Ask Terry Archives

Hi Terry, I'm 59...and I have 2 in college, and I have nothing in a retirement fund. Money is tight, as I'm sure everyone tells you, but can you direct me where to start please. Thank you, Terry Says:  You are not alone in your predicament.  The first thing to realize is that traditional "retirement"…

I am 58 years old 10 years away from retirement, with the volatility of the market, that some predict for the next six months; what is my best approach. Your input would be highly valued. Terry Says: I understand your anxiety -- please read my most recent columns on my website.   You could adjust your…

Hi....just recently retired, collecting lump sum, new to this; and was wondering where to put this money to collect a good interest???? Just any idea, or lead me to something I can look into. Thank You Terry Says:  Well, the first thing you should do is NOT "collect" that lump sum -- assuming it was…

Hello Terry, It's a pleasure to be able to ask you a question. I admire your expertise. We all know the sayings about "Market Timing" and "Time in the Market" and what have you. Simply put however, I'm one of those who has had my deferred compensation money in a guaranteed fund making very little…

Porter financial contacted me about their currency market trading and how easy its to make money?? This company operates from London England and everything is done thro' the Internet. what do you think 0f this strategy and could a person make money by this trading method??let me know. thanks. Terry Says:  I think this is…

Last week on WGN you said that 'seniors might want to enter sleeper mode during this market period,' what do you mean? Thank you Terry. Terry Says:   No, I didn't say that, but  I did say that seniors might want to "sell down to the sleeping point" -- which is an old Wall Street way of…

What is the best route to go when savings for retirement at age 50, life has gotten in way, I want to double my saving at a rapid speed. Help!! Terry Says:  Well, I think you've answered your own question.  Yes, you have to double the amount you put away!  And if you participate in…

Several months ago Alcatel-Lucent introduced the Alcatel-Lucent Retiree Lump Sum Window Program to all retired Lucent Technologies employees. They have been very helpful and somewhat thorough in all of the correspondences, hot line assistance and educational opportunities (Tax implications, pros and cons of lump sum versus current personal annuity). My wife and I are both…

I would like a copy of your column that you wrote "5 financial basics for new graduates." The column had very good information that was helpful for everyone even if they aren't a new graduate. I want to send that article to my daughters. Thank you, Terry Says:  Thanks for valuing that column.  Here's a…

Heading into Retirement this year and want to change investment strategy to create " safe money" from my 401K to a fixed indexed fund. How do I select one that is right for me - in my 50's, married, with a mortgage. Guarantee % , Bonus offerings, term ( 6-16 years) and 0 fees. Terry…

Hi Terry, listen to you on WGN and always very interesting. I am 42 and have a good retirement plan and also a Roth IRA. I have paid off all debt except for mortgage which is in great shape. I have aprox 5K that I would like to start investing short to mid term for…

Is there an easy way of getting out of these annuities. Terry Says:  There is rarely an easy, or at least not-costly, way of getting out of an annuity!  A lot depends on how long you've owned it, and the terms of the contract.  For an independent appraisal, contact my annuity guru by email:   -Jeffrey.Oster@raymondjames.com.

Terry, I am retiring effective 10/01/2015 and obviously concerned by the market conditions now. I have a mix of 43% in stock, 25% bonds, 11% cash, and the rest in an annuity and a Hedge Fund managed futures. I am nervous should I retreat to cash? Terry Says:  Whew -- that's a tough question to…

My husband and I have some money invested at this time. Because of the market these last few days, if we were to take a portion of that money out would we have to claim it all on our 2016 tax return as income or can we reinvest that money over a period of months…

My husband and I have a credit card balance of $15,000, the balance owed on our home is $45,000 and we have a HELOC balance of $38,000. Our assets include $25,000 in a joint savings account for emergencies. We both have individual savings accounts each with over $5000. His 401k retirement is over $460K and…

I've worked at my company for 29years.We had a defined pension plan which was frozen in 2009 due to the economy.They have now decided to disburse the funds.I have 250k coming to me.I'm 60 years old and very conservative about my money.I do not want to lose any of this nest egg.I have been to…

Terry, I'm a retired teacher in my mid-60s living on my pension and savings. I'm not eligible for Social Security. My 94-year-old father, who had a healthy portfolio -- I know, because we went over it in 2010 -- fell in love with his 78-year-old nurse, moved in with her, cut me off and threatened…

I am 51 years old. I have about $8,000 in savings. I have a pension that when I turn 62 or 65 I can take a lump sum of $25,000 or take monthly payment. I have a rental condo that rents for $1,400 after expense $500 left over. For the last 10 years I have…

I am a healthy 78 yo female. Have lived in an "adequate" third floor walkup condo for 22 years. We have had three foreclosures and the new board members have no desire to maintain our property or raise the assessment to do so. It is falling apart. I only have $220,000 in savings and who…

We would like to lend out kids $20,000.00 as a down payment on their first home so that they can get the best mortgage rate. My husband and I have a $260,000 mortgage on our $500,000 home. We also have a 401K but my husband says we would get taxed at 35% rate if we…