Ask Terry Archives

Our financial advisor is recommending that my husband and I move $250,000.00 from our mutual fund account and put it in to a 7-year annuity at 6% due to possible impeachment, etc. There is currently $326,000.00 in the fund. We also have a good amount in IRA's, Traditional and Roth. My thought is to keep…

I understand I can take distribution at 55 without penalty because I am fired in the year I become 55. Questions is, if I take a part time or full time job again in the following year does this create a problem to deal with.

I AM TO OBTAIN AN INHERITANCE FROM MY FATHER THAT RECENTLY PASSED. SOME WILL BE CASH AND MOST OF IT WILL BE STOCKS. WHICH I CAN EITHER JUST CASH OUT OR KEEP WHERE ITS AT, CURRENTLY ITS IN A MORGAN STANLEY ACCOUNT. I WOULD SAY THERES MAYBE CLOSE TO 200K OR LESS. I AM A…

I am 62 with 401K of between 350-400K. Should I move my stocks to more conservative stocks or pull out 350 K and put in a fixed annuity to guarantee my income when I retire? I will have social security of either 1600 (age 62) or 2200 (age 66) plus a monthly pension of 1247…

My husband and I are both turning 69 this year. We each have multiple IRAs, mostly Roth, along with one SEP and my current employer 401. I may work another year. I'm concerned that the multiple accounts could be a disadvantage. We do not need the RMD for general living expenses. Is there a way…

My grand niece is in her junior year of high school and wants to go to Western Illinois University. She lives in Lake Villa. Her folks cannot help. She is a very good student and does extra curricular stuff. Where does she go to get financial aid including scholarships. I don’t what her to miss…

With the new tax changes, can I deduct my interest on my existing home equity line that was used for home improvements? I see that the new tax law does not allow the deductions until 2026 but had some exceptions. Please explain?

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…