Ask Terry Archives

What kind of funds at age 70 should an IRA be invested in? Terry Says:  There's no set rule.  That depends on how much money is in the IRA, and how much money you have outside the IRA -- and what your spending habits are!  In other words, it's personal.  If you have a LOT…

when going down town or any where and be able to protect my wallet or credit cards, etc what do you recommend? to protect myself when walking around and not lose those items?? Terry Says:  I can understand your concern.  The first thing is not to carry any more cards than necessary.   Remember, you…

HOW SOON CAN I PAYOFF MY MORTGAGE IF I DOUBLE MY MONTHLY AMORTIZATION? WHAT ARRANGEMENT DO I HAVE TO MAKE WITH THE BANK PRIOR TO STARTING THE ACCELERATION PAYMENT? Terry Says:   Your mortgage lender or servicer can easily give you a new amortization schedule, telling you when the loan will be paid off, depending…

listening to WGN morning news TV, was getting ready for work & caught part of your refinancing info. need more. 13 April 2016. please forward any info. thank you, pk Terry Says:  I was just pointing out that 30 year fixed rate mortgages are now down around 3.5% and if you take out a 15…

I would like to give a gift of cash for a down payment for a house to my son. Around 50,000 to 60,000 dollars. What do I need to do? Thank you Terry Says:  Write a check!  You are a generous parent.  You should also consult with your accountant because you should file IRS Form…

I will be 63 this year and I still owe $157,820.22 for mortgage (not pay off amount) at 4.00% still have 12 more years to pay. I was forced to retire by employer so I'm using a small portion of my 401k/IRA for payments instead of social security. I do have money set up with…

Hello, I am a 30 year old. I am quitting my job to go back to a trade school to become a web developer. I cannot work while in this program because it is expected to take between 50-80 hours a week. I have financing in place to cover the school's tuition (13K), but I…

We are retired for several years. We have been with this financial group for 20+ years. A few years ago we signed up for Managed Allocation Portfolio - service agreement. Due to the market, we have been losing a lot but now have large mapping fees on top of the loss. What is your opinion…

what secure site can I go to print out my will? will it be legal? Do I need to have an expensive lawyer? Terry Says:   I'm not in favor of do-it-yourself wills.  If  you make a mistake, you won't be around to fix it when the mistake is discovered.  A will -- or better yet…

Terry, what is your opinion regarding POD's or TOD's (pay or transfer upon death) accounts? I think these are called poor man's trusts. A way of allowing kids to realize savings and CD accounts if both parents die at same time. I think these require opening new accounts rather than making change to existing accounts.…

Hi Terry, if ownership of an insurance policy valued at about $60K is transferred from a mother to a daughter and then ownership is transferred back (without cashing in or altering the policy in any way) in the same tax year (actually within 1 month within the same tax year) is it necessary for both…

Dear Terry: I would like to know your suggestion for transferring some of my funds, which I have in a regular bank statement savings account. For the small amount of interest being earned, I feel I may be keeping a bit too much in this type of account. It is roughly in the area of…

What are the rules when leaving a ROTH IRA to a minor child? Terry Says:  Aha, you've touched on a tricky issue.  The advantage of leaving an IRA to a much younger beneficiary is that they can stretch out the growth of the IRA assets over their lifetime, taking only minimal distributions based on their…

I just heard you discussing this with Steve Bertrend on WGN radio. I read your article a few times and want to make sure I understand my options directly. I will be 65 at the end of May and my wife is 62. Based on what I read, I cannot file for this program prior…

What box do I check for Line 3 on a W-9 form. I have to fill this out and turn it into my mom's John Hancock Annuity as she has passed and listed me as a beneficiary. I am just a stay at home mom, with no employment, I do not own any companies or…

My wife is 68 collects 1300/month I am 64 I collect 1700/month from social security ,are we able use this social security deal you talked about on WGN. Do you need anymore info from me. thanks Terry Terry Says:  It's a shame you didn't wait until your Full Retirement Age (66) to start collecting benefits. …

I have 15 $100 Series EE U.S. Savings Bonds issued in 1995. My SSN is on the bonds. My name is listed in owner field but there is a caveat stating "Mail to XXXXX" and her address. She is the co-owner on the bonds ('or' person) and is my mother. I would like to change myself from…

If my parent does not occupy the home due to disability or care need at this time or any time during the year, but the home is not occupied/rented by anyone else is she still eligible for the Senior Citizens Exemption? If I contact Cook County to ask, is there someone there who can help…

Terry, I hear all these financial people saying that an annuity purchased through a Broker can be expensive, so I purchased a fixed Annuity with Vanguard, who brokered it for me. I have heard Bob Brinker on Money Talk say that Vanguard was good. was that good advise? Terry Says:  When you deal directly with…

Recently an advisor was indicating that we should invest in an FIA. I am a few years away from retirement and my wife a bit more. Between us we have 3 different pensions, social security and about $950k in 401k, 403b, rollovers, annuities and some mutual funds. I have read and talked to other people…