Ask Terry Archives

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…

Hello< I am looking to retire in 4 years, but I would like to find a Financial Planner that knows the Federal Retirement System. Can you help?

My father in law is 73 and his only income is SSDI. Would he be better off filing for bankruptcy, or for us to handle it on our own. (He, my Wife and Myself). I handle his calls and appointments so I'm the one answering when the creditors call. I can handle the phone calls,…

what kind of return could one expect from a money market account?

Hi Terry, I'm 50yrs old -- Given the irratic behavior of the stock market lately, should I decrease the 9% amount taken out of my paycheck? Or just leave it alone and ride out this storm? Thanks.

My husband and I took out long term health care insurance with Genworth in 2006. My husband is 75 and I am 73. We are in good health. We have no children, and I have family who do not live near us. My husband is an only child with no extended family nearby. We have…

Have $100,000 + in Traditional Ira CD. Matures next week. Thinking about putting into a Vanguard conservative fund. I do have some savings & can manage without the $$$. I'm 85 y.o.. Is this or another CD a better choice ? Appreciate your info & thoughts. Many Thanks !!

I have been looking at past commentary, and one big thing confuses me. We are not "nearing" retirement, a red flag, we are IN it. When you suggest "taking some money off the table", where do we put it? Thanks.

What are the sites you mentioned to look for student loans?