Ask Terry Archives

How far back can i claim my home owners tax exemption? Thanx Terry Says:  There are several forms of exemptions, and I'm not sure which you're talking about.  I'm assuming you live in Illinois, where many of my readers/viewers are based.  In that case,here's a link to the Cook County list of various exemptions that…

I have a Discover It credit card that provides a updated FICO score as part of my monthly statement. My concern focuses on the fluctuation in my FICO score as it is reported by Discover. Over the past year, my FICO score has ranged from 808 to 823, with monthly fluctuations as follows....811, 813, 808,…

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…

Hi Terry, How often should I review my 401K account and make adjustments? Thanks, Julie Terry Says:  That depends on your stage in life.  If you are under 40, then once a year is enough -- because you need a long-term strategy and should stick to it.  Older than that, probably twice a year.  But…

Hi Terry, You recently persuaded and discouraged me from filing for Bankruptcy. Thank you! I am reaching again because I do not know who too trust. My current scenario is as follows: I have (3) credit cards that I stopped paying (6) months ago. 1. Chase – I owed $12,201.58 and it appears they wrote…

Hi Terry, What's your advice please! BMO-Harris Bank just started offering a new CD rate of 2 %, APR, for 59 months, (almost 5 years!) With a 5K minimum investment per CD. Is that too long to lock up 5, 10, 15K? And a 6 interest month penalty, for early withdrawal! Do you see rates…

Hi Terry, know you're very busy! But what's your advice on short-term Commercial Real Estate loans? WGN has Jordan Goodman on a lot, recommending them! They sound pretty good, BUT????? Are the safe for savings account money since CD reat are so low now? What's your risk assessment for the average investor? What would you…

What is the best credit card to get that offers cash back on all your purchases? Terry Says:  There are a variety of credit card rewards program.  Here is a link to the page on Bankrate.com that rates "rewards cards."

Hi, and thank you for reading this. I have a 80,000 Parent Plus loan that I will need to start paying this year after my daughter graduates. I am remarried and my husband is a retired Veteran, collecting a military pension, but he is still working until he reaches 65 at another job. I am…

my taxable income for 2015 was $63,061.37; and I sold some long term real estate for $125,000. do I have to pay a capital gains tax on that sale? Terry Says:  That depends on whether it is a personal residence, or an investment property.  If it's a personal residence that you own only in your…

I've been researching the issue of whether to purchase a home before I retire or wait to after? I have a couple of situations to consider. Obviously my income, would not be the same vs retirement, however I believe we can afford a reasonalbe mortgage, under $1400.00., then I wish to live out of the…

I have a federal Student loan taken out for $35,000 between 1992 and 1994 consolidated in 2001. Interest at 8.25% Paid back $47,000 over the life of the loan. Because of high interest rate now owe $86,000 and have a 30 year term to pay almost 700 a month for a total of $218,000 additional…

Considering withdrawal of balance in reverse mtge of $190,000 and want to keep it safe and liquid. Thinking of money market or.. CD. We are seniors 92 and 87 years young. Please advise. Thank you Terry Says:   Wait, that's not a good idea!  You will pay far more in interest and fees if you withdraw…

Hello Terry, Read your column on how to maximize college scholarships that you can receive (in Chicago Tribune, 11-Jan-2016), and loved the suggestions (talking to your high school counselor to find out about locally offered scholarships, was new to me). I would appreciate if you can guide/suggest some things for my situation : I am…

My wife and I have filed for Social Security. We are 66 years old. She is taking her full benefit and I am taking half of hers. I hope to work until 70 yrs. old and then take my full Social Security benefit. We own a business. What is the best way to work with,…

I am a widow..live alone should I consider long term insurance and what should I look for so I am not being taken advantage of Thank you Terry Says:  This requires more information about your situation -- both personal and financial.  However,  I am happy to direct you to someone I trust 100 percent to…

I have two IRA annuities. I would like to take ALL of the RMD total requirement from one of the annuities since it pays 3% while the other annuity guarantees 7%. The company that has my 3% IRA will only let me take the maximum of the RMD calculated on THEIR RMD and not on…

Terry, please advise if the current downturn is a time to rebalance your 401(k) or if rebalancing should only be undertaken during peak highs. I know it isn't a simple thing so any basic advice would be appreciated. Terry Says:  There is no right time to do rebalancing.  When the stock market is high, you…

I have some US Savings Bonds that will mature as early as June and another group later this year. Am I better off to wait for their maturity date or cash them in now. If I hold them will they continue to increase in value? The rate of interest when purchased was 6% was that…