Ask Terry Archives

My husband retired at 60, I'm still working and am 58. He has a pension for life. If he dies I will receive 75% of his monthly pension! We have enough to cover 2 years until he gets ss. But we need to payoff cc debt and a loan so we will be able to…

My mother has been conservatively investing in the Treasury Money Market for many years in the Vanguard IRA. Very little return from the $90k in that fund. She does not need the money for any use and the forced distribution each year only ends up in a savings account at the local bank. In your…

I understand I can give an amount each year to nieces and nephews without (inheritance or gift tax) and without them having to wait until I pass away. Do I have to make any notification to IRS before moving money to their savings accounts? (Amount $14,000 each?)

Terry, in your column in today's Chicago Tribune you state the "The total value of life insurance and retirement policies are included in the asset value of the estate of the person who died while owning the account or policy." Did you mean only the cash value of the policy would be included in the…

I contributed to a company tax deferred plan. I retired & I am 62 yo. In 2016 I withdrew 12,000 but had no other income coming in. What will I have to pay on taxes for taking this ? I am single.

You were one of the very first financial experts to call attention to the underfunding of the IL State Teacher Retirement system. What do you think is the most likely outcome for teacher pensions in Illinois ? Will current retirees lose their COLA ? Will they have their retirement recalculated downward ? Could the state…

Retired. Have hi yield bonds in vanguard also inflation protected securities bonds. Should I remain in these bond funds? I just opened the inflation protected bond fund but am now thinking I should get out. Need your opinion. Thank you so much, Jan

How do I find a financial advisor?

Hi Terry, I have student loan debt and I have been working for 15 years. I am looking for advice on how to best pay down this loan. I seem to be with an loan company that is not very good. I am looking for a solid advisor to help with refinancing and paying off…

Due to an illness, I couldn't pay credit cards, they have closed the accounts. Should I continue now to make payments on them? I saw you on WGN saying if they were written off, don't pay the collection agency, but what about if they just closed them? Thank You!

How do you buy penny stocks without a broker? 2nd Request!!!

My 25 year old daughter purchased a house on her own. I am her mother and on her checking and savings accounts. I do not contribute to her accounts. It is strictly for an emergency . An attorney (not ours) said that is a bad idea in case we were ever sued. Is there a…

Terry: Would you advise investing in these loans and, if not, why not. Thanks so much in advance and Happy New Year! Ellen

I am retired - my income is substantially less from not working - living off some non-taxes inheritance for a few years - will not be withdrawing from my SEP for a few years - no business expenses - should I pay off my home mortgage with an interest rate of 3.5%?

Hi Terry: With the downturn in the bond market due to the election and the fed increasing the interest rate, I money my investments in my bond mutual funds into money market funds. But I do not know when I should return into binds. Do you have any suggestions?

Owe about $90,000 in Home Equity. The mortgage is paid in full. Have about $120,000 in stocks. Would it be smart to cash in my stocks to pay off the Home Equity debt. Also, probably will get divorced in 2017.

Please give me the name of the budget book you discusses today available on Amazon

What is your opinion about the wisdom for the small investor of investing in crowdfunding or peer to peer lending? Thank you

Seasons Greetings,Terry! I would like to transfer money out of an IRA that's paying less than 1% to an HSA since we meet the requirements of having one. Is this better than just taking the funds from a regular checking account? We are both retired so cannot make contributions from our paychecks.

Hello, Terry. My husband and I are met a financial advisor who has a radio show on WBBM. I searched the SEC website and the disclosure information showed that this individual has two regulatory events, one customer dispute and one termination. Based on this discovery, we are not comfortable proceeding with this individual. Our question…