Ask Terry Archives

Hi Terry! I am a single mom raising three kids and I received an inheritance of 30,000 that I want to invest wisely. What are your recommendations? Thank you!!

Hi Terry, My husband is 69 and retired. He receives a small pension (enough to cover our mortgage) and about $1,300 in social security. I am 61 and plan to work full time until 65 and then part time until I take social security at 70. I am fully funding my Roth and am putting…

A few weeks ago I asked your thoughts on the Robin Hood application for stock purchases. I don't believe you responded, but if you did, I apologize for missing it. Thanks.

I've had a Discover Card since the 1980's. Since the Equifax breach occurred, Discover Card is offering customers the opportunity to sign up to have their credit information, Social Security number, etc. scanned on the dark web for added security. Discover Card would provide an alert should they find something. Do you think this is…

TERRY MY WIFE IS SIXTY AND ON DISABILITY. SHE WAS TOLD SHE HAD TO CONVERT HER 401 PLAN TO AN IRA'

I have quite a few 401k plans from previous employers, I feel like my assets are all over the place. What is the best advice, leave the accounts as they are or move them to one account. I would appreciate your advice.

My wife and I are 32 and we are shopping around for a financial advisor to help us put together a retirement plan and start saving for our children's college. From what I have read, it is important to have an advisor with "fiduciary" standards. It also sounds like a Fee-Only advisor has less inherent…

I would like to switch my mother to a credit card with a very low limit just for emergencies. She currently has a card but I don't want her to use it. Are there any cards I can get her besides a prepaid card?

My husband has high balances on credit cards and one of them is a joint account which I do no use. He has contacted a credit consolidation company which he said would close the account. How will this effect my credit score, up or down.

Terry, i’m 77 years old. I have 4 adult children, of which, 2 have their own homes, 1 is buying a home next year and the other is renting to own. I have my own home with a mortgage balance of $113,000, & none of my children want my home upon my death. I would…

I have enjoyed your financial work for years and never thought some day I would be in this situation. 1) I anticipate retiring at the end of 2018. I don't have a mortgage (home is paid) no credit card bills or other debt. I am not married and have no children or siblings. I have…

Are annuities a good idea for retired people?

My hubby and myself are in our late 70s and each have 2 managed funds. One is an S&P 500. I have been considering switching to one of the index funds that follow the S&P. Is there a website I can see a comparison between the 2 for say 5-10 year period? Do you have…

Hi, Terry have watched you for a long time on WGN. My daughter is halfway thru her Junior year of college. I had planned to sell stock upon graduating in May 2019, to payoff her Stafford and our parental student loans. We currently claim her as a dependent and itemize deductions. With the looming changes…

Are funds raised through "Go Fund Me" pages taxable? Recently it was reported on the news that some young woman had started a "Go Fund Me" page for a homeless veteran and (at that time) had raised nearly $400,000. Does she have to pay income taxes on the money raised? I realize that if the…

Hello Terry . I watch you all the time on wgn in the morning and try to follow your advice as best I can. Unfortunately in the past year I have found myself in a bit of a financial crisis. I have accumulated about 5300 dollars in debt due to credit cards and a loan.…

My daughter graduated college in May and now her student loan grace period is over. She’s got over $140,000 in loans of which $105,000 are from private lenders because my husband & I have had our own financial troubles and our credit has suffered. We did not qualify for the Parent Plus gov. loans. Our…

Hi, Terry, I listen to your advice on wgn radio and love your energy and wonderful suggestions. My 22 year old son just started his career in engineering and will be getting his first paycheck soon. He is living at home with me and my husband for a bit to save up money. He has…

My daughter has around $15,000 in credit card debt and making minimum payments. She worked as a NICU nurse at Rockford Memorial Hospital but has had to go on disability due to horrible migraines. She has migraines 5-7 days a week and was not able to tend to the little premature babies. She also has…

With news of the College Illinois 529 program being halted again, I was hoping you can advise what families should do who have already started investing in this program. Luckily our child is only in 4th grade so college is not in the immediate future. We have about $17,000 saved in the program to date.…