Ask Terry Archives

I'm turning 65 in February and am overwhelmed by Medicare, its options and supplements! Where do I begin and how do I make my choices? Thank you! Terry Says:  Gosh, I think I will write a column as a guide because you are not alone.  First of all, you sign up for Medicare at www.Medicare.gov. …

My husband recently died at age 54. We have a HELOC with Chase Bank that became due just before his passing which ballooned our payment to 3 and a half times the monthly amount we were paying. I had to resign my position at work to care for him during his illness. His pension was…

My 98 year old mother's savings are depleted and her pension is not enough to cover her assisted living costs. My sister and I are committed to keeping her where she is well taken care of and are trying to make up the difference. My husband and I are still supporting our son in college…

Listen to you on WGN recently. Please repete quote from teacher about capitolism and socialism. You were just in Cuba. Thanks Terry Says:  The quote is:  "Yes, capitalism is the unequal distribution of prosperity, but socialism is the equal distribution of poverty!"   I don't know where I heard that long ago, or I would certainly give…

I heard you talk about LTC insurance on WGN radio a couple of months ago. I don't see anything specific on your website that discussed LTC insurance, only the home page link to Medicaid state benefits. Do you have information on the subject that will help me learn about the benefits of such a policy…

I have about 50K in 5-6 stocks. I have been losing since the '08 meltdown (prior to '08 had 70-80K).. I know its time to put the money in a different investment but not sure what. Maybe an ETF, mutual fund or index fund? That's where I need direction. I currently put money into deferred…

Terry, I have a baby on the way and would like to purchase a vehicle that is safer and easier to deal with, logistically, for baby's car seat. Unfortunately, I am upside down on my current car loan, owing more than it's worth. What do you recommend for me as a course of action? Just…

How long are you able to keep I bonds without having to cash them in and report interest like 30 years for series EE bonds Terry Says:  You must cash in the I-bonds on their "final maturity date" -- 30 years from the date of issue.  If you want specifics, go to the savings bond…

Hello, I would like to put $5,000 for each of my kids into some sort of an investment account. What is the best vehicle for doing this. Ultimately, when they graduate high school they will have money to invest, spend, or whatever they need at the time. Thank You Terry Says:  Well,  if you want…

My mother recently passed and while going through her desk we found a bond made out to me for my Confirmation Day April 1977 Series E $25.00 From my Godparents at the time Trouble is, it's obviously made out in my maiden name and says "or" to her name and SSN. Questions: I realize it's…

Hi Terry! I love watching your segments on WGN. I have a CC with a purchase finance charge at 13% and an additional 26% cash finance charge. The bank has been applying the minimum payments to the purchase balance (of course!). Now I want to pay down the cash balance but they say no. Do…

I lost my job in 2013 and my husband took on my debt. Our home was once worth $315,000 but with the crash the value dropped significantly and is slowly climbing back to where it is now, $210,000. We need to get major work done, our interest rates are high 8.075 k 11.6 on our…

Terry, we have less than five years of payments left on our mortgage and we will be retiring in about eighteen months or so. (Balance approximately 24,000) at this point, does it make sense to make an additional 100.00 extra payment towards the principal until we pay it off with savings from a money market…

How do I find the personal financial organizer? Terry Says:  When you come to my website, www.terrysavage.com, a yellow box should pop up, asking if you want to subscribe to my free newsletter, which I write when I have something pressing to say! Input your name and address, and you'll get a confirming email.  Click…

I recieve Social Security Disability,.I applied for Medicaid from the State of Illinois and I was working a part-time job which I no longer have. I keep recieving bills from a debt collector for the medical bills, which I can't pay until I'm released from the docter to go back to work. What do I…

Instead of cash gifts for our grandchildren, we are considering savings bonds, in order to encourage them to save money. We recently read that Terry does not recommend government savings bonds. What are the alternatives to these bonds? Thank you. Terry Says:  Sorry to say that Series EE and I bonds are no longer a…

Would you be interested in seeing a copy of the latest missive from my Chase/Amazon Rewards credit card folks where they are changing the terms on the account to even more onerous set of terms e.g. the APR is going from 23.24% to 24.99%? There are four other changes equally onerous. I have no idea…

I have $30,000 HELOC I have no other debt I make $90,000 a year I am 55 years old I have $70,000 in 401(k) I have no savings liquid do I start saving 3 to 6 months emergency savings now and start investing 15% of my income now or do I hold off and Pay…

Do I still need disability insurance? I can afford it. I am a 61 yr. old dentist who hopes to work until age 67. My Ameriprise Goal Tracking Review shows that I can retire at age 64.5 in a better position than the 2014 forecast. I have an ADA group plan costing $2,600/yr. for $4,000.00…

Hi Terry--Right now, my husband & I have between $40-45,000 in credit card bills. Between us, we bring home over $4700 a month. We are not late or behind in any payments, but just can't seem to get ahead. Do you know or recommend a bank or other outlet that still gives personal loans. I…