Ask Terry Archives

Hi Terry I read the article printed on June 21, 2015. Sounds wonderful! I hope that some day my son will be employed, but what do we do if they dont have a job yet? His debt is overwhelming and we see no way out as of yet, anything you can recommend to take a…

Just read your column in today's Baltimore Sun. Don't some insurance companies allow the policyholder to name someone to be notified if the policy is in danger of lapsing? This could be especially useful for LTC insurance. Terry Says:  Yes, most companies offer this feature -- but it is also helpful to maintain a relationship…

Dear Terry, It appears that, according to an article in your column in the money section, I have a problem and need some serious advice. We have EE bonds, over 100,000 K, that matured years ago. We have left them sitting, since they are our best and safest investment, because we bought them when the…

My wife is owner of whole life policy and I am the insured. Will she have to cash the policy in for my medic aid qualification for nursing home if it should occur? Terry Says:  No, it is not your asset and will not be counted.

Terry, I am curious about what to do with money that I have in an employer (fire department) sponsored 457 account with Nationwide Retirement. I have about $220k in the account, but I cannot make additional contributions now that I am retired. I am 57 years old and I do not intend to collect until…

not a question..a comment..In your article, you indicated a carpentry might want to consider professional liability.. A carpenter or plumber wants to purchase General Liability insurance...for the loose board or scalding liability.. Overall..your suggested coverages were very good..and frequently overlooked. Terry Says:  Good point - and thank you for the correction in words.  It helps…

I wanted to know the approximate cost of a combination policy of life and long term care. I read that it is an upfront deposit. I am sure it depends on age and health of the individual. Thank you. Terry Says:  Yes, combo policies that pay death benefits if the policy is not used for…

Can you get longterm care insurance with a pre-existing illness? Terry Says:  No, sorry.  Once your life expectancy is compromised, it's tough to get any kind of long term care insurance.  You'll have to rely on savings, or on relatives, if you need long term "custodial" care  -- that is care for basic activities of…

I have purchased small EEbonds for my grandchildren but need to know where to find information on them. In fact, I'm not sure we have copies of them now. I understand they aren't selling them anymore, but I wondered IF I can get info and IF they can still be redeemed and numbers and addresses…

I need to invest retirement funds safely. I have to live off the interest. Invested with one firm and lost a lot of it. They now have it in international I shares , and I am not comfortable with this. I think this company is motivated by commissions at my expense. I talked about no…

I have 3 children aged 29, 28 and 25. Now that all of their college education expenses are done, I am thinking of starting a Roth IRA for each of them. We never had the "extra" money to do this while saving and paying for college. Do you think this is a good investment option?…

In 07-08 I was fighting stage 4 cancer. Thank God survived. Went back to a great job but they then went bankrupt. Without another job, I filed early (62) for SS., and then had to myself claim bankruptcy. I fough hard with my mortgage lender to re finance my loan so I would not loose…

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…