Ask Terry Archives

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…

My mom is 76, and she is running out of money. She feels like she needs to sell her house. The house is completely paid for, but, there are home owner fees and of course taxes. Would it be wise for her to do a reverse mortgage, or should she sell the house? Just a…

Sorry I did not give enough info before I am 71 years old -- 3 years retired Approximately $190K has to be drawn By Aug where do I put &175K of that so as not to pay all the taxes at one time?? Please help. My regular income is around $3,500 a year and just…

My question is whether I should obtain another credit card. I presently have a credit card that I have had for 15 -16 years and I always pay it off however it doesn't give any return for charging. I also have two retail credit cards. I was thinking about getting another credit card that would…

Hi Terry! I am new to the working world after many years in graduate school and need to start paying my student loans and credit card debt. Student loans I can manage, but the credit card monthly payments along with the interest are taking a serious toll on my finances and it seems like I'll…

Hi Terry, We owe 100,000 on our home. We just took a variable rate {4.24%}Home equity line of credit for 40,000 to do some major remodeling on our home that we built 20 years ago, with the thought that 2800 sq feet is just too big at our age. When we sell, we could probably…

You are among the most-respected money oracles in the business, and here, you are just pointing to shortcomings in government prescriptions for consumer protections. But missing are your alternative ideas on how to achieve the same goals but at lower cost to all concerned. 1. Obamacare aimed to reign in healthcare costs that were rising…

What does this mean to your investments? Terry's thoughts before the market open. And midday update! Terry Says:    As I write at 8am on Friday morning, before U.S. markets open, world markets are roiling at the news that Britain has voted to leave the European Union.  The British pound has fallen to 30 year lows, as…

Hi, Terry-- I recently learned that I should not be putting money into two Roth IRAs monthly as I've been doing ($200 in one, $100 in another) because our combined income exceeds the limit to do so. I plan to contact each institution to cancel automatic withdrawals, but what other option(s) would I have to…

Hello Terry, I think you are Great, why didn't we grow up on the same block ! I have found myself in high credit card debt. I am not panicking as I know I can send 1,000 to 1,500 payment monthly. (we incurred excess medical bills, over the past year and my c.c. payments have…

At the end of the life expectancy calculator at Livingto100.com (mentioned in your recent column), I noticed a site called Betterment which is an on-line investment company. I went to their site, and it looks interesting. Do you know anything about them and/or would you recommend them? Any opinion or info would be helpful! Thanks!!…

Hi Terry, I'm wondering if I need life insurance. Many years ago, I let my policy lapse because I was not gainfully employed and was in serious debt. At 47, I'm wondering would it be wise to seek a new policy and if so, how do I choose a policy and a company? Last year,…

We own our home. Have no debts. Payoff our charge cards monthly. Our only income is Social Security. My husband has an Roth IRA annuity of $44,000. Which we use to pay our real estate taxes. We are 72. We've decided to apply for a Reverse Mortgage. I have Multiple Sclerosis and qualifiy to get…

My heloc matures in February 2020 and I have a balance of $10,200.00. I understand rates are going up and I have the means to pay if off. Should I pay if off or let it ride? Thank you Terry Says:  Aha -- now you are becoming an interest rate speculator!  In the past week,…

My FICO score on my Discover statement is 589 and on credit karma it is 637 and 644. Why are they different? My credit consists of the gas company and 1 secure credit card. How to I raise my scores with such a little bit of credit? Terry Says:  There are multiple versions of the…

Our grandson graduates next week, bonds we have (12 each yr) from 1998 to 2005, approximate value. Thanks for your help. Terry Says:  Go to www.SavingsBonds.com -- a wonderful website that will help determine the current value of the bonds AND, whether it is appropriate to cash them in now.  Many of these bonds are…

I inherited a small amount of money and want to invest some of it for my only grandchild. She is 3. What other than the 529 plans do you recommend? I wanted to invest in Blue Chip stocks and reinvest the dividends. I also need to know if can set this up in my granddaughter's…

This morning on WGN you mentioned FeeX.com to look up how much you are paying for mutual fund fees. My wife's 401K Plan is administered through ADP. Recently ADP started replacing some of the mutual funds with what they call "web only" funds. These are not the usual "similar" funds used for 401K type accounts…

Hi terry.... My husband and I inherited a home about 2 yrs ago ... We've taken out personal loans to keep up with the mortgage payment.. We tried putting it on the market but we owe more than market value... Do you have any suggestions? Terry Says:  If you're not living in the home, then…

Hi Terry. I am a retired firefighter. My wife is employed and has her own retirement plan. I want to pay off some debts but don"t know which ones or if I should. First, I have less than $16,000 left to pay off my house. My monthly payment with principle,interest, taxes, and $100.00 extra to principle…