Ask Terry Archives
Homeowner exemptions and senior “freeze” on property taxes
Can I get more then 1 Senior real estate tax exemption ? Can I send in Senior citizen exemption and Senior freeze exemption? Or must I choose one? If so which one is better ? Thank you Terry Says: I'm going to presume you live in Cook County, IL, where most of my radio listeners…
Investments in retirement
Terry I have several questions on moving money from a 401k to an IRA. Currently the money is in a T Row Price Retirement 2015 and Retirement 2020 and the T Rowe Price S&P Index 500 fund. That is a company sponsored plan. I plan to move it to the 'regular' T Rowe Plan funds…
gold stocks
I would like to invest a small amount of money in gold not gold itself but in the gold mines is there a simple way can I do this Terry Says: Contact Fidelity or Vanguard and ask about their mutual funds that buy gold mining stocks. Or go to www.USFUNDS.com, and inquire about their gold funds. That…
income from stock in 401(k)
My husband and I are living on our S.S. income. We need additional income and are thinking of taking dividends earned on stock in our 401K's in cash instead of reinvesting. I will need to start withdrawing from my 401(k) next year. If we convert the dividends to cash will that count towards my RMD?…
Senior on how to Pay off Debt
I am 71 years old semi retired. I have considerable debt ( 40,000.) and was wondering if I should refinance my home or if I should take money out of my Annuities to pay off debt? Terry Says: Well, I think I need to know more about the larger picture here to give good advice,…
Ads for high rate CD Offerings
Terry, We often see advertisements in the Chicago Tribune from Sun Cities Financial Group offering higher yield short term CD rates. Currently they are offering The Presidential CD : 6 Months at 4.5%. Do you have any experience with Sun Cities and these offerings? Would you recommend them? Sounds great in the current environment. Thank…
If I owe on taxes because of sale of home
My husband 69 and myself 66 sold our home of 44 years. We paid 110 sold it for 490,000. We took a reverse mort. In 2013 when we sold in February 2015 we paid everything off and got about 135,000. Bought a condo for 101,000 do we owe the gov anything all are in come…
tax brackets on capital gains
you mentioned in a brief article dated oct 2015 that the tax rates that one pays on capital gains are determined by your tax rate bracket. is the tax rate bracket the one you have typically been in over many years or is it the one you would be when calculate doing your 2015 return?…
Going back to school
I currently work as Public Health Nutritionist, and I have the opportunity to go back to school to complete the required course to obtain the national credential "RDN". With that credential I will be able to apply in the private sector and will start making $50,000. If I stay in the public sector I…
Applying for student loans with bad credit
Hi Terry I'm 36 years old and going to school full time in September for a 2 year program. I've already been approved for financial aid and federal loans, but will need to take out additional loans totaling about $25,000/$30,000. I have a previous student loan that I paid off on time with only 1…
IF THE STOCK MARKET WERE TO CRASH
If the stock market were to crash...say, worse than 2008, where should one have their money? And, assuming they don't care they're missing out on any gains beforehand ...they just want to preserve what they have. Gold/Silver? My husband and I are split on this topic. I'm 52yrs and he's 55. We have about $900,000…
Capital gains distributed in a mutual fund
When a mutual fund distributes capital gains—does the fund pay any taxes or is the total tax passed on to the shareholder only? My wife asked this question and I did not have the answer. Terry Says: The gains on sales of stocks in mutual funds are distributed to the shareholders, and THEY pay the taxes. …
Homeowners tax exemption
How far back can i claim my home owners tax exemption? Thanx Terry Says: There are several forms of exemptions, and I'm not sure which you're talking about. I'm assuming you live in Illinois, where many of my readers/viewers are based. In that case,here's a link to the Cook County list of various exemptions that…
FICO Scores
I have a Discover It credit card that provides a updated FICO score as part of my monthly statement. My concern focuses on the fluctuation in my FICO score as it is reported by Discover. Over the past year, my FICO score has ranged from 808 to 823, with monthly fluctuations as follows....811, 813, 808,…
Validating Bank Account Beneficiaries
How do you make sure your bank will have the beneficiary you have chosen for your account when you are gone? Even filling out the information when you opened the account can be lost or misplaced by the "new" employees years later. Thank You, Terry Terry Says: Wait, you have it wrong. Bank accounts don't…
heard you WGN radio – Freezing credit
61- Retired - no debit cards - no mortgage or planning to get one- 2 credit cards - use as charge cards - Do you think freezing credit right thing for us ? Who and how do I contact ? Will this effect credit cards I already have? Terry Says: The idea of a credit…
401K review
Hi Terry, How often should I review my 401K account and make adjustments? Thanks, Julie Terry Says: That depends on your stage in life. If you are under 40, then once a year is enough -- because you need a long-term strategy and should stick to it. Older than that, probably twice a year. But…
Credit Card Debt scenerio
Hi Terry, You recently persuaded and discouraged me from filing for Bankruptcy. Thank you! I am reaching again because I do not know who too trust. My current scenario is as follows: I have (3) credit cards that I stopped paying (6) months ago. 1. Chase – I owed $12,201.58 and it appears they wrote…
CD rates!
Hi Terry, What's your advice please! BMO-Harris Bank just started offering a new CD rate of 2 %, APR, for 59 months, (almost 5 years!) With a 5K minimum investment per CD. Is that too long to lock up 5, 10, 15K? And a 6 interest month penalty, for early withdrawal! Do you see rates…
Short-term Commercial Real Estate Loans?
Hi Terry, know you're very busy! But what's your advice on short-term Commercial Real Estate loans? WGN has Jordan Goodman on a lot, recommending them! They sound pretty good, BUT????? Are the safe for savings account money since CD reat are so low now? What's your risk assessment for the average investor? What would you…