Ask Terry Archives

Terry I have payed for my daughters first year college with the college of Illinois fund. I saved enough for the first year but now I need to find away to pay for the next three years. I don't want to use my retirement savings but I have been unable to get a loan for…

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…

In reference to the above topic, if the woman would have initially filed her own tax return (so both parties filed separately), would her credit have been ok then (left untarnished)? Terry Says:  That all depends on whether their credit was co-mingled in some other way.  If they had jointly signed for an apartment rental,…

Hello Terry, I writing because I'm lost and don't know what to-do. I just enrolled in my employers 401k plan and they have given me the options of self management with no fees with online advice and guidance included. The other option is to allow them to manage my account for a fee of 0.5%…

hi Terry, I listen to you all the time on WGN. Today, (the 25th) I heard you talking about insurance coverage for students up to the age of 26. I am divorced, my children are 20 and 22 and they are covered under their fathers insurance. He just retired from UPS. I always thought under…

Hi Terry, I have followed you for years -- ever since you spoke at our Merck event in Cancun, Mexico in 2002 or so. I have taken all of your advice since then. My question is - should I pay off my home mortgage? I owe $299K. I have a 10:1 arm at 2.8% and…

Have you written any articles regarding being executor for an estate that contains both qualified and non-qualified accounts and cash?? Interested in acquiring information on what to do with funds/cash until probate period over, and then for disbursement of funds to beneficiaries. Ex: if should hold or sell conservative funds before a possible 6-month probate…

My son is an expat living/working in China and while he has limited health coverage through his employer, I have been paying for a more comprehensive health insurance plan for my own piece of mind should he encounter some catastrophic event. Unfortunately since the implementation of Obamacare, these premiums have more than tripled. I am…

I just saw you on WGN discussing Feex.com. I visited the site and was surprised at the level of personal information they requested. I am really not comfortable doing this. It would be much easier and less intrusive if you could just enter a five letter fund code or ETF. I've always enjoyed reading your…

You recomend the use of FEEX.COM to check for actual cost of fees. Has this site been thoroughly vetted as an account needs to be established and financial information entered as the terms and conditions note. Can't be completely trusting these days. Terry Says:  Yes, you can absolutely trust FeeX.com.  They adhere to the highest…

Terry, I am working in the corporate world making a comfortable salary. I am 58 years old so I am 8 years away from my full retirement benefit. I have a nice savings in my 401K account. If I "retire" early but want to work part time will my reduced earnings decrease my future monthly…

Should a 77-80 yrs old continue to buy properties like condo or another house for investments ? At what age should you stop investing? Terry Says:  As long as you have a good financial plan, there is no reason to stop investing at any age! But you should make sure that you have enough liquidity…

Hi Terry, My husband and I are 52 and 53 years old. we have been working really hard to pay off our credit cards and we still have a combined debt of appx $50,000. We recently sold our house (used that money to pay off some debt) and are planning on moving out of state.…

At 75 are taxes less or more on closing my IRA;s vs. my daughter inheriting and paying taxes? Tax payments will come from the IRA's principal so I'd like to know the best way to save the money. Terry Says:  Your daughter can inherit the IRA -- and roll it into her own IRA where…

Hi Terry, I just sold my business and retired. I want to find a financial advisor to formulate the long term plan for my husband and myself. I want an advisor who gives advice on a fee basis. I do not want to work with a person who is selling. Thank you Marcia Terry Says: …

What is your opinion on First Position Commercial Mortgage Notes that pay 6-7% interest income ? Legitimate or scam? Pros and cons? Terry Says:  I have been asked similar questions frequently and my answer is always the same.  Avoid these "deals" like the plague-- unless this is high-risk capital and you are willing to lose…

As grandparents, we have invested in the Oppenheimer Bright Start 529 funds for our six grandchildren, ages 2 - 8. Sometimes the amounts go up, other times they go down. For example, a $15,000 account grows as little as $60 a quarter. Would you advise that we continue investing in these funds? Many thanks! Terry…

Hi Terry, My daughter was married last year. She was in good financial shape until then. Apparently her husband has huge outstanding student loan debt and has not been keeping up the payments. I think the loans have been seen to collection agencies. When she filed their joint income tax return, the refund she was…

I am considering a reverse mortgage. In general, what do you think of them and do you have any thoughts on who does the best job with them. I am 77 and have very good equity in the house and we would like to do a lot of work to the house. We have been…

Hi Terry I am finally at the point that I have paid off all my credit cards However I have way too many bank and store credit cards How do I go about canceling some of these cars without ruining my credit score Terry Says:  First, congratulations on reaching that point.  Just posting this will…