Ask Terry Archives

Hello, My husband is 57 and I am 56. As you know, at age 59 1/2 we can withdraw from our 401K and IRA accounts without early withdrawal penalty. At this time we are considering applying for a HELOC to cover expenses for home improvements and a trip to Italy. We don't want to take…

I am retiring this year. what to do with 401 my company changed record keepers and I'm no longer in a guaranteed account my money is disappearing by the day! Terry Says:   I need more information.  Just because your company changed record keepers doesn't mean it changed the fund offerings inside the plan.  Did that…

Terry-- i am 68, married,no debt, Soc. Sec and military pension coming in. Kids educated and gone, have long term care insur. I recently accepted $378890 from Alcatel-Lucent as a pension buyout. I have an IRA=203K with TrowePrice. and another with my wife totaling 266K invested with our local CU CFP. My question? Where(what funds)…

Hi Terry. I have a Roth Ira and a Universal Life Plan through American Family Insurance. The premium for the $200k life plan is about $78 per month. I had been sending between $80 and $150 per month for my payment and investment but it got kind of tough. Life getting in the way. I…

Hi Terry I will have all my debt except for my mortgage paid off in one year at that time I plan on putting 15% of my gross income into retirement I am 55 and have 50,000 in retirement deferred compensation when I am out of debt do I put the 15% and Roth IRA…

Hi Terry- I have a condo that I rent out in Florida and there was a $10K special assessment passed by the Board to all owners of this high rise.*(Complex was built in 2009 and there is a lawsuit pending against the builders) You could either pay it in 1 lump sum or over a…

Hello Terry, I'm a 48 year old female and just let go of my 1% per year advisor after not feeling heard or served. I have moved approx. $2M in assets into Vanguard (combination of retirement accounts and taxable accounts). I would like to try to work this portfolio on my own but am nervous…

Hello Terry ; My question is, I am 58. My employer is going to give us a fat raise soon. They also have been giving bonuses. 7 years ago I lost it all but since have been trying to get 401K really going. I just need to talk to an adviser of a few situations.…

My department at work downsized so I was let go,I had invested in 401k matching thru employer what should I do with the money? I was told I can't get any money from the pension plan that the company put money every month cause I didn't fulfill 5 years of employment? Also what investment plan…

Terry, I am considering moving approx. 80K to a new American Fund NBARX. I have approx, 165K total in retirement accounts, and have approx. 50K in mutual Funds. They are split 60% Bond, and 40 % Equity based off of large capped stocks. My question is, I plan to start collecting Social Security @ 63,…

Terry, My 81-year-old father is a dementia patient who needs 24-hour care. I have power of attorney, but my sister and I both handle his finances now. His live-in nursing assistant alone costs about $7000 per month. My dad started 2015 with about $1 million in his IRA. With the volatility in the stock market…

Hi, I have a Roth IRA that I contribute the maximum to each year but at my work I do not have a retirement plan of any kind. I also have some individual stock thru Interactive Brokers but not confident enough in my self to put more money in this. How else can I save…

Terry, you wee on WGN morning news yesterday and said to go to your website to get information on how much someone would have to save and how (monthly? weekly?) in order to have so much in 50 years. (I think) Where is this on this website - did I miss it Terry Says:   It's…

Hi Terry, I have about $33,000 in credit card debt. I work in sales and usually make pretty good quarterly commissions, but have not made much extra over the last year and a half and also bought a condo 4 months ago. I am wondering about debt consolidation. Good idea? Bad idea? I talked with…

I would like to start building a nest egg for my 23 yr. old daughter to continue with. Where should I start? She could pay $50 to $100 monthly. Terry Says:  Well, the first question is: Does she have a paying job?  If so, you could go to Vanguard and open a Roth IRA, where…

Hello Terry, I'm considering the Citibank Double Cash Credit Card. I always pay the monthly balance on my credit card. I presently have a Bank of America card that lowered my cash back from 1.5% to 1% so the double 1% of the Citibank is pretty appealing. What's your thoughts on this Citi card? Terry…

we have bad credit because of a bankruptcy 6 years ago. We also have to do a short sale on our curran home due to job loss. Will I ever be able to be approved for a mortgage loan? Terry Says:  If you start now to rebuild your credit, you will likely be able to…

Do you suggest including gold in a portfolio, & what percentage? Do you recommend a specific agency ? Terry Says:  Gold is a "hedge" against inflation -- and we don't have much inflation on the horizon these days!  However, with every country "printing" money to devalue its currency, and make its exports cheaper, I do…

Hi Terry, Are the loan companies (like best egg or my prosper) a good way to consolidate and pay off credit card debt? I want to pay off my cards completely and make a home improvement but really don't know how reputable they are They are offering about 10.99% Thanks Terry Says:  OK, this is…

Hi Terry, A couple of years back, you published the URL of a website that helps consumers find the best (most cost-effective) Part D prescription drug plan for them. You input the drugs you are taking (with dosage), and the website calculates your out-of-pocket costs for each plan that includes your drugs. Unfortunately, I forgot…