Ask Terry Archives

My daughter is 18 and in her first year of college. I heard it would be a good idea for her to establish credit. Do you have any advise on this? Which credit card would be best for her or any first time credit card holder? Thank you for you time Janet Terry Says:  Click on…

I need a little advice. I lost my job in Mid-August and have a 401k that I need to rollover. I have rollover accounts at fidelity that I want to use. The problem is the 401k has lost a lot of money (150K) since I lost my job I would have to liquidate my 401k…

My wife and I bought LTC through USAA in the early 90's when I was 60 and she was 56. We bought the " Cadillac policy ". The policies are now administered by John Hancock. Our premium have never increased; we have an inflation factor. My wife's semi-annual premium is $265.00 and mine is $…

1. Can I still contribute to my Roth account although I am recently retired and will have to take minimum distributions from by traditional IRA, 401(k), 401(a), and 403(B) accounts? 2. Can I make contributions to my daughter's Roth account? Thanks... Terry Says:  You can make a contribution to your Roth IRA as long as…

I have known you for quite a while via newspapers, radio and television so much so I feel I know you personally although we never met. I am 73, a state of Illinois employee about to retire. My retirement income including social security and state pension would be a little over $5000 a month. I…

Hi Terry! My wife and I are 58 and are concerned about long term care. I heard you discuss these LTC issues with Steve B. on WGN this week. Heard you mention that info was on your website not sure where to look. PLEASE RESPOND! Thank You Terry Says:  Here's a link to my recent…

My husband is 62 and is ill. He inquired about receiving Social Security Retirement Benefits and was awarded and received one payment as a Social Security Retirement Benefit recipient. He then was awarded Social Security Disability Benefits due to his illness. Will his Social Security benefit be reduced because he received that one payment as…

I bought a long-term care policy from MetLife over 20 years ago. I know they stopped selling new policies several years ago, but I still have mine. I read your recent column about LTC and was wondering if you know whether the benefits from MetLife have been reduced in any way. I have not had…

Terry; perhaps you've already seen my post to your FaceBook page (if not, I've included it below), but I am curious as to the reason Financial Engines is not included among those mentioned in your article; particularly since it's one you've had mentioned on your website for years now. "While the financial services industry spends…

With Genworth trading at around $4 is there a high probability that current LTC policy holders will out live Genworth? As a +70 policy holder do I have any viable options? Thanks. e Terry Says:  An insurance company's stock price does not directly reflect its solvency or ability to pay claims.  The company has reserves,…

Ms. Savage, Your article in the Chgo Trib on Sunday discusses 5 things to know about long term care insurance. And you end by saying plan now and sleep well. I think you missed one BIG step #6 is watch out for for large increases in premiums. After 15 years with GE/Genworth, which we purchased…

Hi Terry, I heard you last night on the Jim Bohannon show and appreciate your advice. I am 57 years old and am financially sound. I was recently approached about buying a Prudential Highest Daily Income annuity. Based on research I did, the fees seem to very high and the performance is about the same…

Hi Terry, I'm 59...and I have 2 in college, and I have nothing in a retirement fund. Money is tight, as I'm sure everyone tells you, but can you direct me where to start please. Thank you, Terry Says:  You are not alone in your predicament.  The first thing to realize is that traditional "retirement"…

I am 58 years old 10 years away from retirement, with the volatility of the market, that some predict for the next six months; what is my best approach. Your input would be highly valued. Terry Says: I understand your anxiety -- please read my most recent columns on my website.   You could adjust your…

Hi....just recently retired, collecting lump sum, new to this; and was wondering where to put this money to collect a good interest???? Just any idea, or lead me to something I can look into. Thank You Terry Says:  Well, the first thing you should do is NOT "collect" that lump sum -- assuming it was…

Hello Terry, It's a pleasure to be able to ask you a question. I admire your expertise. We all know the sayings about "Market Timing" and "Time in the Market" and what have you. Simply put however, I'm one of those who has had my deferred compensation money in a guaranteed fund making very little…

Porter financial contacted me about their currency market trading and how easy its to make money?? This company operates from London England and everything is done thro' the Internet. what do you think 0f this strategy and could a person make money by this trading method??let me know. thanks. Terry Says:  I think this is…

Last week on WGN you said that 'seniors might want to enter sleeper mode during this market period,' what do you mean? Thank you Terry. Terry Says:   No, I didn't say that, but  I did say that seniors might want to "sell down to the sleeping point" -- which is an old Wall Street way of…

What is the best route to go when savings for retirement at age 50, life has gotten in way, I want to double my saving at a rapid speed. Help!! Terry Says:  Well, I think you've answered your own question.  Yes, you have to double the amount you put away!  And if you participate in…

Several months ago Alcatel-Lucent introduced the Alcatel-Lucent Retiree Lump Sum Window Program to all retired Lucent Technologies employees. They have been very helpful and somewhat thorough in all of the correspondences, hot line assistance and educational opportunities (Tax implications, pros and cons of lump sum versus current personal annuity). My wife and I are both…