Ask Terry Archives

Where do I find those forms you had on your website to complete for our spouses and children with all financial information to make it easier for them in case of a death?

We have $1,800,000 in retirement savings. We have no debt. We could take lump sum payments on our pensions that would equal $700,000 or monthly payments that would equal $49,000 annually. My wife is retired and I will work another 4 or 5 years. We are both in good health. Is there a "better" way…

Typically I receive a bi-weekly check, which is naturally taxed. And from the net income I'm able to contribute some into a basic IRA. However, whenever I will receive a distribution I'm taxed again. Double tax the way I interpret. Is it the age of 70-1/2, for no more taxes to be paid on a…

What should I be careful of when looking for long term care insurance. I'm 70 years old.

hi, i have the register app debits and credits . its ok but i feel that there are plenty of better ones. do you know of any and what do you recommend.

How can I get in touch with the Debt Council for Seniors & Disabled? Your article that I read (perhaps on Huffington Post) referred to a website at "debtcouncil.net" which is inactive. Thanks for your help.

what are the qualiforcations forsenior taxexemption

Do you recommended the Illinois plan

Hi Terry, I'm confused by your recent answer to the question whether I Bonds are good inflation protection. You said to avoid them because there was a change to the interest calculation. What changed? I can find no reference to any changes other than the usual twice-yearly setting of fixed and variable rate components. Thanks.

How do financial advisors make money on accounts, and how much?

Hello Terry, I am here in USA on a work visa (H1) and am waiting for my (and for my daughter's) green-card to arrive, which will take several more years. I have a sodaughtern (who is my dependent and hence on H4 visa) who is a Cupertino Middle School,California. I have stayed in California state…

Has it been passed into law that the standard deduction on the IRS form will be doubled for the 2018 tax year?

I worked for a company with an Employee Stock Purchase Program. I have since left the employ of said company and it seems I must liquidate or transfer the stock I own. I was hoping to transfer the stocks (instead of liquidate) into a ROTH IRA I had previously created several years ago. I am…

Dear Terry, I've read that iBonds from the US Treasury are a great investment because they automatically adjust for inflation.Is this true,and what do you think about them? Thank you for your advice through the years!

Hello Terry. Actually, I have 2 questions. Question #1: I don't think I've heard anything about the standard deduction of $24,000 married filing jointly and home interest rates. For example, a couple could buy a house and have $1,200 interest per month = $14,400 interest deduction per year. If they don't have too many other…

Hi Tarry, I read your article in the UT-SD today about HEloc interest deductability. If my HELOC was originated and has principal amount was 65k, will that interest be deductable under new tax law regardless of how the money is used? thanks

Will Social Security be taxed the same way in 2018 as it has been taxed in prior years?

Here I am again asking a question for my niece. One of her daughters graduated Willowbrook High School in late May of 2017. She turned 19 in October of 2017. She meets the IRS definition of full-time student (“A full-time student is one who is enrolled for some part of five calendar months for the…

We are both retired and have a comfortable income from pensions and my wifes SS, at present I'm not collecting my SS. We have a sizeable investment with a financial advisor which at this time we do not take any withdrawls from, I'm calling it legacy money at this point. In my wife's portion which…

Hello Terry, How should someone balance saving for retirement (for me, 30-35 years from now) versus saving for medium-term goals like a house downpayment? I'm saving about 22% of my gross income for retirement by maxing out my 401k and IRA contributions, and am fortunate enough to be able to put money into taxable savings…