Ask Terry Archives

I'm 69 in September. owned my house 31 years. Husband died 2008, daughter 2013 leaving me 11 year old grandson to raise. Applying for mortgage modification. right now, my survivor benefits are $2195/mo, am told I would need my son to apply as second borrower to (him giving me $700/mo) to show I would be…

My mother passed this spring and left me and my children a small Ira approx 3000. My question is are the rules or laws about how we take this money? my children are 21 and 24. We each get a third of this IRA. I am 59 not quite 59-1/2 . Are there any rules…

Article in Hartford Courant June 21,2015 re refinancing student loans...Is there an expiration date? Or still in existence? Terry Says:  I recommended going to www.SoFi.com -- a terrific idea that is gaining huge traction because of high interest rates on student loans.  IF, you have a job and an income and good credit, it is…

Hi Terry, Have you heard of Betterment? What do you think of it being a good investment for young people and for the people who are new to investing? Terry Says:  Yes, here's a link to a column I wrote earlier this year, mentioning Betterment, Wealthfront, and other "robo-advisors."  They are creating new, inexpensive ways…

I am a retired federal employee with no social security earnings went right into the Marines after High School, then college on the GI bill then federal government so I have a nice Civil Service Retirement payment but I also was able to contribute to the Thrift Savings Plan when it was open to CSRS…

Hi Terry, My husband is 59 and I am 58. We own our home outright and have no debt. Since we are getting close to retirement, we are concerned about another dive in the stock market. We have discussed with an advisor how much we will need in retirement to last (with social security) 30…

I had a little over four thousand sitting Charles Schwab account earning 00.1percent so I decided to take those funds out and put them in a money market account earning one percent until I can decide where I should invest or I am trying to buy a house ....should I use these fund as part…

If I take out money from my IRA and later return it, Do I have to pay taxes on it. I am well over 55. Thank you Terry. Terry Says:  Well, yes and no!  There is no provision for "borrowing" from an IRA as there is from a 40l(k) account.  However, there is a 60-day…

I need to change the name and beneficiary on my savings bonds, which were given to me as part of my divorce.  Where do I get the forms? Terry Says:  Go to www.SavingsBonds.com -- note this is NOT the government site, but a private site that I trust completely. They have a terrific form for…

I owe 30,000 for a home equity loan. I am thinking of taking 10,000 from my IRA (since I'm 60 there will be no penalty but I will have to pay taxes. Then I would have a loan of 20000 that I could pay ASAP I have approximately 2,500 in credit card debt. I am…

I need to fix my credit due to past issues (dismissed bankruptcy, car repo, late payments). Is there any value to using a credit repair agency, and if so, can you refer me to a handful that have been effective and are not too expensive? Thank you. Terry Says:  There is no such thing as…

Can I buy gold coins directly from the U.S. government? Canadian? Terry Says:  The U.S. Mint  sells collectors coins online.  Here's a link:  http://catalog.usmint.gov/coins/gold-coins/  So if you want "proof sets" or individual collectors coins, you can order instantly online.  The Mint does not sell bullion coins  (those without potential collector value) directly,  but they have a…

Do you think it is wise to have all your money with one financial firm? The financial advisor at one firm I have money with would like me to move the rest of my money over to his firm because now that I am retired he thinks it makes sense for him to manage all…

Hi Terry--My husband & I have about $50,000 in credit card bills. Our monthly income is around $5133 and monthly bills including gas,electric,car payment,etc is $3756. We have a friend who is willing to loan us $10,000 interest free and would like us to pay her $500 a month. One of our cc has a…

I enjoy listening to you on WGN. My children are an incoming college freshman and high school sophomore. We have saved enough money to pay for 4 years of college (approximately $120,000 each). The money is split among a 529, money market, Alger International growth fund, Janus Global research fund d and a Vanguard 500…

Would like to avoid nursing home in future and them becoming my sole beneficiary. Is Long Term Care Insurance a must or is there other alternatives? Would like to leave an inheritance for my children. If Long Term Care Insurance is essential, will you please send a list of reputable ones? Thanks. Terry Says:  I…

Hello Terry, Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. I have many questions. It is a sizable amount of money. I am 64 yrs. old, single, working fulltime, and in great health (knock on wood). I need to continue to withdraw money from my pension to live. The lump sum…

Should I prepay for funeral costs or buy insurance specific for those costs. Terry Says:  If you think you might spend down all your assets before death, then you might consider buying a cemetary lot and prepay expenses now.  Just make sure you are dealing with a reputable burial service that will be around when…

What is the website that you suggested this morning on WGN-TV for finding stocks that pay high dividends? Thank you, Terry. Marge Terry Says:  The website is www.BigSafeDividends.com

Where can I find a trusted financial institution sanctioned by the government in order to consolidate credit card balances. There are so many companies advertising but they are definitely "for profit" outfits and I have heard horror stories about them. You had mentioned a site at least approved by the government on an interview you…