Ask Terry Archives

Hi Terry, My daughter will be 15 in December and is a freshman in high school. When should I get her a debit and/or credit card? She has a bank account with about $2,000 in it. She does not work, yet. I want her to learn about how to use the debit and/or credit cards…

Terry, Could you recommend what type of attorney I could consult with regarding college loans? I am eligible to be released from these loans as a co-signer, per the loan company. Thank you, Terry Says:  Are you saying the loan company has told you they will release you as a co-signer from your child's student…

"you mention paying to "freeze" one's credit, how specifically is that done? Thanks Terry Says:  Contact each of the credit bureaus directly:  Transunion.com; Experian.com, and Equifax.com.   There is no charge to "freeze" your credit (not letting anyone open new credit in your name, or even check your credit report) if you have been the victim…

My 90 year old Mother in Law has moved in with us 6 month ago. Next week we will close on her condo and she will be receiving over $100,000 dollars. She has no bills and owes nothing to anyone. What should she do with that money? Is a Roth IRA an option? Thanks!!! John…

in your article "5 financial tasks to take care of in fall" you provided your web site and suggested clicking on the link to financialengines.com. I could not find the link from your website. Where can I find it? Terry Says: Right hand column, below the red box, fourth box down -- click on it!

Thank you for the above-mentioned article. Your summary of the facts was refreshing to read. I think you are a very smart person. Terry Says:  Thanks for your note!  It's nice to get some feedback, especially such a nice comment!

Was forced to retired in 2012 at the age of 57..IMRF was taken at highest value until I turn 62 in 2018 so I have a bit of extra income for now. Can't put it into my IRA because I am not currently working. What is the best way to invest this extra money for…

Best type of policy for female age 67. Does not smoke or drink. Recommendation of company would also be gratefully appreciated! Terry Says:  OK, this is not a "health care" policy -- it is a "custodial care" policy -- which covers care at home or in assisted living or in a nursing home, if a…

My daughter is 18 and in her first year of college. I heard it would be a good idea for her to establish credit. Do you have any advise on this? Which credit card would be best for her or any first time credit card holder? Thank you for you time Janet Terry Says:  Click on…

I need a little advice. I lost my job in Mid-August and have a 401k that I need to rollover. I have rollover accounts at fidelity that I want to use. The problem is the 401k has lost a lot of money (150K) since I lost my job I would have to liquidate my 401k…

My wife and I bought LTC through USAA in the early 90's when I was 60 and she was 56. We bought the " Cadillac policy ". The policies are now administered by John Hancock. Our premium have never increased; we have an inflation factor. My wife's semi-annual premium is $265.00 and mine is $…

1. Can I still contribute to my Roth account although I am recently retired and will have to take minimum distributions from by traditional IRA, 401(k), 401(a), and 403(B) accounts? 2. Can I make contributions to my daughter's Roth account? Thanks... Terry Says:  You can make a contribution to your Roth IRA as long as…

I have known you for quite a while via newspapers, radio and television so much so I feel I know you personally although we never met. I am 73, a state of Illinois employee about to retire. My retirement income including social security and state pension would be a little over $5000 a month. I…

Hi Terry! My wife and I are 58 and are concerned about long term care. I heard you discuss these LTC issues with Steve B. on WGN this week. Heard you mention that info was on your website not sure where to look. PLEASE RESPOND! Thank You Terry Says:  Here's a link to my recent…

My husband is 62 and is ill. He inquired about receiving Social Security Retirement Benefits and was awarded and received one payment as a Social Security Retirement Benefit recipient. He then was awarded Social Security Disability Benefits due to his illness. Will his Social Security benefit be reduced because he received that one payment as…

I bought a long-term care policy from MetLife over 20 years ago. I know they stopped selling new policies several years ago, but I still have mine. I read your recent column about LTC and was wondering if you know whether the benefits from MetLife have been reduced in any way. I have not had…

Terry; perhaps you've already seen my post to your FaceBook page (if not, I've included it below), but I am curious as to the reason Financial Engines is not included among those mentioned in your article; particularly since it's one you've had mentioned on your website for years now. "While the financial services industry spends…

With Genworth trading at around $4 is there a high probability that current LTC policy holders will out live Genworth? As a +70 policy holder do I have any viable options? Thanks. e Terry Says:  An insurance company's stock price does not directly reflect its solvency or ability to pay claims.  The company has reserves,…

Ms. Savage, Your article in the Chgo Trib on Sunday discusses 5 things to know about long term care insurance. And you end by saying plan now and sleep well. I think you missed one BIG step #6 is watch out for for large increases in premiums. After 15 years with GE/Genworth, which we purchased…

Hi Terry, I heard you last night on the Jim Bohannon show and appreciate your advice. I am 57 years old and am financially sound. I was recently approached about buying a Prudential Highest Daily Income annuity. Based on research I did, the fees seem to very high and the performance is about the same…