Ask Terry Archives

My son quit college and is now going into the military. I want to use his bright start money to help him pay off his student loan. Does that qualify as a qualified withdraw under the higher education act or would I be taxed to pay for his student loan? Terry Says:  I'm going to…

After working 20& yrs for State of Illinois, I am forced to retire at age 74. I have applied for Medicare B, but am confused. Should I keep my State HMO Insurance for free, but pay $79/mo for my wife, or apply for 1 of several Medicare HMO Advantage plans for $0 per month Terry…

My husband and I both have poor credit scores on the upper 500s. we have about 4 charge offs, three of which we've since paid and settled. Two we are working on. Is it best to file bankruptcy or keep paying on these cards that we can no longer afford because I lost my job…

I have balances on multiple cards that I'm making a little more than the minimum payment on. Which option would enable me to pay off the total amount faster: Putting the balances on one card or debt consolidation? Terry Says:  I'm not quite sure you know what you mean by "debt consolidation."  Most of the…

I just received a letter advising that I could remove the FHA mortgage insurance. The letter says my house is estimated at 276,954. 25,000 more than when I bought my home in 2013. I'm advised that my new payment could be 1,159.00. My question is, if I remove the FHA mortgage insurance, will this be…

Iam 68 retired work part time. Have 1000 month extra were should i invest in . thanks Mike Terry Says:  Assuming this is all the money you have in savings, leave it in the bank!

I still have pmi insurance on my mortgage however since I purchased my home as a foreclosure and the market hasn't gotten better the value of my home has gone up. We visited our lender to see what we would need to prove the new value of our home to show we have more then…

Gave my money to a financial investor to invest in some bonds. Approx 3 years ago. One of the bonds he bought for me was a Municipal bond called Puerto Rico sales tax fingers Corp sales It is down from 17k to 7k, a substantial loss.I called him today to see what I should do,…

Greetings Terry, I would like to cancel a few of my credit cards - I do not use a few of them - the "inactive cards" and I would like to cancel an "active" credit card also. I would only like to keep a maximum of three credit cards. I remember hearing you say one…

My father left his four grandkids (21, 14, 8 and a special needs child, and 2mths) $1000 each upon his death. I would like to put the money for them into the investment choice that will maximize the return when the three youngest get to at least 21. The 21 yr old I felt the…

What is the best investment for my grandchildren?Iwant to get something started while they are young before I leave this world? Blessings Terry Says:  Call Vanguard at 1-800-VANGUARD (or go online to www.Vanguard.com) and open a 529 college savings account.  You can open one for each of your grandchildren -- or combine your gift all…

Hi I'm 59 years old wife is 52 we have a saving of 75000 in a money market our home is paid and we have no credit card bills . I'm not making much in the money market where can I put my 75,000 dollars to get the most back Terry Says:  If you want…

After two failed marriages I'm forced to start from scratch 0 dollars left, earlier this year I started putting 186.00 every two weeks in a 401k .should I start putting more or shift this to a 457 deferred comp account.what else can I do to help with my retirement .my salary is 32.92 per hr…

I have inherited an investment account. I am not at all familiar with these types of accounts. I am very conservative and want to be as safe as possible with this money. I am thinking of putting this money into something safer like a CD. Is there another safe option you could suggest? Terry Says: …

We are both 63 years old, retired teachers, and are considering long term care insurance issued through Lincoln Financial. The initial payout seems costly. Is long term care insurance worth it? Or will medicare be just as good? Thanks for your help Terry Says:  Oh, please don't make the mistake of thinking that Medicare covers…

i saw in the past that you recommended a company in Chicago to evaluate coin collections, what was that company name, please? Terry Says:  I always feel comfortable recommending Harlan J. Berk, Ltd at 31 N. Clark St  312-609-0016, and ask for Bob.  If you do not live in the Chicago area and are seeking…

I appreciate what you do but find it alarming that you consistently rattle off the "10% stock market return". This leads listeners to believe that's what can be expected from the stock market in the future. If one looks at S&P returns for almost any stretch; 10,15,25,50,75, 100 years that return is never seen. Even…

You start out the article stating "Your home is likely the most expensive purchase you will ever make". GREAT JOB!! I cringe every time I hear any add on the radio or TV calling purchasing a home an investment. Terry Says:  Thanks for your note!  You'll only know if it was a good "investment" at…

My wife and I have some money to invest and don't know where to start.Is Edward Jones a good choice? What if we want to invest in the stockmarket {stocks that pay dividends]? Who do we go to for that? Terry Says:  I'm going to suggest that you do a little reading first -- and…

In response to another inquirer's question, you recently asserted that a married couple who co-own their investments and file a joint tax return can deduct a total of $6000 in capital losses from their other income, rather than the $3000 indicated on Schedule D, line 21. I have found no mention of this in the…