one of my intentions is to use my Social Security check next year as a
source of " outside dollars " to pay taxes on future Roth
conversions in addition to real estate sales as i've done in the past .
Feb 12, 2007 6:53 AM
PEIC
:
Shop Around for Health Savings Accounts By Terry Savage TheStreet.com Contributor 2/11/2007 9:39 AM EST URL:
http://www.thestreet.com/newsanalysis/opinion/10338134.html
If
every penny you spent on health care came out of your own pocket, two
things would happen.
First, you'd be more interested and
involved in your treatment, questioning the cost and necessity for every
medical procedure.
And second, you'd take better care of your
health, knowing that being overweight or smoking or not exercising is bound
to be costly to your own financial future.
That's the appeal of
Health Savings Accounts. They let people keep the money they don't spend on
medical costs -- in an account that grows tax-deferred every year, to pay
for future medical expenses. And the money they do spend for medical
expenses is paid out of the account on a pre-tax basis.
The
savings account is combined with a high-deductible insurance policy that
costs less than traditional policies, but does cover major medical
expenses. Employers may use some of the money they save on premiums to
contribute to their employees' HSAs.
In 2007, individuals can
set aside a tax-deductible contribution to HSAs of up to $2,850, or $5,650
for a family. (Those age 55 and older can contribute an extra $800.) But
you don't have to be an employee of a big company to access an HSA and the
related high-deductible insurance policy. Just go online to
www.ehealthinsurance.com and click on the option to find Health Savings
Accounts. Or you can call them at 800-977-8860 to get help in the
process.
How to Compare HSA Plans
Major companies
such as Blue Cross/Blue Shield and Golden Rule Insurance offer a
combination of high-deductible insurance policies with a savings and
investment plan for the money you set aside each year. In fact, most of
these plans allow you to pay for your medical expenses with a debit card
that dips directly into the health savings account.
Because
health insurance policies are offered and priced by your state of
residence, you'll be asked for your ZIP code. Policy costs are based on
age, location, some health underwriting, and also can depend on your
gender. For example, BlueCross/BlueShield's BlueEdge plan offers maternity
benefits for women.
Start by comparing deductibles, which might
range from a low of $1,100 to the maximum of $2,850 for an individual, or
from around $2,200 to a maximum of $5,650 for a family. You can reduce your
monthly premium by electing 80% co
Feb 12, 2007 7:14 AM
allancoleman
:
I have one of these Health Savings Accounts . Made a maximum tax deductable
deposit for $6,150 for last year ( 2006 ) , and a maximum deposit for
$6,450 in January for this tax year ( 2007 ) .
