Ask Terry Archives

Hi, Terry! I am a single woman of 61 earning just $43000 per year working two jobs. My main retirement is through OPERS and I currently have $77000. I also have $11000 in CCAO retirement fund. I pay social security through my second job and will possibly get $600 per month when I retire at…

I didn't realize it was mandatory to take money out of my 401k plan at 71 1/2. Now, I find out, at age 71 1/2 that I should have done this. I have about $310,000 in my account, what can I expect to have to withdraw and approximately how much in penalty will I have…

I am 62 years old and I would like to withdraw $100,000 to buy my son his first home. Is there anyway to avoid claiming the hundred thousand as income? Terry Says:  First, there is NO way to withdraw that $100,000 without declaring it as income -- and it would put you in a much…

I received my short term disability CHECK it was 216 i been out of work since April 8 when will i get the rest Terry Says:  OK, I need more details to give you any kind of direction.  Is this a state or federal check?  I'm assuming it comes from your state, or possible from…

I entered all the info on me EE bonds in Saving Bonds.com including my name,email,address. They said my email was not valid.I had to leave the screen for a few minutes and when I returned all my info had disappeared and I was unable to pull it up again. Is there is danger of someone…

My husband and I are in our mid 50's and both working but plan to retire in our mid 60's. We own a home that we still owe a mortgage on. We have no credit card debt, excellent credit and enough savings for a down payment for another home and can manage another mortgage. We…

My mom died recently and I hope her house will sell soon. A neighborhood bank has an 18 month CD paying 1.25 percent. Do you think this is a good place to put it for now? Thanks! Terry Says:  Yes, absolutely -- unless you think you will need the cash soon.  If the house was…

Terry I have payed for my daughters first year college with the college of Illinois fund. I saved enough for the first year but now I need to find away to pay for the next three years. I don't want to use my retirement savings but I have been unable to get a loan for…

Dear Ms. Savage, I read your columns with great interest in the “ Sun Sentinel” and recently you talked about Municipal Bonds which lead me to my question below. I am a 77 year old senior and part of my Asset Allocation is the Vanguard High-Yield Corporate Fund and I have presently a loss of…

In reference to the above topic, if the woman would have initially filed her own tax return (so both parties filed separately), would her credit have been ok then (left untarnished)? Terry Says:  That all depends on whether their credit was co-mingled in some other way.  If they had jointly signed for an apartment rental,…

Hello Terry, I writing because I'm lost and don't know what to-do. I just enrolled in my employers 401k plan and they have given me the options of self management with no fees with online advice and guidance included. The other option is to allow them to manage my account for a fee of 0.5%…

hi Terry, I listen to you all the time on WGN. Today, (the 25th) I heard you talking about insurance coverage for students up to the age of 26. I am divorced, my children are 20 and 22 and they are covered under their fathers insurance. He just retired from UPS. I always thought under…

Hi Terry, I have followed you for years -- ever since you spoke at our Merck event in Cancun, Mexico in 2002 or so. I have taken all of your advice since then. My question is - should I pay off my home mortgage? I owe $299K. I have a 10:1 arm at 2.8% and…

Have you written any articles regarding being executor for an estate that contains both qualified and non-qualified accounts and cash?? Interested in acquiring information on what to do with funds/cash until probate period over, and then for disbursement of funds to beneficiaries. Ex: if should hold or sell conservative funds before a possible 6-month probate…

My son is an expat living/working in China and while he has limited health coverage through his employer, I have been paying for a more comprehensive health insurance plan for my own piece of mind should he encounter some catastrophic event. Unfortunately since the implementation of Obamacare, these premiums have more than tripled. I am…

I just saw you on WGN discussing Feex.com. I visited the site and was surprised at the level of personal information they requested. I am really not comfortable doing this. It would be much easier and less intrusive if you could just enter a five letter fund code or ETF. I've always enjoyed reading your…

You recomend the use of FEEX.COM to check for actual cost of fees. Has this site been thoroughly vetted as an account needs to be established and financial information entered as the terms and conditions note. Can't be completely trusting these days. Terry Says:  Yes, you can absolutely trust FeeX.com.  They adhere to the highest…

Terry, I am working in the corporate world making a comfortable salary. I am 58 years old so I am 8 years away from my full retirement benefit. I have a nice savings in my 401K account. If I "retire" early but want to work part time will my reduced earnings decrease my future monthly…

Should a 77-80 yrs old continue to buy properties like condo or another house for investments ? At what age should you stop investing? Terry Says:  As long as you have a good financial plan, there is no reason to stop investing at any age! But you should make sure that you have enough liquidity…

Hi Terry, My husband and I are 52 and 53 years old. we have been working really hard to pay off our credit cards and we still have a combined debt of appx $50,000. We recently sold our house (used that money to pay off some debt) and are planning on moving out of state.…