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+
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content:https://www.prnewswire.com/news-releases/financial-columnist-terry-savage-offers-money-saving-tips-to-older-adults-301694028.html
SOURCE AARP Illinois