Ask Terry Archives

Great news today on the ability of students to refinance their loans! Have read through everything. My question is this: I own my home free & clear. I'm 60 years old, and contribute a good amount to my retirement account. Does it make sense for me to refinance my home, and allow my child to…

Where do I go to consolidate both federal and private college loans into one manageable loan. Terry Says:  Please read the column on top in the left column on the home page at www.terrysavage.com -- It explains fully.

I HAVE A SCHOOL LOAN FOR THE PAST 18 YEARS AT 7.5% AT ACS. IS THERE ANY WAY I COULD GET A CHEAPER LOAN. UNFORTUNATELY I HAD CONSOLIDATED WHEN I RECEIVED THE LOAN. EVIDENTLY I WAS YOUNG AND UNAWARE OF ANY ALTERNATIVES. Terry Says:  Ugh -- 18 years at 7.5%!  That is ugly.  And yes,…

IS A MAJORITY OF RETIREMENT FUNDS INVESTED IN FIDELITY TARGET DATE FUNDS A SAFE WAY TO PROTECT MY PORTFOLIO. IS THIS DIVERSIFIED ENOUGH? Terry Says:   It's a good start -- but it's not enough!  Here's a link to a column I recently wrote, that will explain the issue more fully.  Basically, a real discussion is…

I am a 50 yr old that is self employed. What would you recommend how i can start saving for retirement? 401k or Roth Ira and what type of life insurance should I get? Terry Says:  OK, well you need some work on the basics.  I have your email, and every once in a while…

my husband purchased a house using money from his investments to purchase a house in a real estate IRA??? We have owned the house and have collected some rent for 5 years. We are now nearing retirement - 62 and wondering what way to rollover the house - sell and not get penalized? or do…

I have looked for opportunities to refinance my student loans, to no avail. To qualify for services such as SoFi, I need to have a bachelors degree from a supported institution, which I do not have. I earned an associates degree from Joliet Junior College in Illinois, but entered into a career before earning the…

Hi Terry, My husband and I were somewhat relieved to find your answer to a similar query in December 2013. We are wondering what you would advise now. We paid or 9 semesters for our soon-to-be seventh-grade child beginning when she was an infant and finishing as she entered kindergarten. Do you think we should…

My wife and I are both currently on social security and will not be probably affected by changes in SS law. I have never understood why all W2 income is not taxed by SS. The current limit probably does not affect most wage earners. The high income people who are better able to prepare for…

I have a 40 year old VALIC IRA fixed account paying 4.5%. ($4400 in it.) I also have 85,000 in an IRA with my broker just sitting in my account (against his wishes!) But as a 74 yr. old, should I move this money into VALIC. When I called VALIC, the woman told me they…

Which are the best loans to reach for at this point. We figure we will need 10k for the next 4 years, 40k total. thanks Kevin Terry Says:  This is an important process -- and one you have to take step-by-step.  I'm hoping that your child is a junior or starting senior in high school and…

hi TerryI have written to you before. I am saving for an emergency fund and paying off debt. I have two kids in College. They both will need a cosigner for loans. Should my wife and I cosign ?my son plans on becoming a nurse my daughter a sign language teacher.they cannot get the loans…

My son is going to be a Sophomore in college. Freshman year FAFSA provided a small Un-Subsidized loan opportunity. I have three younger children and have saved modestly for them all. I'm tapped out for my oldest after sophomore year and now need to consider a loan. Home equity a good place to go? I…

I have a Roth IRA account that I'm starting to put money in and wanted to know your thoughts on what ETF to get into. Energy, Health Care, Corp Bonds, Real Estate, Financials...? Terry Says:   Frankly, I'd start out buying the "whole" market, using a traditional index fund, the S&P 500 fund offered by your…

Hi Terry, My husband and I have our home in short sale, we are looking for an apartment. My husband will be retiring and receiving $4,000.00 per month, I do not work at this time. Unfortunately our credit has suffered the score is between 490-584. My question is what website can I go to to…

I was in the Army Reserve for 6 years with an honorable discharge. Am I eligible? Terry Says:  Yes, as long as you had a full 6 years in the Reserves, and your "point total" confirms that.   That's according to my VA Loan Expert Daniel Chookaszian.  And for always being so helpful to me --…

I have some money that I would like to invest (about 50K), and I'm looking for a somewhat "quick" return of say two years. I have been reading a lot about silver being way under priced now, and I would like your take on this. If I bought 50K worth of silver dollars at about…

My daughter is leaving her company after 9 years. What should she do with her 401K account? Withdraw it (probably not), transfer it to her new company, or open an IRA, or leave it? What is the best choice? Terry Says:  Tell her to call Fidelity 800-FIDELITY or Vanguard 800-VANGUARD or T. Rowe Price 800-638-5660…

Is there a comparable program in Texas to ihda.org? Terry Says:  OK,, folks -- now that I've mentioned these kinds of programs, you can do a bit of your own homework!  I Googled "Texas first time homebuyers program" and here is what I found!   http://tdhca.state.tx.us/homeownership/fthb/fthb-br.htm?gclid=CIGGuMKp6sUCFVYSHwod6hEAQQ     Check it out!!  Almost every state has some kind of…

Hello Terry, My wife and I would like to refinance our mortgage loan to lower our payment. We are in our 40s and can save $300 per month if we refinance to 30 years. Our intention is to use the savings of $300 and continue to apply it to our Mortgage principle each month. We…