Ask Terry Archives

Is there any advantage to paying my realestate taxes before Jan 1 ?

The other day on WGN radio I thought I heard you say that I cannot prepay now my Jan 2018 quarterly IL income tax payment so I can expense it on my 2017 federal taxes. I am confused why not. If I am a cash basis taxpayer why is that not a 2017 expense on…

Since the SALT deduction will be limited to $10,000 if I itemize for my 2018 federal taxes, I am considering prepaying my property taxes. I live in Cook County. Can I prepare a particular dollar amount (say $1,500) or do I have to prepay the full 1st installment? I didn't have my property tax PIN…

My wife and I enjoyed your talk at Northeastern University on Oct 24th. You have said not to invest in bonds for my chicken money, but does that also include, for example, the Vanguard Total Bond Market Index fund (VBTLX)? I have considered this for money to cover the next 2 to 9 years. Money…

Are there any benefits other than investment choices to keeping a large 401K balance at a former employer (at Empower Retirement) instead of a rollover to an IRA at a discount brokerage (Fidelity or Schwab)? Is there protection from creditors, law suit, or such difference? Does a 401K have RDM requirements at 70-1/2? Do RDM…

I'm attempting to refinance my mortgage and need to raise my score a few points to meet the required minimum. I was unemployed and had a credit card that was charged off in 2015 but the credit card company is still reporting a past due balance of $4K. The loan officer suggested negotiating a settlement…

Hi Terry, I'd like your opinion on which approach to managing ones retirement nest egg is better: creating buckets of money with safer holdings (e.g. money market, short term bonds) for near term distributions and riskier holdings (stock funds) for distributions in later years (e.g. bucket 1 is for years 1-5, bucket 2 is for…

Hello, I asked this question a month ago on this website and I am still waiting for advice. My husband and I are retired and have no debt. We purchased three whole life policies 28 years ago and we were promised at the time that the premiums would pay for themselves within 15 years or…

Hi Terry! I am a single mom raising three kids and I received an inheritance of 30,000 that I want to invest wisely. What are your recommendations? Thank you!!

Hi Terry, My husband is 69 and retired. He receives a small pension (enough to cover our mortgage) and about $1,300 in social security. I am 61 and plan to work full time until 65 and then part time until I take social security at 70. I am fully funding my Roth and am putting…

A few weeks ago I asked your thoughts on the Robin Hood application for stock purchases. I don't believe you responded, but if you did, I apologize for missing it. Thanks.

I've had a Discover Card since the 1980's. Since the Equifax breach occurred, Discover Card is offering customers the opportunity to sign up to have their credit information, Social Security number, etc. scanned on the dark web for added security. Discover Card would provide an alert should they find something. Do you think this is…

TERRY MY WIFE IS SIXTY AND ON DISABILITY. SHE WAS TOLD SHE HAD TO CONVERT HER 401 PLAN TO AN IRA'

I have quite a few 401k plans from previous employers, I feel like my assets are all over the place. What is the best advice, leave the accounts as they are or move them to one account. I would appreciate your advice.

My wife and I are 32 and we are shopping around for a financial advisor to help us put together a retirement plan and start saving for our children's college. From what I have read, it is important to have an advisor with "fiduciary" standards. It also sounds like a Fee-Only advisor has less inherent…

I would like to switch my mother to a credit card with a very low limit just for emergencies. She currently has a card but I don't want her to use it. Are there any cards I can get her besides a prepaid card?

My husband has high balances on credit cards and one of them is a joint account which I do no use. He has contacted a credit consolidation company which he said would close the account. How will this effect my credit score, up or down.

Terry, i’m 77 years old. I have 4 adult children, of which, 2 have their own homes, 1 is buying a home next year and the other is renting to own. I have my own home with a mortgage balance of $113,000, & none of my children want my home upon my death. I would…

I have enjoyed your financial work for years and never thought some day I would be in this situation. 1) I anticipate retiring at the end of 2018. I don't have a mortgage (home is paid) no credit card bills or other debt. I am not married and have no children or siblings. I have…

My hubby and myself are in our late 70s and each have 2 managed funds. One is an S&P 500. I have been considering switching to one of the index funds that follow the S&P. Is there a website I can see a comparison between the 2 for say 5-10 year period? Do you have…