Ask Terry Archives

Dear Terry, First and foremost, THANK YOU for sharing your wisdom. I have been following your advice for many years now and it always leads me to a good place. I just read your column about 529s along with your opinions about BrightStart, the 529 College Savings Plan here in IL. I plan to open…

My son will be 26 next July. He still lives at home, and has only been able to find part-time work at minimum wage. I am concerned that he will not be able to afford healthcare. Is he eligible for any subsidy or reduction in healthcare?

Hi Terry, I have been trying to find a credit card and debit card that would be best to use while I travel internationally (1-2 times per year). I am looking for a credit card with no foreign transaction fees and decent rewards. Ideally, the credit card would be my main card to use all…

I'm 62 and receive Social security of $1,243 monthly and I'm receiving a $100,000 cash gift this year. will I get tax on my Social Security?

Hi Terry, Happy New Year! Im looking into transferring my current self directed IRA, which previously was under a broker with a large banking institution (and Ive already paid the commissions to initially get into my funds and currently dont have any ongoing fees). Since the change in government regulations regarding IRAs, the question I…

Hi Terry, I’ve read some of your previous answers on Illinois Brightstart 529 plans. I’ve read there were some changes made in December of 2017. Do you still not recommend the Brightstart 529? I’m trying to decide how to open a 529 for my one year old. Is Fidelity a decent option? Thank you!

You discussed a website on the WGN morning show a couple weeks ago where you can invest small dollar amounts for little or no cost. I'm retired and I have a brokerage account but I wanted to invest a small amount that I would have complete control of. I enjoy your segments on the morning…

My wife and I are 62. Holding off on SS until 70. We have about $500k in savings, house paid off, no debt. Last year my individual stocks returned around 16% but the equity funds my broker has us in returned much less. Am I being foolish by riding the Bull market for too long?…

Is it better to have a one million dollar umbrella insurance policy or 2 separate auto and home insurance policies of a million dollars each?

Large mortgage holders seem to complain limit is being reduced from $1000K to $750K. No one mentions that they get such low interest rates that, in my mind, are being subsidized by savers, such as fixed income elderly who cannot risk another bust as in 2000 and 2008. They are getting 0 to 1% on…

Hi, I want to open a 529 plan for my 1 year old daughter. It would be nice to take advantage of the state tax deduction, especially with taxes having increased this year. However, I am weary of the fact that the revised Bright Start direct plan has no history and I know little about…

I'm 80 and retired. Is a Roth Ira a good place to put some of my savings and if so do I put it in before the end of the year this year or next year? Dan

In Oct you replied to my same question that 401 funds are chicken money funds and they are insurance company contracts. That's literally true.... but they are wrap contracts and they are backed by portfolios that last time in 2006-2009 were full of junk. I understand that mortgages from the agencies now have tiny down…

Why can't I move my IRA inheritance from my mother's financial investment company to my investment company without having to liquidate the monies first? This took the investments out of the market and I lost money. Thank you. Sandra Bushong

Do you have any resources to advise a new grad with a biz degree in Hospitality and a JD how to search for jobs and fill out online applications? Are there professionals who assist and advise with hunting for a job?

I have placed freezes with each of the 3 services. Do I need to extend these now as the 90 day period is coming close?

Hello, I saw you on the news a few months ago after the Equifax data breach. My life is a bit of an ongoing mess and admittedly, I am not a whiz when it come to finances so because I did not know what to do to address this, I have done nothing. My mom…

Your column today about College Illinois struck home. I have 2 kids, starting college in 2020 and 2022. I’ve paid for a full semester each and have a payment plan for four more semesters each Is it a good idea to keep paying in? Could we lose the full amount? I thought we would at…

hi Terry! thank you for your time. i heard you today on WGN Wintrust Lunch. i had a question regarding my divorce situation and the new tax code. i have been divorced since april 2011, with a review (and a revised amount) awarded as monthly unallocated support/maintenance in April 2016. my ex husband has been…

My friend who has an 8 mos. old baby wants to start a college saving plan. What's your recommendation? I see the Illinois Bright Start Program has improved greatly. Thank you in advance for your help. Vicky