Ask Terry Archives

My dad, age 92, has canceled his Medicare supplement because he says he can’t afford the $500 a month premium. Is there anyone who will do a supplement at his age? Thank you for any help

Can I claim exemption to 401K 10% penalty if I withdraw 401K funds at age 55 and retired from full time position in 2017. However, I did get rehired by same employer in in part time position in 2018. I was out of work for almost 7 months.

for my 16 year old grandson, is it time to start a retirement fund, also, regular IRA or Roth IRA, Thanks,Mark.

Hi Terry - I am looking for a "fee only Financial Adivsor" in my area. I live in San Marcos, CA 92078 and would like to find a competent advisor as I move into my 60's.... Thank you Sincerely, David

Hello, I was wondering if there was a platform I could use that wouldn't break the bank when purchasing stocks and mutual funds? I know you previously mentioned stockpile as an option but the reviews were pretty bad for that site.

Any guidance/rules as to which stocks should be sold to comply with RMD requirements? Sell "winners" "losers" take a percentage from each stock in your portfolio, etc? Thanks.

Hi, I own a building with my husband for 10 years, we are still breaking even but our divorce is on hold because of how we want to part ways. I dumped my entire retirement into this building, paid the penalty to come up with the down payment. If we sell, the amount that is…

Morning Star recommends the Illinois college savings program now that it has undergone a number o& changes and fee reductions. U still stand by your position that Illinois program should not be considered when planning for your children’s college savings? Thank you.

Terry, have a question about the Illinois 529 plans and the new federal tax law. The new tax law states that 529's can be used to pay K through 12 at private institutions. I have two sons currently in catholic grade school. Can I now withdraw from my Bright Start accounts and pay their tuition…

With the rule of 55 can I make multiple withdrawals from my 401k without the 10% penalty or am I limited to one withdrawal?

You responded to a question about 26F - that it was not wise to invest before a Fiduciary Rule goes into affect. What is a Fiduciary Rule?

How do I find my score without committing to a monthly fee?

Would securing a fixed indexed annuity be a good option for a couple in their early sixties, one option has a 10 year surrender charge, with a 5% penalty- free withdrawal once per year after the first year. The second option has a 16 year surrender charge with a 10% penalty-free withdrawal once per year…

What is your perspective about leaving $ to your children when there is a significant difference in their earning potential? 1 son is single and a school teacher in a rural school district, passionately committed to teaching & loves his career. 1 son is in a much more lucrative career in tech and married to…

I'd like to convert some money in my IRA to a Roth, as I've got some "room" before I hit the max in my tax bracket. I understand that I have until April 15, 2018 to make the recharacterization. I thought I paid tax on the money I convert (let's say $10k) by adding the…

I AM 72 YEARS OLD. I AM RETIRED. I HAVE JUST S.S. ($2K A MONTH) AND A VERY SMALL PENSION BENEFIT ($100 PER MONTH). MY WIFE GETS ABOUT $800 A MONTH SS). PROBLEM: I HAVE TWO LIFE INSURANCE POLICIES, BOTH TERM LIFE. 1ST POLICY: $150K - AT $1,694 PREMIUM PER YEAR. AFTER 2028, WHEN I…

Can my 2017 contribution be carried over to 2018 since I have no Illinois tax for 2017

If I sold my house but wanted to buy a house much smailer and less expensive home for retirement do I still have to pay taxes or Capital Gains ??? on the profit that I make and do not reinvest?

Is it true that I can take out my 401k without penalty?

Hello Terry. I got divorced 8 years ago and due to this l had foreclose and credit card debt. My husband never made any effort to pay any balances and l had been struggling ever since. Some of my debt is older than 8 years and l want to know how can l clear items…