Ask Terry Archives

I will be 63 this year and I still owe $157,820.22 for mortgage (not pay off amount) at 4.00% still have 12 more years to pay. I was forced to retire by employer so I'm using a small portion of my 401k/IRA for payments instead of social security. I do have money set up with…

Hello, I am a 30 year old. I am quitting my job to go back to a trade school to become a web developer. I cannot work while in this program because it is expected to take between 50-80 hours a week. I have financing in place to cover the school's tuition (13K), but I…

We are retired for several years. We have been with this financial group for 20+ years. A few years ago we signed up for Managed Allocation Portfolio - service agreement. Due to the market, we have been losing a lot but now have large mapping fees on top of the loss. What is your opinion…

what secure site can I go to print out my will? will it be legal? Do I need to have an expensive lawyer? Terry Says:   I'm not in favor of do-it-yourself wills.  If  you make a mistake, you won't be around to fix it when the mistake is discovered.  A will -- or better yet…

Terry, what is your opinion regarding POD's or TOD's (pay or transfer upon death) accounts? I think these are called poor man's trusts. A way of allowing kids to realize savings and CD accounts if both parents die at same time. I think these require opening new accounts rather than making change to existing accounts.…

Hi Terry, if ownership of an insurance policy valued at about $60K is transferred from a mother to a daughter and then ownership is transferred back (without cashing in or altering the policy in any way) in the same tax year (actually within 1 month within the same tax year) is it necessary for both…

Dear Terry: I would like to know your suggestion for transferring some of my funds, which I have in a regular bank statement savings account. For the small amount of interest being earned, I feel I may be keeping a bit too much in this type of account. It is roughly in the area of…

What are the rules when leaving a ROTH IRA to a minor child? Terry Says:  Aha, you've touched on a tricky issue.  The advantage of leaving an IRA to a much younger beneficiary is that they can stretch out the growth of the IRA assets over their lifetime, taking only minimal distributions based on their…

I just heard you discussing this with Steve Bertrend on WGN radio. I read your article a few times and want to make sure I understand my options directly. I will be 65 at the end of May and my wife is 62. Based on what I read, I cannot file for this program prior…

What box do I check for Line 3 on a W-9 form. I have to fill this out and turn it into my mom's John Hancock Annuity as she has passed and listed me as a beneficiary. I am just a stay at home mom, with no employment, I do not own any companies or…

My wife is 68 collects 1300/month I am 64 I collect 1700/month from social security ,are we able use this social security deal you talked about on WGN. Do you need anymore info from me. thanks Terry Terry Says:  It's a shame you didn't wait until your Full Retirement Age (66) to start collecting benefits. …

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…

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…