Ask Terry Archives

planning on retirement this fall,have option pension (3900 per mo./reduced to3000 per mo. @age 65) or lump sum 750,000.00 which would be the better choice? I am 59 yrs old

Both my wife and I are green card permanent residents but are not us citizens should in the event of a death. Of one spouse all properties bank accounts ect are trans to the remaining spouse without paying estate taxes untill the second spouse dies.this I understand is how it works ie marital exclusion for…

Hi Terry - My husband and I established a HELOC to fund our daughter's medical school education. She has been making monthly repayments since she graduated. It is not an "arm's length" loan. Up until the tax law changed, it worked fine: She repays us to cover lender interest and some principal, we expense the…

My daughter can contribute to a 401k pre tax and/or 401k Roth post tax at her place of employment. The company matches up to 6%. Should she put 6% to pre tax and 4% post tax? My guidance to her is she HAS TOO save 15% toward's retirement (includes employer contributions). Is there a rule…

How can I transfer my entire investment account from a full service brokerage to a discount brokerage?

how to?&with who.

Plans are to retire next year at 62. I currently have my 401 in a 2020 target date fund from voya. As far as I can tell,it has about 30% to 40% in stocks. You had mentioned to reallocate some of it, if we've been in it since 2008/2009. What would you suggest putting it…

Hello: My wife and I have different last names; we need to combine two separate trusts into one name, so that the bank will change the beneficiary to a combined trust (they will not put it in two named trusts). How do we do this? Thank you. Jack

Dear Terry, I'm a 57yr man, all kids are adults, not much debt, married still working, which IRA should I get traditional, Roth,or Sep which is best for me to get with modest amount of money

Hi Terry, First I want to say I love all of your advice and I have worked hard to decrease my debt using your tips. My husband and I are getting a substantial amount back in tax returns this year. We have a small credit card balance that we have automatic payments on, zero balance…

Hi Terry, Radioaholic me heard you on the air again last nite and wanted to ask...Per the "not losing $$ in the stock market in any 20 year period," doesn't it matter HOW MUCH the market's made you in any of those 20 yr. periods? ...I see my battery's low on power, thus will have…

What are your feelings on Ripple, or the blockchain supporting the new internet? What is the safest way to invest?

Dear Terry, First and foremost, THANK YOU for sharing your wisdom. I have been following your advice for many years now and it always leads me to a good place. I just read your column about 529s along with your opinions about BrightStart, the 529 College Savings Plan here in IL. I plan to open…

My son will be 26 next July. He still lives at home, and has only been able to find part-time work at minimum wage. I am concerned that he will not be able to afford healthcare. Is he eligible for any subsidy or reduction in healthcare?

Hi Terry, I have been trying to find a credit card and debit card that would be best to use while I travel internationally (1-2 times per year). I am looking for a credit card with no foreign transaction fees and decent rewards. Ideally, the credit card would be my main card to use all…

I'm 62 and receive Social security of $1,243 monthly and I'm receiving a $100,000 cash gift this year. will I get tax on my Social Security?

Hi Terry, Happy New Year! Im looking into transferring my current self directed IRA, which previously was under a broker with a large banking institution (and Ive already paid the commissions to initially get into my funds and currently dont have any ongoing fees). Since the change in government regulations regarding IRAs, the question I…

Hi Terry, I’ve read some of your previous answers on Illinois Brightstart 529 plans. I’ve read there were some changes made in December of 2017. Do you still not recommend the Brightstart 529? I’m trying to decide how to open a 529 for my one year old. Is Fidelity a decent option? Thank you!

You discussed a website on the WGN morning show a couple weeks ago where you can invest small dollar amounts for little or no cost. I'm retired and I have a brokerage account but I wanted to invest a small amount that I would have complete control of. I enjoy your segments on the morning…

My wife and I are 62. Holding off on SS until 70. We have about $500k in savings, house paid off, no debt. Last year my individual stocks returned around 16% but the equity funds my broker has us in returned much less. Am I being foolish by riding the Bull market for too long?…