Ask Terry Archives

my daughter has good credit and has a good condo on her own she plans to marry someone soon who has terrible credit and his house is in foreclosure bankruptcy has not paid on house in over a year . The condo is in her name.  What should she do to protect her assets before the…

I read your comments about choosing a financial planner but in addition, I am wondering if there is a way to check (other than references) on the credibility and reliability of a financial planner? There is the BBB for businesses and there are sites that rate hotels and restaurants. Is there anything like this for…

What stocks would you suggest this month as a graduation gift? Terry Says:  I have a GREAT solution to that question.  Go to www.Stockpile.com and purchase a gift card, or multiple cards.  You put the cost on your credit card (for a fee) and the card is either mailed to you or emailed to the…

Hi Terry, my daughter is trying to refinance her student loans from law school. She has asked two local Banks and they told her that they cannot refinance them for her because she does not own a house. I was wondering if you have any suggestions as to where she can go to get her…

For the writer whose father cant' seem to make a decision on how to split time between 2 locations it is possible that the issue is a financial one. While the last part of your answer regarding leaving an inheritance may be an issue it could be that the father is embarrassed to admit that…

I have $15000 in credit card debt, paying $300 a month min. payment to them. Should I try to borrow that amount from bank to pay off quicker? All my wife & I make is $1670 a month on S.S. Have $600 house payment & of course utilities. Would my local bank be the ones…

HI Thank you for your great information Can you educate me on variable annuity ? I took out my 401k And the manager is suggesting variable annuity I am afraid of the fees . I have about 4 more years to work so I am not afraid of the lock in , so much is…

hi-I am hopeful to have a reasoned answer to this perplexing issue-- My parents are 80 and have a home in Scottsdale az-- valued at around 250k--possibly owing 60k the issue is our family etc is here in Chicago and they are staying at various famlily members homes for thenext few months and that is…

I am retired at 60 years old with a yearly income of $20,000.00. I am considering liquidating all of my former company stocks ($200,000 value). My research reveals that those in the 10% and 15% income earning tax bracket will pay 0% capital gains tax on the stocks. Is this correct ? Terry Says:   You're correct…

Saw the newspaper article entitled "Gold prices are on the rise," a few weeks ago. The article was about buying and selling gold. A question about selling gold: If you check and know spot prices, is that typically what you will receive when you sell? Shouldn't you receive less, so that the buyer has a…

I am 64, have no real property nor investments & collect $662/monthe SSI. I have never married with no children. Since I have donated my remains to the Anatomical Assn. of Illinois, when I am gone, money will be needed to transport my remains to the facilities without embalming. My question is what is the…

I need to consolidate a few credit cards....who can i contact? Terry Says:  If your credit is good you can roll your balance from a high-rate card to a lower rate card.  It's called a "balance transfer" and you can go to www.Bankrate.com and look up the best deals on balance transfers.  Here's a link…

Just saw a TV commerical about a guaranteed 5% return with no risk. It was from Wally Mackey investing in Bridge Loans. I saw you article regarding bridge loans. How can Mr. Mackey say this investment is safe and still give a 5% return? Terry Says:  I will say this one more time -- actually…

Hi, Terry! I am a single woman of 61 earning just $43000 per year working two jobs. My main retirement is through OPERS and I currently have $77000. I also have $11000 in CCAO retirement fund. I pay social security through my second job and will possibly get $600 per month when I retire at…

I didn't realize it was mandatory to take money out of my 401k plan at 71 1/2. Now, I find out, at age 71 1/2 that I should have done this. I have about $310,000 in my account, what can I expect to have to withdraw and approximately how much in penalty will I have…

I am 62 years old and I would like to withdraw $100,000 to buy my son his first home. Is there anyway to avoid claiming the hundred thousand as income? Terry Says:  First, there is NO way to withdraw that $100,000 without declaring it as income -- and it would put you in a much…

I received my short term disability CHECK it was 216 i been out of work since April 8 when will i get the rest Terry Says:  OK, I need more details to give you any kind of direction.  Is this a state or federal check?  I'm assuming it comes from your state, or possible from…

I entered all the info on me EE bonds in Saving Bonds.com including my name,email,address. They said my email was not valid.I had to leave the screen for a few minutes and when I returned all my info had disappeared and I was unable to pull it up again. Is there is danger of someone…

My husband and I are in our mid 50's and both working but plan to retire in our mid 60's. We own a home that we still owe a mortgage on. We have no credit card debt, excellent credit and enough savings for a down payment for another home and can manage another mortgage. We…

Dear Ms. Savage, I read your columns with great interest in the “ Sun Sentinel” and recently you talked about Municipal Bonds which lead me to my question below. I am a 77 year old senior and part of my Asset Allocation is the Vanguard High-Yield Corporate Fund and I have presently a loss of…