Ask Terry Archives

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…

I have several IRA's should I payoff my mortgage? I am 69 years old I owe $60,167 with a payment of $821.73 with 8 years left on my loan. by paying off loan I save $78.886 please advise Terry Says:  OK, this answer is about more than math.  You don't tell me much about your…

Missed the deadline to appeal for my assessment tax appeal but have been receiving all kinds of mail from lawyers that will assist in the process. Each one has a certain percentage they take if they win the appeal. Is this another Cook County scam or is this legitimate. Thanks in advance for your assistance.…

Your article in the Denver Post 10/11/15 says in noting 4. "This loss is limited to$3,000 per year per person". I file jointly and the total loss allowed is $3,000, not $6,000, as inferred from your article. Please correct it, or cite why my CPA has been wrong for years! Terry Says:  The article says,…

I saw you in the WGN news today and you suggested that young adults in there 20's should save $40 a week. How much should I save towards my retirement at the age of 37. Terry Says:  The simple answer is:  As much as you can!  It's amazing what time can do for you.   The…

Terry, I'm 59, retired, with over $1.2 million in a traditional IRA. I'm interested in the pros/cons of converting some/part/all of my traditional IRA to a Roth IRA. I know I would have to pay income taxes on any money I convert to a Roth IRA but does having the tax free withdrawal advantage now…

We have 60,000 which we would like to invest. We are 73 which necessarily means a conservative approach. Please advise. Terry Says:  Ah, that's like asking me how long to cook your dinner!  I don't know what you're having to eat, when you'll be hungry, etc etc!!   I can't answer out of context.  Typically, I…

Hi Terry - I'm listening to you currently on WGN with Steve and I just wanted to make a comment. My son lives and teaches in Singapore and surprised me with a ticket to meet him in Italy this past summer, as a 50th bday present. I did all the things you mentioned (credit card…

Hello, My husband is 57 and I am 56. As you know, at age 59 1/2 we can withdraw from our 401K and IRA accounts without early withdrawal penalty. At this time we are considering applying for a HELOC to cover expenses for home improvements and a trip to Italy. We don't want to take…

I am retiring this year. what to do with 401 my company changed record keepers and I'm no longer in a guaranteed account my money is disappearing by the day! Terry Says:   I need more information.  Just because your company changed record keepers doesn't mean it changed the fund offerings inside the plan.  Did that…

Terry-- i am 68, married,no debt, Soc. Sec and military pension coming in. Kids educated and gone, have long term care insur. I recently accepted $378890 from Alcatel-Lucent as a pension buyout. I have an IRA=203K with TrowePrice. and another with my wife totaling 266K invested with our local CU CFP. My question? Where(what funds)…

Hi Terry. I have a Roth Ira and a Universal Life Plan through American Family Insurance. The premium for the $200k life plan is about $78 per month. I had been sending between $80 and $150 per month for my payment and investment but it got kind of tough. Life getting in the way. I…

Hi Terry I will have all my debt except for my mortgage paid off in one year at that time I plan on putting 15% of my gross income into retirement I am 55 and have 50,000 in retirement deferred compensation when I am out of debt do I put the 15% and Roth IRA…

Hi Terry- I have a condo that I rent out in Florida and there was a $10K special assessment passed by the Board to all owners of this high rise.*(Complex was built in 2009 and there is a lawsuit pending against the builders) You could either pay it in 1 lump sum or over a…

Hello Terry, I'm a 48 year old female and just let go of my 1% per year advisor after not feeling heard or served. I have moved approx. $2M in assets into Vanguard (combination of retirement accounts and taxable accounts). I would like to try to work this portfolio on my own but am nervous…

Hello Terry ; My question is, I am 58. My employer is going to give us a fat raise soon. They also have been giving bonuses. 7 years ago I lost it all but since have been trying to get 401K really going. I just need to talk to an adviser of a few situations.…

My department at work downsized so I was let go,I had invested in 401k matching thru employer what should I do with the money? I was told I can't get any money from the pension plan that the company put money every month cause I didn't fulfill 5 years of employment? Also what investment plan…

Terry, I am considering moving approx. 80K to a new American Fund NBARX. I have approx, 165K total in retirement accounts, and have approx. 50K in mutual Funds. They are split 60% Bond, and 40 % Equity based off of large capped stocks. My question is, I plan to start collecting Social Security @ 63,…

Terry, My 81-year-old father is a dementia patient who needs 24-hour care. I have power of attorney, but my sister and I both handle his finances now. His live-in nursing assistant alone costs about $7000 per month. My dad started 2015 with about $1 million in his IRA. With the volatility in the stock market…

Hi, I have a Roth IRA that I contribute the maximum to each year but at my work I do not have a retirement plan of any kind. I also have some individual stock thru Interactive Brokers but not confident enough in my self to put more money in this. How else can I save…