Ask Terry Archives

Terry, I'm a retired teacher in my mid-60s living on my pension and savings. I'm not eligible for Social Security. My 94-year-old father, who had a healthy portfolio -- I know, because we went over it in 2010 -- fell in love with his 78-year-old nurse, moved in with her, cut me off and threatened…

I am 51 years old. I have about $8,000 in savings. I have a pension that when I turn 62 or 65 I can take a lump sum of $25,000 or take monthly payment. I have a rental condo that rents for $1,400 after expense $500 left over. For the last 10 years I have…

I am a healthy 78 yo female. Have lived in an "adequate" third floor walkup condo for 22 years. We have had three foreclosures and the new board members have no desire to maintain our property or raise the assessment to do so. It is falling apart. I only have $220,000 in savings and who…

We would like to lend out kids $20,000.00 as a down payment on their first home so that they can get the best mortgage rate. My husband and I have a $260,000 mortgage on our $500,000 home. We also have a 401K but my husband says we would get taxed at 35% rate if we…

What would you recommend choosing for a married 28 year old. Setting up a retirement account using the 403b "traditional" or a Roth 403b? Terry Says:  That depends.  Does your 403(b) plan have a matching contribution from your employer??  In that case, takes the 403(b)!  OR you could consider (if you qualify based on income)…

I am approx 1 - 2 years from retirement with a current balance of $166,000 in a 401K. I want to roll this over into an IRA while still actively participating in my 401K plan. The money I roll over has to be safe. I was thinking of opening the IRA with Vanguard since that…

I have a small inheritance in a Teachers brokerage tied to a stock portfolio. I wanted to sell it and move the balance to my portfolio at a major brokerage house into an inherited IIRA. Since that involves selling and than buying again, when is the perfect time to do so? My legal time limit…

Hi Terry; In light of whats been happening in the markets, where would you suggest to have your money invested. I'm currently at a 70/30 stock bond mix and at age 61 i cant afford to wait ten years to return to what I have now, (if the markets tank. Any suggestions TVR Terry Says: …

Dear: Terry. I will retire in 9 months. What should I do with my 401k at this moment. I am semiretired and living on my savings and some rent from my first flor home. I appreciate your answer thanks.   Terry Says:  The simplest answer is to switch at least 60 percent of your assets to the…

Terry, my wife and I have a mortgage at 8% and we've tried to refinance. We were wondering if you help us out with this situation. Thank you Terry Terry Says:  If you have good credit, are current on your payments, and have at least 20 percent equity in your home (that means your mortgage is…

Terry, I closed on my new home in 8/2008 and refinanced in 7/2010 to lower my interest rate from 6% to 5.5% to prepare for tax increase. I found out that I don't qualify for HARP (2.0) because of the refinance date. My house value is approximately $125,000 less than what I owe on my…

Good Day Ms. Savage, my ? is that my mother has a living will as far as I know. I was asked to sign some papers several years ago. I was just told it was a formality for ..... I agreed. To my dismay it was for a will which I find it very fraulgulent.…

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…