Ask Terry Archives

Do you know where I might sell my dad's old stamp collection? I don't know anything about stamps, so I have to hope they are honest. Thank you. Barb Terry Says:  This is really a tough question.  I know coin dealers I trust, but I don't have a personal recommendation on a stamp dealer, or…

Your column is generally quite helpful but how can you recommend Lifelock in your column when Lifelock agreed on 12/17/15 to pay a fine of $100 Million!!! to the FTC for, among other things, Misleading consumers with deceptive Advertising? Plus, they already paid a fine to the FTC of $12 Million back on 3/9/2010. Regards,…

Hi Terry I read your column just about every week and my question to you is about capital gains. My brother and I purchased a commercial property in 1979 and ran a business for over thirty one years. We paid seventy-five thousand for it and sold it for four hundred thousand in 2015. We owned…

I am working with a financial planner who wants me to roll my 401k into an annuity that he says will get me a 7percent return on my money. He said the fees are about 2 percent but would be worth it. Are annuitys a good way to invest or should I stay away. Terry…

Terry, Not a question but just wanted to say that I agreed with your thoughts on Governor Rauners Speech! I can't figure out how people have not figured out that this has taken a long time to get in such terrible shape and those people( republican or democrat) have to go! We can't keep doing…

I have a 401k and an IRA. At age 70 and a half, can I take a distribution from one account to satisfy my total RMC for both accounts. Terry Says:  Are you still working?  If not, I would suggest rolling your 40l(k) into an IRA.  Here's a link to my recent column, which may…

I took your advice - froze my credit - should my wife also freeze her credit ? She has been a homemaker for 30+ years Terry Says:  Yes, she would want to freeze her credit, too --  especially if you have joint accounts!  That assumes that she is also not planning to apply for new credit,…

I remarried 6 years ago and I myself invested in a condo in Florida which I bought for $165 K at an interest rate of 4.88%. I do rent it out as a second home. My name is not on the title of the house that I live with my husband in IL. What factors…

Can I get more then 1 Senior real estate tax exemption ? Can I send in Senior citizen exemption and Senior freeze exemption? Or must I choose one? If so which one is better ? Thank you Terry Says:  I'm going to presume you live in Cook County, IL, where most of my radio listeners…

Terry I have several questions on moving money from a 401k to an IRA. Currently the money is in a T Row Price Retirement 2015 and Retirement 2020 and the T Rowe Price S&P Index 500 fund. That is a company sponsored plan. I plan to move it to the 'regular' T Rowe Plan funds…

I would like to invest a small amount of money in gold not gold itself but in the gold mines is there a simple way can I do this Terry Says:  Contact Fidelity or Vanguard and ask about their mutual funds that buy gold mining stocks.   Or go to www.USFUNDS.com, and inquire about  their gold funds.  That…

My husband and I are living on our S.S. income. We need additional income and are thinking of taking dividends earned on stock in our 401K's in cash instead of reinvesting. I will need to start withdrawing from my 401(k) next year. If we convert the dividends to cash will that count towards my RMD?…

I am 71 years old semi retired. I have considerable debt ( 40,000.) and was wondering if I should refinance my home or if I should take money out of my Annuities to pay off debt? Terry Says:  Well, I think I need to know more about the larger picture here to give good advice,…

Terry, We often see advertisements in the Chicago Tribune from Sun Cities Financial Group offering higher yield short term CD rates. Currently they are offering The Presidential CD : 6 Months at 4.5%. Do you have any experience with Sun Cities and these offerings? Would you recommend them? Sounds great in the current environment. Thank…

My husband 69 and myself 66 sold our home of 44 years. We paid 110 sold it for 490,000. We took a reverse mort. In 2013 when we sold in February 2015 we paid everything off and got about 135,000. Bought a condo for 101,000 do we owe the gov anything all are in come…

you mentioned in a brief article dated oct 2015 that the tax rates that one pays on capital gains are determined by your tax rate bracket. is the tax rate bracket the one you have typically been in over many years or is it the one you would be when calculate doing your 2015 return?…

  I currently work as Public Health Nutritionist, and I have the opportunity to go back to school to complete the required course to obtain the national credential "RDN". With that credential I will be able to apply in the private sector and will start making $50,000. If I stay in the public sector I…

Hi Terry I'm 36 years old and going to school full time in September for a 2 year program. I've already been approved for financial aid and federal loans, but will need to take out additional loans totaling about $25,000/$30,000. I have a previous student loan that I paid off on time with only 1…

How do you make sure your bank will have the beneficiary you have chosen for your account when you are gone? Even filling out the information when you opened the account can be lost or misplaced by the "new" employees years later. Thank You, Terry Terry Says:  Wait, you have it wrong.  Bank accounts don't…

61- Retired - no debit cards - no mortgage or planning to get one- 2 credit cards - use as charge cards - Do you think freezing credit right thing for us ? Who and how do I contact ? Will this effect credit cards I already have? Terry Says:   The idea of a credit…