Ask Terry Archives

I'd like to convert some money in my IRA to a Roth, as I've got some "room" before I hit the max in my tax bracket. I understand that I have until April 15, 2018 to make the recharacterization. I thought I paid tax on the money I convert (let's say $10k) by adding the…

I AM 72 YEARS OLD. I AM RETIRED. I HAVE JUST S.S. ($2K A MONTH) AND A VERY SMALL PENSION BENEFIT ($100 PER MONTH). MY WIFE GETS ABOUT $800 A MONTH SS). PROBLEM: I HAVE TWO LIFE INSURANCE POLICIES, BOTH TERM LIFE. 1ST POLICY: $150K - AT $1,694 PREMIUM PER YEAR. AFTER 2028, WHEN I…

Can my 2017 contribution be carried over to 2018 since I have no Illinois tax for 2017

If I sold my house but wanted to buy a house much smailer and less expensive home for retirement do I still have to pay taxes or Capital Gains ??? on the profit that I make and do not reinvest?

Is it true that I can take out my 401k without penalty?

Hello Terry. I got divorced 8 years ago and due to this l had foreclose and credit card debt. My husband never made any effort to pay any balances and l had been struggling ever since. Some of my debt is older than 8 years and l want to know how can l clear items…

Hello< I am looking to retire in 4 years, but I would like to find a Financial Planner that knows the Federal Retirement System. Can you help?

My father in law is 73 and his only income is SSDI. Would he be better off filing for bankruptcy, or for us to handle it on our own. (He, my Wife and Myself). I handle his calls and appointments so I'm the one answering when the creditors call. I can handle the phone calls,…

what kind of return could one expect from a money market account?

Hi Terry, I'm 50yrs old -- Given the irratic behavior of the stock market lately, should I decrease the 9% amount taken out of my paycheck? Or just leave it alone and ride out this storm? Thanks.

My husband and I took out long term health care insurance with Genworth in 2006. My husband is 75 and I am 73. We are in good health. We have no children, and I have family who do not live near us. My husband is an only child with no extended family nearby. We have…

Have $100,000 + in Traditional Ira CD. Matures next week. Thinking about putting into a Vanguard conservative fund. I do have some savings & can manage without the $$$. I'm 85 y.o.. Is this or another CD a better choice ? Appreciate your info & thoughts. Many Thanks !!

I have been looking at past commentary, and one big thing confuses me. We are not "nearing" retirement, a red flag, we are IN it. When you suggest "taking some money off the table", where do we put it? Thanks.

What are the sites you mentioned to look for student loans?

planning on retirement this fall,have option pension (3900 per mo./reduced to3000 per mo. @age 65) or lump sum 750,000.00 which would be the better choice? I am 59 yrs old

Both my wife and I are green card permanent residents but are not us citizens should in the event of a death. Of one spouse all properties bank accounts ect are trans to the remaining spouse without paying estate taxes untill the second spouse dies.this I understand is how it works ie marital exclusion for…

Hi Terry - My husband and I established a HELOC to fund our daughter's medical school education. She has been making monthly repayments since she graduated. It is not an "arm's length" loan. Up until the tax law changed, it worked fine: She repays us to cover lender interest and some principal, we expense the…

My daughter can contribute to a 401k pre tax and/or 401k Roth post tax at her place of employment. The company matches up to 6%. Should she put 6% to pre tax and 4% post tax? My guidance to her is she HAS TOO save 15% toward's retirement (includes employer contributions). Is there a rule…

How can I transfer my entire investment account from a full service brokerage to a discount brokerage?

how to?&with who.