CHICAGO, December 3, 2022 /PRNewswire/ — The country is struggling with inflation, but America will survive and prosper, and so will the elderly, Terry Savage told hundreds of AARP Illinois members Saturday at the first-ever Maximizing Your Money Summit in Chicago.
“We’re all here 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 are going to be able to do it for this last part of our lives.”
In his address to nearly 300 seniors at the summit held in University of Illinois at Chicago Student Center, Savage offered financial advice on topics particularly important to those 50 and over.
Among the tips:
- 6-month treasury bills are a valid and safe investment right now, with a minimum purchase of $100 and no state income tax. They are available at Treasurydirect.gov and as of last week offered 4.7% interest.
- If possible, DO NOT take Social Security earlier. You earn 8 percent a year while waiting until age 70, and you have a higher base for future cost-of-living allowances.
- Traditional Medicare is better for seniors than Medicare Advantage. Savage plans to work more with AARP Illinois to help address this topic, which comes up often among those 50 and older.
A recording of Savage’s entire opening speech can be viewed at
https://www.facebook.com/AARPIllinois
The Maximizing Your Money Summit, which also included talks from Cook County Assessor Fritz KaegiDirector of the Illinois Department of Aging Paula Basta, was a free event hosted by AARP Illinois. The nonprofit, nonpartisan organization with 1.7 million members across the state works to improve the lives of those over 50
SOURCEAARP Illinois