Ask Terry Archives

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…

Hi Terry, I am a 72 year old retiree with no debt. I have $200,000 in savings and would like to invest for higher income with low risk. Any suggestions? Thank you. Terry Says:  Nope.  I have NO suggestions for getting higher income with low risk.  Anything that pays more than bank CDs has a…

What is adequate coverage for car insurance and when does the line get crossed for over- coverage? Our State Farm agent is trying to get us to buy a umbrella policy and then it has to have 250/500/100 in order to have the umbrella policy ! It seems to be never-ending. We are paying SF…

What is the best plan for young grandkids?? Thant grandparents could afford...Thanks, Joan Terry Says:  Here's what I would do.  Go to www.Vanguard.com and search for their 529 college savings plan.  You can open an account with a small amount of money, and keep adding to it.  When they ask what funds you want to…

Hello, Terry. First, I ALWAYS enjoy your segments on WGN. Thank you for volunteering your advice. I have often heard it's better to NOT pay off your mortgage because you lose the "tax benefits" at the end of the year. By I see it as, you save 10's of thousands off your mortgages interest vs.…

Terry my husband and I are retired and we are now considering hiring a financial planner. We have been handling our finances and have done well. Now that we retired on fixed incomes we wonder if we should hire a financial planner. I wonder if the cost of a planner is worth it, please let…