Chicago Sun-Times Latest news from the Chicago Sun-Times Online en-us (Editor) Newspapers Chicago Sun-Times 84 34 30 Copyright 2014 <![CDATA[ There are ways to invest in gold in smaller amounts ]]> Lead story image

TERRY SAVAGE: Even though the price of gold is currently trading around $1,600 per ounce, there are several ways you can buy gold in smaller dollar amounts. A one-ounce gold bullion coin (one that has no intrinsic collector’s value) typically sells for the current price of gold, as traded on world markets, plus about a 3 to 5 percent markup for the dealer. ]]> Fri, 03 May 2013 12:15:54 -0500 <![CDATA[ Social Security early payout will cost you later ]]> Lead story image

TERRY SAVAGE: Baby boomers are facing a decision that could add — or subtract — a small fortune from their retirement income over their lifetimes. It’s the decision about when and how to take their Social Security benefits. And depending on your circumstances, the wrong decision could cost a married couple more than half a million dollars in future benefits. ]]> Fri, 03 May 2013 12:15:53 -0500 <![CDATA[ Besides contributing to IRA before tax deadline, name a beneficiary ]]> Lead story image

TERRY SAVAGE: This is the time of year you’ll hear a lot about IRAs — because an IRA contribution is the last deduction you can still create for your 2012 tax return. You have until the date the return is due to make an IRA contribution, or add more money to the contribution you made during the past year, up to the 2012 limit of $5,000 (or $6,000 if age 50 or older). ]]> Fri, 03 May 2013 12:15:53 -0500 <![CDATA[ 65-year-olds at small employers may be forced to use Medicare ]]> Lead story image

TERRY SAVAGE: A reader asked, “I will be 65 in a couple of months. Can I keep my employee health care plan? Can my boss force me to take Medicare instead? ]]> Fri, 03 May 2013 12:15:51 -0500 <![CDATA[ New life insurance concept: Heirs get installment payments over 5 to 30 years ]]> Lead story image

TERRY SAVAGE: What will your beneficiaries do with the life insurance you leave to them? You probably intended to create long-term financial security, but your spouse may have no experience at managing money and might fall into the hands of an unscrupulous financial adviser. Or your adult children might decide it’s time for that new sports car or an exotic vacation. That’s why a new concept has recently been developed by the life insurance industry: installment payout life insurance. Instead of receiving a million dollars in one lump sum, you can plan for the money to be paid out over five to 30 years. ]]> Fri, 03 May 2013 12:15:51 -0500 <![CDATA[ Three lessons for investors from the Dow’s record close ]]> Lead story image

TERRY SAVAGE: The economy is limping along. Unemployment is way too high. And Washington politics is totally dysfunctional. The media is full of warnings about the sequester and impending budget impasse. And the stock market just made a new all-time high. What does that tell you? ]]> Fri, 03 May 2013 12:15:51 -0500 <![CDATA[ Budget cuts met with silence, but damage is coming ]]> Lead story image

TERRY SAVAGE: Remember the story of the little boy who cried wolf? After all his made-up stories and loud cries about a wolf chasing the sheep, the villagers stopped believing him. Then one day the wolf appeared — really. And no one came running to help him save his flock. The past few weeks in Washington have been a classic case of crying wolf. Surely, the government could absorb a 2.3 percent cut in its ability to spend, without impending disaster. This time around, even the media weren’t so quick to bite at the horror stories. ]]> Fri, 03 May 2013 12:15:51 -0500 <![CDATA[ Appointment service can help get family, friend to doctor quickly ]]> Lead story image

TERRY SAVAGE: Don’t let the hassle of making a doctor’s appointment keep you or your loved ones from getting a physical. There is an easy solution, and it is important to your financial health, too. ]]> Fri, 03 May 2013 12:15:51 -0500 <![CDATA[ Congress’ March Madness over a 2 percent budget cut ]]> Lead story image

TERRY SAVAGE: The month ahead will take the term “March Madness” out of the basketball arena, and into the political arena. America faces a series of continuing financial challenges. And although the NCAA tournament hasn’t begun yet, here’s what the financial “brackets” look like. ]]> Fri, 03 May 2013 12:15:51 -0500 <![CDATA[ Some banks offering attractive CD rates to draw new customers ]]> Lead story image

TERRY SAVAGE: Some banks are offering eye-popping CD rates that are far above the average rate to attract new deposits. When you do the math, it becomes apparent that these deals are a relatively inexpensive way for banks to do that. ]]> Fri, 03 May 2013 12:15:50 -0500 <![CDATA[ Annuities: Weigh them carefully, and scrutinize the details ]]> Lead story image

TERRY SAVAGE: The search for secure lifetime retirement income, along with promises of higher interest rates than CDs, has created increased interest in annuities. But, while many annuities are sold with attractive promises, these products have major differences, some of which can be costly or actually detrimental to your investment and retirement goals. ]]> Fri, 03 May 2013 12:15:50 -0500 <![CDATA[ In the name of love and marriage, settle your financial differences ]]> Lead story image

TERRY SAVAGE: Some practical advice for engaged couples: Reach an understanding of how you will save or spend your money. ]]> Fri, 03 May 2013 12:15:50 -0500 <![CDATA[ Bad news: you’re going to have to save a lot more for retirement ]]> Lead story image

TERRY SAVAGE: The Federal Reserve is trying to save the economy — but it is killing retirees’ financial plans. This prolonged period of low interest rates has been devastating to those who planned to live on their interest income. And for those approaching retirement, it means you may need much more money to afford retirement. ]]> Fri, 03 May 2013 12:15:50 -0500 <![CDATA[ Senior citizens can get a checkup on their benefits ]]> Lead story image

Terry Savage: can help the elderly who are struggling to pay for food and prescriptions. ]]> Fri, 03 May 2013 12:15:50 -0500 <![CDATA[ Shoppers may have to weigh surcharge in choosing cash vs. credit card ]]> Lead story image

How much is it worth to you to pay for your purchases using a credit card? That’s a question that shoppers for everything from groceries to clothing to airline tickets may soon have to start asking themselves. As part of the settlement in an epic battle between retailers and card issuers, merchants are now allowed to charge additional fees to consumers who choose to pay with a credit card. ]]> Fri, 03 May 2013 12:15:49 -0500 <![CDATA[ Long-term care insurance about to set fees by gender ]]> Lead story image

TERRY SAVAGE: Gender discrimination is coming — and it’s perfectly legal. The Long Term Care insurance industry has finally recognized the obvious: Women live longer than men. And because women live longer, they use more benefits from their long-term care insurance policies. ]]> Fri, 03 May 2013 12:15:49 -0500 <![CDATA[ Credit card offers could work as useful tool ]]> Lead story image

TERRY SAVAGE: As your holiday credit-card bills start arriving, this is a good time to take a close look at what you are paying for finance charges — and consider whether another card with lower rates, lower annual fees, and a low introductory rate for balance transfers might make a dent in your debt repayment. ]]> Fri, 03 May 2013 12:15:49 -0500 <![CDATA[ TERRY SAVAGE: New mortgage rules will help banks, borrowers ]]> Lead story image

The new Consumer Financial Protection Bureau is off to a good start. Its first major act is a set of new rules to be followed by banks when making mortgage loans. The rules not only protect the borrowers, but give the banks some “safe harbors” that will, hopefully, allow them to make more mortgages with less red tape. ]]> Fri, 15 Feb 2013 06:23:59 -0500