Ask Terry Archives

Hi, Terry. I'm retired and have a pension and some investments. One of them is a $10,000 Treasury Direct I-Bond now worth around $15k. It's part of my chicken money. It has dependably gained around $30 each month. However, this month it gained $0. I also have about $29k of chicken money in a VALIC…

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…

Terry, I have approx $75,000 Remaining on my mortgage at 5.5 per cent; however I also have about $40000 in debt (25000 home equity and 15000 in credit cards). A friend has recommended that I Refinance with New American Funding to get rid of the debt. I would like to get your opinion . Thanks…

Hello Terry, My elderly mother has shares in a brewery overseas. There is very little earned in the quarterly dividends when converted to USD. The value in the stocks is when it is sold, approximately $50K today. Both of our names are on the certificate. I am her POA. Is it best to let the…

Am I responsible for me deceased spouse's credit card debt? Terry Says:  Only if you were a signer on the card, a co-borrower.  Does that card show up on YOUR credit report?  That's the real way to know whether somehow your credit was co-mingled.

My wife and I are 75 & 73. We have $150,00 in savings a .75. Based on Secretary Yellin's statement, should we wait until end of year to get a couple CD's? Is it anticipated that in the next 3- months savings and CD rates will increase Terry Says:  The world has b een anticipating…

Hi Terry I'm a 73 year old in good health and have 250,000 portfolio I am paying 1 percent to a financial advisor , I am considering giving my money to vanguard and save about 1,700 a year in fees and I think still get the same return on investment. I don't want to do…

My ARM is at 3.50% and is due May 2020. I plan on selling my house by then . Should I save as much as I can for a down payment on my next house or put xtra towards the principal? Terry Says: Well your ARM might not be DUE until 2020, but I'm betting there…

we have a reverse mortgage...I am 65 plus...wife is under 65, If I pass does she get to keep the house even though she is under 62? Terry Says:  Only recently because of a court case, have the rules changed for RMs taken out his/her principal residence, with a non-borrowing spouse. HUD now accepts assignment…

Hi Terry, My daughter will be 15 in December and is a freshman in high school. When should I get her a debit and/or credit card? She has a bank account with about $2,000 in it. She does not work, yet. I want her to learn about how to use the debit and/or credit cards…

Terry, Could you recommend what type of attorney I could consult with regarding college loans? I am eligible to be released from these loans as a co-signer, per the loan company. Thank you, Terry Says:  Are you saying the loan company has told you they will release you as a co-signer from your child's student…

"you mention paying to "freeze" one's credit, how specifically is that done? Thanks Terry Says:  Contact each of the credit bureaus directly:  Transunion.com; Experian.com, and Equifax.com.   There is no charge to "freeze" your credit (not letting anyone open new credit in your name, or even check your credit report) if you have been the victim…

My 90 year old Mother in Law has moved in with us 6 month ago. Next week we will close on her condo and she will be receiving over $100,000 dollars. She has no bills and owes nothing to anyone. What should she do with that money? Is a Roth IRA an option? Thanks!!! John…

in your article "5 financial tasks to take care of in fall" you provided your web site and suggested clicking on the link to financialengines.com. I could not find the link from your website. Where can I find it? Terry Says: Right hand column, below the red box, fourth box down -- click on it!

Thank you for the above-mentioned article. Your summary of the facts was refreshing to read. I think you are a very smart person. Terry Says:  Thanks for your note!  It's nice to get some feedback, especially such a nice comment!

Was forced to retired in 2012 at the age of 57..IMRF was taken at highest value until I turn 62 in 2018 so I have a bit of extra income for now. Can't put it into my IRA because I am not currently working. What is the best way to invest this extra money for…

Best type of policy for female age 67. Does not smoke or drink. Recommendation of company would also be gratefully appreciated! Terry Says:  OK, this is not a "health care" policy -- it is a "custodial care" policy -- which covers care at home or in assisted living or in a nursing home, if a…