Ask Terry Archives

I have 15 $100 Series EE U.S. Savings Bonds issued in 1995. My SSN is on the bonds. My name is listed in owner field but there is a caveat stating "Mail to XXXXX" and her address. She is the co-owner on the bonds ('or' person) and is my mother. I would like to change myself from…

If my parent does not occupy the home due to disability or care need at this time or any time during the year, but the home is not occupied/rented by anyone else is she still eligible for the Senior Citizens Exemption? If I contact Cook County to ask, is there someone there who can help…

Terry, I hear all these financial people saying that an annuity purchased through a Broker can be expensive, so I purchased a fixed Annuity with Vanguard, who brokered it for me. I have heard Bob Brinker on Money Talk say that Vanguard was good. was that good advise? Terry Says:  When you deal directly with…

Recently an advisor was indicating that we should invest in an FIA. I am a few years away from retirement and my wife a bit more. Between us we have 3 different pensions, social security and about $950k in 401k, 403b, rollovers, annuities and some mutual funds. I have read and talked to other people…

Hi Terry, When my mother turns 90 next year her variable annuity IRA will annuitize. We would like to perform an IRA rollover prior to this occurring. She depends on her IRA distributions and social security for her monthly income and other than her house and a savings account (~$50K) she doesn't have other substantial…

I am wondering if you could explain why international trade pacts are a good thing for the American workers and American economy as a whole. According to some info that I hear, we have about an annual 3/4 trillion Dollar deficit in our trade with the rest of the world. If we shut our borders…

In Last 5 or 6 years 0. 88 - 0.90 Euro buys 1.00 USD I do not see how Euro has fallen against US Dollar ! Terry which comic book are you reading ? Terry Says:  The dollar and the Euro have an inverse relationship.  Here, click on this chart!  Select the 5 year comparison…

Good Morning....Being a lifelong Chicago resident I have always enjoyed your sage advice on financial matters on TV, in print, seminars etc. In your recent Tribune article on 401(k) borrowing you appear to view as "negative" either voluntarily or involuntarily leaving a job with an unpaid 401(k) loan. I somewhat understand your thinking if someone…

HI Terry, I am planning to retire at the end of this year when I will be 68 yrs. old and, if needed, would start Social Security. I am VERY concerned about loosing my money like what happened in 2008. We have attended MANY investment/retirement seminars over the past years and I am still very…

I am 54 yo and retired. My husband passed away and his death benefits support me. When I turn 55 I can start collecting my pension also, of an additional $909 monthly. Do I collect this now or wait. I do not NEED the money, but doing the math. At 65 yo I will have…

I can draw out 10 percent of the annuity yearly or 20 percent for the first time on a withdrawal. I don't need the money but I am 67 with health issues and would like to put money from the annuity into an investment that is somewhat safe. By doing this I know that I…

My husband in his mid 80s has a long term care policy that he has had since 2007. In retrospect, because he was denied by other companies, he jumped at a plan through Mutual of Omaha. Monthly premiums are in the $250.00 range. Except for spinal stenosis, he is in good health. We recently learned…

I am a 78 year old woman, fully employed, receiving widow's pension from social security. Are my social security benefits taxable? Terry Says:  That depends on your other income.  Here is a link to the specific page at the Social Security website that gives details. But basically if your "combined income" -- which includes income…

I live in Michigan, am 82 years old and my husband passed away a year ago. I have a question on a life insurance policy and what would happen if I had to apply for medicaid for nursing home care. I am the policy holder of a $30,000.00 policy that was taken out in 1998…

Hi Terry I was caught in the housing market crash of 2008 & had to file bankruptcy to save my home & was given a loan modif. Which has helped my int. Rate was at 2% until last year now at 3% & wil finish at 4% Aug.2016 I have always had good credit &…

My daughter, in her 20s, just got hired as a police officer and is offered a 457 deferred compensation plan by ICMA-RC. There is no matching. Should she invest in their IRA or Roth IRA which allows a max of around $15,000 or invest on her own with an IRA or Roth? I realize that…

Can a parent set up a Roth IRA for an adult child who is jobless? Terry Says:  Contributions to a Roth IRA can only be made out of "earned income" -- from work!  It doesn't matter who makes the contribution, but the amount can be up to $5,500 for a person under age 50 --…

Hi Terry! I'm thinking of renting out my condo in Chicago. I was wondering about the tax implications or any other type of fees I would have to pay associate with renting. I definitely will be able to rent it for more than my monthly mortgage by about at least $400 or $500. Thank you!…

I listened to you today on WGN. You mentioned a sight where I could find information on refinancing parent PLUS loan at a more reasonable interest. I was driving and couldn't write it down. What is that sight? Thank you Terry Says:  Yes, go to www.SoFi.com.  I've written about them before.   SoFi stands for Social…

Terry, I enjoyed your informative article dated 11-22-15 re "...cashing in savings bonds." In addition to the federal income tax on the interest upon maturity, is there a late penalty fee (or worse) from the IRS if the EE bonds are misplaced and then found and subsequently redeemed in year 31 or 32? In such…