Ask Terry Archives

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…

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…