Ask Terry Archives

I need to change the name and beneficiary on my savings bonds, which were given to me as part of my divorce.  Where do I get the forms? Terry Says:  Go to www.SavingsBonds.com -- note this is NOT the government site, but a private site that I trust completely. They have a terrific form for…

I owe 30,000 for a home equity loan. I am thinking of taking 10,000 from my IRA (since I'm 60 there will be no penalty but I will have to pay taxes. Then I would have a loan of 20000 that I could pay ASAP I have approximately 2,500 in credit card debt. I am…

I need to fix my credit due to past issues (dismissed bankruptcy, car repo, late payments). Is there any value to using a credit repair agency, and if so, can you refer me to a handful that have been effective and are not too expensive? Thank you. Terry Says:  There is no such thing as…

Can I buy gold coins directly from the U.S. government? Canadian? Terry Says:  The U.S. Mint  sells collectors coins online.  Here's a link:  http://catalog.usmint.gov/coins/gold-coins/  So if you want "proof sets" or individual collectors coins, you can order instantly online.  The Mint does not sell bullion coins  (those without potential collector value) directly,  but they have a…

Do you think it is wise to have all your money with one financial firm? The financial advisor at one firm I have money with would like me to move the rest of my money over to his firm because now that I am retired he thinks it makes sense for him to manage all…

Hi Terry--My husband & I have about $50,000 in credit card bills. Our monthly income is around $5133 and monthly bills including gas,electric,car payment,etc is $3756. We have a friend who is willing to loan us $10,000 interest free and would like us to pay her $500 a month. One of our cc has a…

I enjoy listening to you on WGN. My children are an incoming college freshman and high school sophomore. We have saved enough money to pay for 4 years of college (approximately $120,000 each). The money is split among a 529, money market, Alger International growth fund, Janus Global research fund d and a Vanguard 500…

Would like to avoid nursing home in future and them becoming my sole beneficiary. Is Long Term Care Insurance a must or is there other alternatives? Would like to leave an inheritance for my children. If Long Term Care Insurance is essential, will you please send a list of reputable ones? Thanks. Terry Says:  I…

Hello Terry, Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. I have many questions. It is a sizable amount of money. I am 64 yrs. old, single, working fulltime, and in great health (knock on wood). I need to continue to withdraw money from my pension to live. The lump sum…

Should I prepay for funeral costs or buy insurance specific for those costs. Terry Says:  If you think you might spend down all your assets before death, then you might consider buying a cemetary lot and prepay expenses now.  Just make sure you are dealing with a reputable burial service that will be around when…

What is the website that you suggested this morning on WGN-TV for finding stocks that pay high dividends? Thank you, Terry. Marge Terry Says:  The website is www.BigSafeDividends.com

Where can I find a trusted financial institution sanctioned by the government in order to consolidate credit card balances. There are so many companies advertising but they are definitely "for profit" outfits and I have heard horror stories about them. You had mentioned a site at least approved by the government on an interview you…

Please let me know if Gold is a viable investment. I have heard that it's more stable than stocks or CD's thank you. Terry Says:  To the contrary, gold is a volatile investment -- and for the past two years the volatility has been mostly on the downside!  Gold is a speculation -- or a…

Thank you Terry for your response to my student loan question. My loans are through Nelnet and I believe these are federal loans. The loan servicer informed me that based on my income, my payment is $381.00 per month. I am paying what I can on the loan but since it is not the full…

My 67 year old fiancee has a 23 year old daughter who just graduated from college. She has only worked a few part-time jobs and has never had to pay any of her own expenses. She is getting married next July but he wants to co-sign (and pay the deposit) on a $200,000 condo for…

Is Ron Paul's warning something I should be worried about? Most of my savings is in 403b and various savings accounts. If it is a possible real crisis should I respond favorably to his offers? Terry Says:  I don't know what Ron Paul is "offering" besides a message of gloom.  But he has a point: …

I have 1/3 of my wealth in no load growth funds,1/3 in realestate rental properties,and in1/3 CD's. I do not need any dividends in order to maintain my current lifestyle. Would it make any sense to sell the mutual funds and buy an annuity ? I am 73years old. Terry Says:  What kind of annuity? …

Hi Terry, I have seen you a couple times on the WGN news and this morning, 7-29-15, you spoke of the housing market. I think it was almost destiny that you were on and I was sitting at the kitchen table. I am sure you have gone over this at nausea but here is my…

my mother was collecting her own ss until my dad died, then went to ss to get widows benifits. it then she found out ss was under paying her. is she entitled to back pay from ss Terry Says:  Well, I must admit that this one has me stumped.  You have the advantage since SS…

What is your advice in finding out the best avenue for refinancing an Interest only mortgage? (Yes Variable Rate) Terry Says:  My first advice is to do it NOW -- before the Fed raises rates!!  You can go to a place like GuaranteedRate.com or Quicken loans to find the best deal.  But get going!