Ask Terry Archives

Terry, i'm a fed employee enrolled in the thrift saving plan. I will be 59 1/2 years old in November and plan to with draw 120.000 dollars from my tsp to make a down payment on a house and to pay off a parent student loan and a credit card bill. I plan to continue…

I signed up. when i got the response it gave a site to click on, but the site was not highlighted so I cut and pasted it and it went to your web page and I could not find the personal financial organizer, Just sayin Terry Says:  By now you should have received another newsletter…

Hi Terry, Should I purchase life insurance for my children (ages 6months old & six years old) with the idea being that if they are unable to get insurance as adults due to illness, etc., at least they have something? Not sure if this is a wise way to spend my money. Thanks! Terry Says: …

Do you know fiduciary financial adwaiser who speak polish? Terry Says:   I contacted Randall Bruns,  former chair of the Financial Planning Association of Illinois and he gave me a great answer:  "Try the CFP® Board’s search site at www.letsmakeaplan.org.  You can click “Advanced Search” and choose languages.  Polish is an option.

There are a few online banks offering 2% but online banks seem so intangible, as long the bank is FDIC insured it should be safe--right? Any you would recommend? Terry Says:  I have no concern with online banks, which save the costs of having branches.  But you must remember a few things.  First, make sure…

Hello Terry, I am 58 years old and a 2 year cancer survivor - I had my prostate removed. My Gleason score before surgery was 7. I am trying to obtain life insurance (approx:$100k) but no company appears to be interest unless the premium is equivalent to that of a mortgage payment ... any advice…

What do I need to do with the money. I don't want to lose it to taxes. I am 61 yrs old, Retired and on SS disability. Terry Says:  You didn't really give me much detail, but the headline gives me some clues.  First, you need to find out your "cost basis" in the money…

I am 62 yo, still working, at least for another 2-1/2 years. My 403B is with American funds with no loads. I have other investments which are in stocks and am looking at the 403B for my bond funds, any recommendations? Terry Says:   Please just remember that bond funds may balance a portfolio but they…

I signed up for your newsletter, but didn't receive the link to your "Personal Financial Organizer." Did I do something wrong, or is there a problem on the website? Terry Says:  There was such a huge response that the server crashed!  It is fixed now, but I will send out a new newsletter today with…

My ex-husband , who is an accountant, recently divorced me after 30 years of marriage. I trusted him with our finances all those years, which was a mistake. This is the first time that I am on my own and could use some help with basic budgeting. I hired a forensic accountant during the divorce…

My husband and I are 74 and 77....he has Alzheimer's. We have both worked all of our lives but due to severe reversals back about 8 years ago, we are now in a precarious position. Altho our credit score is very good and we have kept up all of our payments on time over the…

I am 58 years old recently retired from employment and requested my retirement pension in a lump sum totaling $450,000. I haven't pulled the funds yet and trying to decide if I should rollover the funds to an Roth IRA or Traditional IRA? I would like to know what you think the best options are…

Hi Terry, as of right now I am heavily invested in stocks and mutual funds. Where would you say is a safe place to put cash if you have concerns about the market? Terry Says:  A place where you have no risk -- but earn literally nothing!  You can use an insured money market deposit…

I am an 80 yr. old woman that worked and saved all my life. I don't trust anyone with my money because of the endless scams, etc. by financial advisers. I've made all my own investment decisions with limited knowledge I've gleaned over the years from reading financial books and magazines. I have $900,000. in…

Are you familiar with this company, and if so, your opinion please. Thanks in advance Terry Says:  I reviewed the website of this company.  It is impossible, truly impossible for any company to offer returns as high as 16 percent without 100 percent downside risk!  I would categorize this with buying a lottery ticket --…

I just received and accepted an offer on my single family home. I have 4 days to find an attorney to represent me at the Closing. I have called 4 different lawyers for quotes on their legal fees. They are over the place. Some warn about attorneys getting paid fees from the Title Co. that…

Can you assist my effort to have health care providers limited in their charges to uninsured or underinsured persons not exceed Medicare or health INSURANCE adjusted approved amounts ? Only industry that cash payor is billed 5 to 10 times the amount Medicare or Humana would approve. My lab test charge was $1100 and blue…

Greetings! One of our retirement pieces that we had no intention of touching until age 65, is a deferred vested pension at a former employer. That employer has expressed their interest in forcing out the benefit early. Question- At age 65 value is about $250,000, forced out early now with age reductions would be about…

Is it a good time to invest in gold and silver? Terry Says:  You'll never know the answer to that question -- except in hindsight!  There doesn't seem to be a lot of inflation, but there certainly is plenty of uncertainty.  And as we've seen, people turn to precious metals in times of fear. That…

Upon my death (owner of bond), who will get the value of my US Bonds since my husband (beneficiary) is deceased? Will it go back into my estate or go to his heirs? Terry Says:  You should contact the Treasury and change the name on your savings bonds if your co-owner is deceased.  Even if…