Ask Terry Archives

I found your article on student loans to be of interest as I am paying on these for my son. I contacted Nelnet, who the loans are through, and they do not refinance at all. I then went onto the website of LendEdu, that you wrote about, and was immediately contacted. Should I be speaking…

What questions should you ask a potential mortgage lender?

Where or how is the best way to buy actual Gold.

Hi Ms. Savage. My wife and I want to set up 529 plans for our seven grandchildren, all of whom live in Chicago as we do. I understand the federal tax rules, both income and gift tax. My question is: Are contributions to 529 plans tax deductible in Illinois? Thank you very much.

I want to pay off our credit card debt of $23,000 and wonder if it is better to get a debt consolidation loan at a lower interest rate or roll the debt into a refinance of our mortgage. Im 58, and married with a child in college.

Hi Terry, My husband and I are looking for a safe investment for some extra cash we have accumulated. Also, do you feel municipal bond rates may be coming back to a decent return soon?

I am retired and not active at work. My company's 401 is paying a great fixed rate so I don't want to move it from them. I am single and have 3 children. If I pass can my children do a stretch IRA with my 401monies??

I am reading about this and it seems tons of money can be made. What are these 26f programs and who sells them and how do you pay to get in etc.????

I have a question about minimizing taxes on SS benefits in retirement. I'm 60, plan to retire at 65, have > $1M in savings, adding about $26K annually. Savings are a mix of 401Ks, IRAs, mutual funds and bank accounts. Mortgage was paid off years ago, kids are grown and doing well and I'm annoyingly…

I have a $450,000 term life insurance policy. I will turn 75 this year and my premium payments will increase from $2045/yr to $7652/yr in 2017 and over $13,000 in 2018. I am in good health. Do I continue to try and pay the premiums or is this a policy that might be able to…

When does it make sense to use Roth IRA. I already am participating to the maximum to my 401K. Does that maximum prevent me from purchasing a Roth IRA with my quarterly company bonus?

hi, I am being sued, by a collection agency, I am on disability, they filled the first time in October 2010, I am blind and did not attend the hearing. Now, today I received a summons, they moved the venue to a court house near my house. What is the worst thing that can happen,…

Thank you for answering my first question. I was in an all bond portfolio, and out of the market for 4 months. Is it to late to dollar cost average back in? I have transferred my money to Vanguard. Thank you again.

Terry, I have read your opinions on the IL Bright Start 529 plan in the past couple of years and they were not "recommended". I am an Ill. resident & I would like to make short term (3-6 months) deposits to the IL Bright Start 529 plan this year (2017) in order to claim the…

Hi Terry, What is the best way to invest a fairly large cash settlement from a lawsuit? Thank you!!

Would this be a good time to invest in gold an zinc stock

I have read your comments about the 5 things you should know about debt counseling. Thanks for that. Do you have any counselors or organizations that you recommend?

After managing my own money for 25 years I went with a financial advisor. Oct 1st he suggested a bond portfolio because he felt the market was at an all time high- Dow was 18,400. ( I was in a 50-50 portfolio.) I am so sorry I listened to him. I want to change back…

Terry, Can you get rejected for Obamacare cause of your income because my son in the process of investigating his health care options on the .gov website was told that his income was too high plus he works for a small trucking outfit (less than 50 employees). What was the main reason? Is Obamacare based…

My husband (who is disabled with younger onset Alzheimers) inherited, by trust, 2 farms with his 3 siblings. We have copies of the Trustee' Deed - Illinois Statutory. If my husband dies, does his portion go to his siblings? Is there a way to get it put in his living trust, for his portion to…