Ask Terry Archives

Hi Terry, I wrote to you recently after leaving my advisor and moving money to Vanguard. However, Vanguard seems to like to recommend indexing only, and I would like to have an advisor to work with on my portfolio. Does anyone "consult" anymore for a fee, or has everyone gone to 1% portfolio management? I…

I liked your idea of the stockpile giftcard and will purchase one for each of my 14 year old grandsons. I would also like to give them a book and the one that you have on your site, OMG for Teens is out of print according to my bookstore. Can you recommend another that includes…

Enrolling via the marketplace for the first time this year. Your article in the Tribune mentions cost sharing reductions potentially reducing costs for silver plans, but I can't find any mention of this in heathcare.gov. Our estimated income input on the website to find plans is within the CSR limits, but I could not see…

Hello Terry, I'm 36, and In my 10th year as a public school teacher. My school district and state combine to automatically invest 7.5% of my earnings into my pension. What I have read and heard over the past several years has left me with little confidence that I will ever actually get any of…

My husband is considering it. Is it a good idea or not? Terry Says:  I'm a big fan of reverse mortgages -- done at the right time, for the right reason.   Here's a link to an article on reverse mortgages that I wrote a couple of months ago.  Basically, if you're planning to stay in…

You mentioned in a newspaper article a savings piggy bank for children with four compartments. Thought it was a great idea, but now i don't know where to find one (or two) could you please enlighten me on that? Thank you very much, Sincerely, Inge Kristoffersen Terry Says:  Go to www.MSGEN.com (stands for Money Savvy…

My husband and I are delinquent in visiting an attorney for estate planning purposes. We are in our mid-30s, have two children and relatively uncomplicated finances. One mortgage, multiple retirement savings accounts, no other debt. What are the advantages and disadvantages of establishing a will versus a trust? We have plenty of money to cover…

I am a single young (67) senior who recently sold a home that I knew would require significant near-term upkeep (new roof, new deck, new driveway) and was larger than I needed. I do not have children. I am in decent health. Is it more prudent to purchase with a 30 year conventional loan and…

My wife and I are both 72 years old and we have $80,000 in U.S. Savings bonds dating back to 1989. As we get older we are wondering if we show start liquidating them so our children won't have a problem cashing them in the future if something should happen to us. We really like…

I purchased bonds years ago and they were not registered correctly so that my child cld use them for college. I was given wrong info by my employer. They are in my name and daughters. She currently has student loans , makes 59k a year. Shld she cash in to pay her loans? Do u…

Hi Terry! Rt. now I'm on my 3rd 90-day credit alert with Equifax/TransUnion/Experian. I've filed a police report this past week, because there was a lapse in renewing alert and someone actually got a charge acct w/Victoria Secret in my name. I'm going to file a report with FTC ID Theft (suggestion from Soc.Sec.) and…

Which 529 college fund do you recommend? Terry Says:  I always put my money where my mouth is!  So when my nephew was born four years ago, I opened a 529 Account at Vanguard, which has the lowest fees, and excellent performance.  If you want to compare best performance, lowest fees go to www.SavingforCollege.com --…

The other day when I was driving I heard you speak about $50 or so could get grandchildren into the stock market. Could you repeat that info please? Terry Says:  Here's a link to my recent column on Stockpile.com -- It's a great way to gift shares of stock in amounts as little as $25…

I am 69, and have been experiencing chronic back and hip pain. I received ultrasound physical therapy last year but I think that I shall need more aggressive treatment and or surgery. I am interested in receiving treatment at a major university hospital health system in Chicago whose physicians accept Medicare but NONE of the…

Regarding your article on maturing 30 year Series EE Bonds, you indicated that Federal Income Tax must be paid at maturity even if you don't cash the bonds in. My banker said this may be a misprint as he never heard of this requirement. Can you please provide any additional information to me on this…

Where do you find the Personal Financial Organizer? This is what I am referring to. "To help get the talk started, you can get my Personal Financial Organizer form at www.terrysavage.com by filling in your name and email address in the yellow box that pops up when you arrive at my website. When you click…

Terry, we're in a predicament here in how we should prepared for 2016 and need your advice. I am 63 and semi-retired with $330K in retirement and my spouse turning 59 1/2 in January with over $50K in retirement savings and planning to work full time since 66. We are looking at approximately $10K+ in…

My 78-year-old father has convinced my tween daughters to put their babysitting/pet sitting money into a Roth IRA. It says it will be like opening a very nice, and potentially needed, present when they are his age. One has $400 and one has closer to $500. They are over 11 and under 18 years of…

Hi Terry, I am almost 61 years old and have earned 32 work credits prior to 1990. I have worked with the Chicago Public Schools since 1990 and since have not earned anymore work credits. I plan to retire in four to five years. My question is should I be trying to earn the other…

11.27.15 good informatio in Chicago Tribune. how do we run a savings bond valuation report? is there any charge by financial institutions and if there is a charge can we cash the bonds at any other place without charge? Terry Says:  There is never a cost for cashing in the bonds.  You can value them…