Ask Terry Archives

Hi Terry First of all I like to thank you I often listen to you on radio and you discuss cab medallion situation. Ok my question is since Uber came to the city, our hard earn taxi medallion just became worthless. Once our medallion worth over $350000 and now no one will buy it for…

I HAVE A BANK OF AMERICA CREDIT CARD DEBT OF $5,000, WHERE I KEEP TRANSFERRING MY BALANCE TO PAY ZERO INTERESTS . I HAVE BEEN MAKING PAYMENTS TO LOWER MT DEBT EVERY MONTH. I ALSO TOOK OUT A PERSONAL LOAN FROM DISCOVER OF $11,500 TO PAY OFF ANOTHER CREDIT CARD. I MAKE PAYMENTS OF $314.51…

thinking of reverse mortgage am 66 years old owe 40;000 home worth 125;000 any red flags I need to know Terry Says:  Here's a link to my most recent column on the subject.  I endorse reverse mortgages -- with some caveats.  Since they are expensive, you should plan to stay in the home for a…

Can I write off the cost of private health insurance on my tax return? Terry Says:  There is no simple answer to this question.   The first rule that might apply is the rule regarding all healthcare expenses, which can be deductible if they exceed, in total, 10 percent of your adjusted gross income.  However, there…

Terry My husband and I recently met with our financial advisor to discuss long term care insurance. My husband is 61 and I am 60. The plan he chose for us is one with an available benefit of $360,000 each and a maximum monthly benefit of $8500. He also added a shared care and a…

Hi! My parents are 61 and 66 y.o. & are wondering if refinancing their mortgage is a good idea. They currently have a loan balance of about $177K for their home which, at most recent estimate, is valued at about $280K (so NOT underwater.) They live in a highly desired area north of Chgo. Mortgage…

Dear Terry, there has been some articles,blogs,etc.,concerning choosing part "G" instead of the more popular part "F". Cheaper premiums are said to offset the deductible costs of part "F". Do you see any caveat to this? Terry Says: Yes, there is a huge caveat:  With G you pay the deductibles on Part B yourself.   I…

Terry could you recommend a reputable group for our niece to discuss debt counseling. They are a year behind on their HOA payments and two years behind on their county real estate taxes. thank you Terry Says:  I always and ONLY recommend that National Foundation for Credit Counseling, with branches across the country.  You can…

Do you have a recommended site to shop for homeowners insurance? Terry Says:  There are actually a couple of sites that say they compare homeowners' insurance prices.  Perhaps the best known is Netquote.com.  They say they compare from Progressive, State Farm, eSureance (Allstate), and Liberty Mutual among others.  And you might use this as a starting…

I am 85 and have had this carryover for several years.( was higher some years ago) but currently can only deduct 3K per year. I want to sell a income property I own..will I be able to deduct the full 80K from the profit of that sale? I have rec'd conflicting answers from CPA's. Thank…

I retired 20 months ago at age 63. My full retirement age is 66. I have not applied for Social Security benefits. My spouse is 10 years younger and still works. We live on her income and my non-retirement savings. In a recent column you referenced that delaying Social Security would significantly increase benefits. Since…

What web site or association can I go to to find a new low interest credit card. Terry Says:  Go to www.Bankrate.com and you can search for cards based on interest rates, annual fees, balance transfer offers, etc.  Here's a link to that page.

My dad owns savings bonds naming my uncle as the beneficiary. My uncle recently passed away. How can he change the beneficiary to me? Terry Says: Yes, your Dad can change the beneficiary without any problem.  BUT, if the savings bonds are paper bonds, they must first be converted to electronic form.  Then the named beneficiary…

Calculated Value of Your Savings Bonds (treasurydirect.gov/.SBC/Price) does not list the interest rate for Series I bonds anymore. Why? Thanks. Terry Says:  Here's a link to the page on Treasurydirect.gov that shows the interest rate for Series I bonds.

HI, I want to consolidate my 6-figure student loans into a single fixed interest rate loan. I know of six banks / student loan refinance companies (SoFi, Earnest, etc.). My concerns are: 1. Are these companies reputable; 2.Are their any internet information sources that I can address to recommend specific ones; 3. As I'm not…

Hello Terry, I recently lost my job and my husband and I decided that the best thing to do is to refinance our home which we purchased three years ago. Apparently, our home has increased its value around $80,000. We received a letter from a Mortgage company and gave them a call and information requested…

Hello, I read a question someone asked you about College Saving Plans and I read your answer about Bright Start. Basically, they didn't get rid of a management company that was responsible for losing a lot of money. My question to you is! I have a Bright Start account for my daughter that is now…

Would have a recommendation that I could check with. Ed jones recommended Pacific Life- do you have others you like? Ref your atricle in the Orlando Sentinel on 2-28-16 ph E6 Thanks Terry Says:  First, here's a link to an article I wrote recently about Longevity Annuities.  It's especially important to chose a sound company…

I was reading your column in the newspaper and had a question about what was said about social security deferral: "Deferring a starting date until age 70 (and specifying in writing that you do not want to take benefits even a day before you reach your 70th birthday) can provide an increase of 8 percent…

what is your current opinions on the two: continuing care facility or continue with long term insurance Terry Says:  Long term care insurance is designed to pay the money for a continuing care facility, or a nursing home, or for home health care.  The concept of most continuing care facilities is that you move in…