Ask Terry Archives

Hi Terry, I cant seem to get an honest answer on this question because everyone I ask has their own motivations. I am trying to decide between paying off my house or investing in the market and my children's' 529 plans. I am 50 years old making a good living and have been able to…

I need regular withdrawals from my IRA to supplement my social security living expenses. How can I safeguard my IRA funds from the predicted market drop. Terry Says:  The only way to completely safeguard your investments from a stock market decline is to be completely out of the market!  I'm being serious here.  You could…

My husband is 52 and his term life ends in April. At this point in his/our lives... should he get term life or whole life? I'm confused... Thanks! Terry Says:  Ask yourself:  What happens to me if he dies in the next 20 years?   The life insurance is not for him!  It's for you, and…

I'm invested 90% in vanguards total stock market I had a high at one time of around 300 thousand dollars I'm now 65 and retired so my question is I wanted to buy 6000 shares of At&T I'm after the dividend and the way I look at it is it's not the share price I…

Heard you on WGN radio this morning.....Do you still wear your heart necklace? I remember it so well when you were on TV. Terry Says:  Thanks for remembering.  It was black onyx, and it sort of became my trademark.  I still have it, but wear it rarely!

I have a TIAACREF and IMRF pension account. How do I choose the funds to invest in? I am 58 and hope to work at least 10 more years. Thanks! Terry Says:  You're fortunate that you're working with TIAA-CREF.  They have advisors for pre-retirees, helping them choose funds.  (And I'm assuming that you're referring to…

Hi Terry, I have 28k I would like to invest for up to 2 years with the least amount of risk. What would be your suggestion? Thanks Terry Says:  A two-year Certificate of Deposit at your federally-insured bank!

Can you recommend a Fee for Service Financial Planner in the northwest suburbs of Chicago? We want to ask questions about retirement planning and investing. Thanks.... Terry Says:  I don't recommend individual planners, but go to www.plannersearch.org, the website of the Financial Planning Association.  Search for a Certified Financial Planner who is fee-only.

Hi Terry, My question is my mother is 96 years of age and lives with my husband and I. We own our home. I do not charge her anything to live with us. She receives her pension check which is very small and her social security check. She does have a apartment building. IT is…

when the distribution is made in the first year and considered income to the beneficiary, is it based on her tax bracket and if is low which is the best way to go? what is the 5.64% that is referred to? what is the best option and what is the timing factor? your article and…

Hi Terry, I recall you being on a radio segment in November or December speaking about gaining 6 or 7 percent return with almost no risk. I did not recall the website you mentioned. I would like to investigate this option since I am not as stock savvy as I would like, and my wife…

My mother is 87 and her health has been declining recently. I had her withdraw more than the required distribution from her IRA the last couple of years even though she does not need the income at this time. The money is transferred to a taxable account. The amount of the distribution is calculated so…

I recently converted my IRA into an Annunity --- now i;m feeling like this was not the right thing to do, but its done, what do you think? Terry Says:  I think you helped the salesman's retirement, not yours!  How long ago did you do this?  You may have a 30 day right to rescind…

Hi Terry, Love hearing you on WGN. I'm a 71 yr. old retired single male. I have accounts with Ameriprise and TD Ameritrade which are both " Diversified " to reflect a low to medium risk tolerance according to both my advisors. I haven't been real happy with the performance of either of these "…

Here we go again!?... I'm less than 5 yrs out for retiring (59) and the market appears to be draining away what little I have. I have been on the conservative side of the market for some time. What can I do to keep what we have? I don't want to work another 10 years!!…

Ms. Savage: I have heard stories about Lottery winners that wound up going broke, or otherwise messed up in life. My idea for preventing that would be to take my winnings and put them in a series of STAGGERED Certificates of Deposit. My idea is to STAGGER THE MATURITY DATES OF THE CERTIFICATES OF DEPOSIT…

My husband and I are 72 and 73. We have our Northern home paid for, but have an $80,000 mortgage on a second home in Florida. We have money saved with half invested in a Vanguard mutual fund...index and some bond funds. I know the market is iffy, but I remember you saying keep stocks…

Hello, I have 2 daughters and I'm helping them pay student loans off, I give them each 500 dollars a month and they match it, is this the smart way to do it? Terry Says:  As long as you can afford to do this without impacting your own lifestyle or retirement, it is very generous…

What are your views on Disability Insurance? I took out a policy 5 years ago after my divorce because I was worried about supporting my kids if something should happen. I'm now remarried, though my husband, a teacher, makes 1/3 of my salary. I am thinking I'd rather invest the money into my kids' college…

I went through a very turbulent divorce, with children, in 1998. My parents knew I did not have the means to pay any attorneys to fight for my children - a separate issue. They agreed to pay my attorney fees. They also filed for grandparent visitation. All of this was done with the best of…