Ask Terry Archives

Considering withdrawal of balance in reverse mtge of $190,000 and want to keep it safe and liquid. Thinking of money market or.. CD. We are seniors 92 and 87 years young. Please advise. Thank you Terry Says:   Wait, that's not a good idea!  You will pay far more in interest and fees if you withdraw…

Hello Terry, Read your column on how to maximize college scholarships that you can receive (in Chicago Tribune, 11-Jan-2016), and loved the suggestions (talking to your high school counselor to find out about locally offered scholarships, was new to me). I would appreciate if you can guide/suggest some things for my situation : I am…

My wife and I have filed for Social Security. We are 66 years old. She is taking her full benefit and I am taking half of hers. I hope to work until 70 yrs. old and then take my full Social Security benefit. We own a business. What is the best way to work with,…

I am a widow..live alone should I consider long term insurance and what should I look for so I am not being taken advantage of Thank you Terry Says:  This requires more information about your situation -- both personal and financial.  However,  I am happy to direct you to someone I trust 100 percent to…

I have two IRA annuities. I would like to take ALL of the RMD total requirement from one of the annuities since it pays 3% while the other annuity guarantees 7%. The company that has my 3% IRA will only let me take the maximum of the RMD calculated on THEIR RMD and not on…

Terry, please advise if the current downturn is a time to rebalance your 401(k) or if rebalancing should only be undertaken during peak highs. I know it isn't a simple thing so any basic advice would be appreciated. Terry Says:  There is no right time to do rebalancing.  When the stock market is high, you…

I have some US Savings Bonds that will mature as early as June and another group later this year. Am I better off to wait for their maturity date or cash them in now. If I hold them will they continue to increase in value? The rate of interest when purchased was 6% was that…

I'm at freshman at NIU and I was looking for some free money to help me out. Can you please get back to me at your earliest convenience. I would really appreciate it. Have a great day. Thanks again. Terry Says:  Please read the column I recently posted on that topic.  And then head right…

I want to sell my house valued at around 150,000 for cash am I able to do that if I still owe  $27.000dollars on my mortage and how would I go about selling it? Terry Says:  You should have a real estate agent or real estate attorney help you through the process.  Your current mortgage is a "lien"…

Have been hearing a lot recently about indexed annuities. Any thoughts and/or comments would be appreciated. Thank you. Terry Says:  I have written in the past about indexed annuities, and I'm not a fan.  Typically, they make the broker rich, not the investor.  Most of these products appear to give you a limited risk and…

A while ago there was an information sheet on your website. This could be filled out with important information. There was also a lot of information about do not call lists, credit reporting companies, etc. I can't seem to find it. Is it still on your website? Thanks, Terry Says:  You're talking about my Personal…

Commercial Mortgage Bridge Loans came to my attention on Steve Cochran's show. I am 74, very recently widowed, and nervous about my 401k account losing a chunk of its value in the last few weeks. That investment account and social security are my sole source of income. I wish I could tell you in broad…

I ave an IRA about 165,000. with Smith Barney should I move it to Fidelity or VanGuard? Terry Says:   Are you comfortable with the advice given to you by your broker? Good advice is worth paying for!  But if you don't have a relationship with your broker, then either Fidelity or Vanguard will give you…

Divorced eight (8) years ago our daughter recently moved back home with my wife and I along with three (3) Grandchildren. Her former husband has paid no Alimony nor has he seen his children for the past five (5) years (his choice). After struggling financially for past five years and trying to make it on…

I purchased a eft stock, PDI. I keep hearing both good and bad. My main interest is dividend income. What do you think of etf's and Pimco's PDI? Terry Says:  I typically don't give stock recommendations, and I don't want to deviate.  However, if you go to Morningstar.com (even without being a member) you can…

Yes Terry, I am a retired 61 year old single male with a full postal pension and need to know if it is still advisable to fund a Roth IRA, when I do not really need it? Terry Says:  First of all,  you can only "fund" an IRA (any type of IRA) with earned income,…

I have been retired 5 years. I have a deferred nationwide retirement solutions account with 80 percent in fixed and 20 percent in large cap stocks. I'm hoping to watch that account grow to give to my children when I am gone. With the market free falling I am very fearful of losing this money…

I am 61 don't plan on retiring until age 66. I have approximately $300,000 in a variety of American Funds. I am concerned with the downturn right now. Should I sell these stock and move to Money Market Funds. I hear I can expect to lose 30% of their value with this current downturn and…

Was listening to WGN this morning and the financial advisor was quite adamant about rolling over funds in my 401k and IRA into a commercial market bridge loan. He said it will be a safe haven for our money for the next year. He also said that there is no penalty to roll it over…

My Native American tribe has just begun issuing per capita payments totaling $20,000 per year. I am recently married and between my husband and myself, we are able to make ends meet and don't need to use the extra funds to live. I wondered what was the most prudent way to invest/save/utilize this money. I…