Ask Terry Archives

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…

Good Morning, I live in Wisconsin, my home is located in California, I Purchased through a FHA loan in 2010 at 4.25 fixed interest rate. In 2012, I was approved for a home modification, due to employment change and value of the home diving, which reduce my monthly payments and knock out a bit of…

Terry, what do you think about buying proof quality silver and gold coins from the U.S. Mint? Terry Says:  I think they're a terrific gift for graduation or birthdays, and probably not a bad investment.  Just be sure to buy directly from the U.S. Mint.  I noted in a recent column that there are some…

What is the program that allows investors, especially young people, to purchase individual stocks in various companies. Was the brokerage house that has this program set up Fidelity? Thank you. Terry Says:  Stockpile.com is the website you're probably thinking of -- It allows you to buy "gift cards" that let the child choose shares in…

Hi Terry .I owe$220,000 on my house .I am 56 years old ,my wife is 59. we probably will not be staying in the house past six years.That is when I will retire with a full pension. We only have $75,000 in retirement savings. We just start putting 15% towards retirement. We have no debt…

Through circumstances beyond my control, I have limited funds at the age of 75. And find myself still working as a realtor. I collect SS and have one annuity ($50,000+)that once I begin collecting will yield about $400 month. Beyond that I have about 25,000 in cash and 100,000 between an IRA and Roth IRA…

what do you think of QLACS? Terry Says:  Here is a link to my most recent column on these Qualified Longevity Annuity Contracts.  As you can see, I think they make perfect sense for people who fear they will "run out of money before they run out of time!"   The idea is that you give…

Are annuities a good idea and if so which types? We are discussing the possibility with our Fidelity advisor but want to be more knowledgeable before we make a decision. Terry Says:   That is a HUGE question -- but I'm glad you're working with Fidelity to get the answers.  For sure, you will get the…

Hi Terry Here is my question.... I'm 59 years old and I have $6,500.00 to invest. Do I add it to my existing Roth IRA, or do I make an extra principle payment to my home mortgage? I currently owe $198,000.00 on my mortgage with an interest rate of 3%, and 15 years left. Thanks…

Ms.Savage, Is it possible to take an appraiser to small claims court based on the lies stated in the appraisal and the comparables used that caused the loan amount to be decreased? You're such a wonderful MENTOR. Thank you and 'Bless you. Terry Says:   The appraiser is typically hired by the lender to verify that…