Financial Columnist Terry Savage Offers Money-Saving Tips to Older Adults

CHICAGO, Dec. 3, 2022 /PRNewswire/ — The country is struggling with inflation, but America will survive and prosper and so will older adults, Terry Savage told hundreds of AARP Illinois members Saturday at the first-ever Maximizing Your Money Summit in Chicago.

“All of us here are old enough to know, because we’re survivors. We’ve been through a lot of tough times,” Savage said. “We know we can do it and now for sure we’re going to be able to do it for this last section of our lives.”

In her keynote address to nearly 300 older adults at the summit held at University of Illinois Chicago’s Student Center, Savage offered financial tips on topics especially important for those 50 and older.

Among the tips:

• 6-Month Treasury Bills are a worthwhile and safe investment at this time, with a minimum purchase of $100 and no state income tax. They’re available at Treasurydirect.gov and as of last week offered 4.7% interest.
• If at all possible, DO NOT take Social Security early. You gain 8 percent a year by waiting until 70, and have a higher base for future cost of living allowances.
• Traditional Medicare is better for older adults than Medicare Advantage. Savage plans to work with AARP Illinois further to help address this topic, which comes up often from 50+.

A recording of Savage’s entire keynote address can be viewed at
https://www.facebook.com/AARPIllinois

The Maximizing Your Money Summit, which also featured talks by Cook County Assessor Fritz Kaegi, Illinois Department on Aging Director Paula Basta, was a free event hosted by AARP Illinois. The non-profit, non-partisan organization with 1.7 million members across the state works to improve the lives of those 50+

SOURCE AARP Illinois