Ask Terry Archives

Terry, My fiance's son will start college this fall as a freshman, out of state. His grandfather has utility stock, worth approximately $4,500 in a Uniform Gift to Minor's account that he's contemplating transferring to his mother's name. Would you advise that she roll that over into a 529 plan; cash it in and apply…

Hello Ms. Savage, I read your recent Chicago Trib column on the refinancing of college loans, specifically ParentPlus loans. I contacted one of the vendors and was conditionally approved for an interest rate in the middle of the posted range, even though my FICO score is extremely high. In your experience, can the offered rate…

.At 81 years of age, My annuity investment of $35,000 ADDS UP TO $77000. after any years. I would like to with draw the total. What would be my tax cost in Oklahoma? Terry Says:  You will have to consult your tax advisor on that. The money will be added to your other income and…

Can you give me an email address of a free and safe company that I can get a credit rating. I was denied credit and do not understand why. I owe no one, have a home with no mortgage, ample amount of savings. Is it because I always pay my charges on time, or pay…

28 years ago, my husband and I began purchasing Illinois College Bonds. They were purchased at various prices depending on how many years between the purchase date and the date we wanted to cash it in for college . Each bond was guaranteed to be worth $5,000 when it matured. In addition, we were promised…

HI Terry, I caught the last half of your answer on WGN this morning regarding pre-paid college tution. I was wondering what you recommend instead of the pre-paid state College fund. Terry Says:  If you were watching me on WGN, you're probably and Illinois resident, and referring to the CollegeIllinois prepaid tuition plan.  I tried…

At the advice of a credit union financial advisor, I pulled my 403B money and turned it over to LPL. The credit union has now changed to CUNA for investing. The account isn't doing well, and it has a1% fee. My pension is fine for now and I don't need the money, but I don't…

We just did a refi on our home & the Insurance company is asking us to do certain upgrades in order to be insured (garage work, cement floor work, sidewalk cement, tuck pointing.) How much should be bother doing, knowing that we likely won't be in this house for very much longer, but need to…

I am a recent graduate and I have secured a job as a teacher in a high need area. I was wondering if it is possible to have the federal loans consolidate with my private loans to form one big federal loan? Or if I can apply for more federal loans after graduation to pay…

Hi Terry, Could you please explain to me the options on where to reinvest money from a sale of a home? I When the house (vacation home) gets sold, I will not be buying another one. Where's the safest place to keep money in these volatile times. Terry Says: It sounds to me like you don't…

I have 100,000.00 in a insurance savings for retirement until I reach 70 and 1/2, should I move it out to some where else and where to? Terry Says:  Well, this is a tough question, because you don't give me nearly enough facts for an answer.  I'm assuming this is NOT a retirement account (IRA)…

My mother passed away on feb. 20th 2015. After hours of waiting to speak to IRS person..I was told to send in a Death Certificate..I did that..but I just received a notice from the IRS that there is an unpaid amount due which includes penalties , interest charges etc.. I have spent hours and hours…

I am 79 and took on a FHA 3% loan with my two grandsons. The three of us are on the mortgage and we bought the home and took the mortgage so that my daughter and son-in-law could live in the house for the next year or so while they establish their credit as they…

my cpa sent my tax return in feb. and I received a letter saying they are reviewing the return..Every time I check on line I get they are still working on the return.How can I find out whats going on? Terry Says:  Your CPA should be the one to contact the IRS, ask what issues…

Hi.. As I'm getting closer to retirement, I'm looking for tax sheltered options,. Which do you prefer more, an annuitiy or term life insurance. I'm looking for an option that allows me to save money and be able to use it, if needed, as I get older...ps, I'm in my early 50's, have a pension,…

Your appearances on wgn improve the tone of the show. Your advice, particicularly about children and & saving, is thoughtful and practical, thank you! However your response to the question on proposed Grecian travel surprised me. Many travel plans are non refundable. Mine for sep is. I'm planning on US $ and Euros. Serious thoughts?…

We have too many credit cards. We only use a few, the rest sit in a drawer. I worry about keeping track in case of fraud, of misplacing them. I just don't want all of them, and despite warnings about credit score impact (mine and husband's are ea over 800)I want to cancel some. Can…

I will be retiring soon and have investments. Do offer a service of personal advisers? If not can you recommend an investment adviser? Thank you, B. Hoffman Terry Says: I'm a registered investment advisor but I do not manage accounts for individuals.  If all you need is investment advice -- vs total financial planning advice…

Hello, I have both term life and whole life policies through Guardian (AIG). I purchased both when I was married in anticipation of having children. We are now divorced and had no children. My plan is to keep the term life because it is so cheap (beneficiaries to include my parents and siblings). But I…

I have inherited property that I would like to turn into a vacation rental home. It needs upgrading. Is it best to borrow from my 401K, withdraw from my ROTH or borrow against the property? Terry Says:  Well, you don't want to borrow from your 40l(k) and lose all that future tax-deferred growth.  And similarly…