Ask Terry Archives

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…

Terry: Can you recommend the best book I can purchase to understand the area around Social Security and Retirement. My wife and I want to ensure that we are getting everything we are entitled to from SS after paying into it for the past 25 / 35 years. Many thanks for your guidance. Terry Says: …

I have credit card debt and have just inherited money. I plan to use some of it to pay down my debt on each of my cards to 1/3 of my limits on each card. Should I pay this down in one payment or spread it out over a few months? Is one way better…

Hi Terry, I have traditional and Roth IRA's, and a few years away from retirement. Should I convert the traditional to Roth and pay the taxes now, or should I wait until they come due and pay the taxes at that time, when I'm retired and hopefully in a lower tax bracket. If I wait,…

I am a single, retired, fixed income investor and am wondering what you think about investing in these. I have heard that invested monies are backed by a mortgage fund but how secure is that fund? Thank you. Terry Says:  For the last time, I do not think the slight bit extra yield is worth…

What advice would you give to travelers to the Greek Isles in September? Taking lots of US cash seems the obvious solution. What would you do Terry? Terry Says:  I think we will know more as we get closer.  Lots of U.S. cash is dangerous.  And I haven't seen how they are handling old-fashioned traveler's…

Hi Terry, My daughter is almost finished with college, and we have started thinking about how to protect our money so she can inherit without us worrying about losing our money due to Long Term Care etc. Terry Says:  The best way to do that is to purchase Long Term Care Insurance.  You could purchase…

With the Supreme Court's decision today recognizing marriage equality, can recommend a good book that will help us learn all the benefits that are available to me and my wife? Thank you very much. Terry Says:  We wrote about this in The New Love Deal (link to Amazon.com to purchase) -- but basically, you and…

What is the name of your new book about" Everything you should Know before getting married, moving in together"? Terry Says:  It's The New Love Deal:  Everything You Must Know Before Marrying, Moving In, or Moving On.  I wrote it with my co-authors, noted divorce attorney Gemma Allen and 20-year divorce court Judge Michele Lowrance.…

Hi Terry, Read your 5/10/15 article in the Chicago Tribune "5 things to know about life insurance". Here's my question..I'm a 66 yr old female, recently retired, single with no dependents, condo paid in full. I have a nephew that is my beneficiary. I don't want him to have any out of pocket expenses when…

need help is there a seven year rule that you do not have to pay your student loan Terry Says:  There is no rule like that!  You get 6 months after graduation to START repaying student loans.  And you can get a deferment if you can't pay because you don't have a job.

I am 68 years old and considering investing in a Power Index Annuity. Would like your thoughts and input concerning this ten year investment. For maximum yield I must not draw or have access to the funds for ten years. The investment company claims a guaranteed 7 percent yield each year for ten years. Do…

Hi Terry, I was wondering if you could please answer an asset location question for tax efficiency during retirement. I’m not sure where to put 4 equity funds – in tax deferred or taxable accounts. Two are passive managed index funds: VTSMX and VFWIX. These should go in personal taxable accounts, right? The other two…

I read your column in the Chicago Tribune on sunday, june 21st on 5 things to know about refinancing student loans. Going forward, I'm wondering how I should proceed because we have a couple parent plus loans and they're both carrying 7.9% which is outrageous as you say yourself. Our parent plus loan 1 is…

My son is paying for the Parent Plus loan that we took out for him 10 years ago. He thought it would be great if he could get the loan in his name as he is paying for it anyway and then he could get the credit. So since the loan is in my name…

I am a physician working at Lutheran General, in Park Ridge. My wife just finished her M.D.from University of Pittsburgh,Pa. My wife has taken loans at high interest rates. My dad heard part of your comments on "Bob Sirott &Marianne Murciano" show on WGN radio., about refinancing at under 2 % interest. Can you please…

Can we get a reverse mortgage on a condominium? It is the primary residence. Thanks Terry Says:  Yes!  For more information go to www.ReverseMortgage.org.  (My father has a RM on his condo!)