Ask Terry Archives

Would it be a better move to pay off a home equity loan from our investment money? The loan (used to refinance student loand debt) is down to $13,000 at APR 4.24%. We are only required to pay the interest each month. We have investments of over $500K, and personal savings of approx. $100K. Our…

I just wanted to ask you professional opinion on my situation. I am a beneficiary to my parents and my brother's accounts, which are close to 950,000.00. I have about 200,000 in my mother's estate account. How much would you consider keeping as chicken money? Thank you. Terry Says:   I would need to know a…

With 2-4 years before retirement, approximately $1million in investments, I am being told my asset mix should be 65% stocks/35% bonds with only my emergency fund in cash. That seems to be too aggressive when we are soon to be going into retirement and talk of a market correction again. Currently, I have about 18%…

Hi Terry, I wrote to you previously but I want to add information to my question (I haven't received a response from you yet when I emailed you previously). I am age 70 years old, retired and have had a Roth account for more than 5 years. Is it better to withdraw money from a…

I am considered disabled by social security and have been since 2012. Right now I am 62 years old and have had stage 4 colon cancer since early 2010. I worked for a TV station but rolled over that money into A SEP/IRA when I became a freelance cameraman/independent contractor in 1994. Is it possible…

Im 49 yr old single female. i have about $85,000 in my roth. i have a company managing it and was wondering if what its investing in is the best? the asset composition is money market funds, bond funds and equity funds. should i be taking more risks? i do max it out monthly. i…

Why do so many expert financial reporters continue to quote the Federal governments version of inflation as under 2% when in reality it's near 5-6% ,if everyday expenses were included in the equation? For example, after reading your version today I opened a car ad and the quoted price, on sale, for a SUV was…

I'm 73, divorced, comfortable pension & collect Social Sec. I am now interested in buying stock in Walgreens because of the quarterly dividends it offers. Am I being foolish Terry Says:  Well, dividends are one good reason to buy a stock -- but a lot can impact those dividends. Walgreens is in the middle of…

Hi Terry, I'm might have missed your answer, but you had mentioned making the S&P Index Fund a core holding in ones mutual fund portfolio. What percentage are we talking, compared to other funds I might hold. I am 60 years old, and will be retiring in 5 years. Terry Says:   I mentioned the S&P…

I am a reasonably healthy 64 year old woman who has used all of her cash/investments to pay for a protracted divorce. I thought I was done, but my attorney ex-husband (after a 12-day divorce trial) has filed an appeal in the appellate court. After divesting stocks and cash to pay for the divorce, I…

I redeemed the Series E Savings Bonds I had purchased back in the 60s and 70s; however, my files show 2 bonds that I did not find in my files. Where or who can I contact to see if these bonds have previously been redeemed? I may have cashed them in previously or maybe have…

I have owed a few of these for many years. They represent about 4% of my total portfolio. My financial advisor, who I have trusted in the past, wants me to sell all of them, right now, to avoid the potential decline in the NAV should interest rates rise. Your thoughts? And if I sell…

Can long or short term insurance be bought after someone has already moved to an assisted living facilty, concerns are some one out living there money. Thank for any help .. Terry Says:   No, the entire point of having Long Term Care Insurance is to buy when you're healthy -- just in case.  To allow…

We are looking foe an honest coin dealer in chicago. We have a number of coins we would like to sell Terry Says:  I am always comfortable recommending Harlan J Berk coin dealers at 31 N Clark St, Chicago, IL 60602 Phone:(312) 609-0016.    Ask for Bob Greenstein.

Hi Terry - Does the IRS allow a direct roll-over of 401K funds to pay LTC insurance premiums? I currently itemize so I am aware of the tax benefit of declaring this out-of-pocket expense, however I would appreciate just being able o transfer the funds directly from my 401K to pay the premium instead and…

My wife and I really need someone that we can trust to discuss our financial plans. My wife and I still work and are Independent contractors for travel suppliers IE hotels, tour operators, tourist authorities. Our financial picture has been up and down all of our life with not only the economy but family medical…

Hi, Terry. What are the annual limits on gifts for and between individuals? Thanks a bunch.   Terry Says: Currently -- for 2014 and 2015, you can give up to $14,000 to anyone -- relative or not -- and reduce your estate by that amount without filing a gift tax return.  But actually, you can…

Terry, I and my husband are 51 and 55 yrs. old respectively we are both working. Daughter, in college, earning her own way and acquiring student loans (end of 4 yrs. she'll owe only about $22K). Inheritance from mother in-law received in Dec. 2014 ($20K). We have nothing saved for retirement. So far we have…

I have used Aetna Medicare Advantage plan ( CT ) for many years without any problems. Your answer regarding not being able to get back to a Medicare supplement is something I hadn't heard before & would like more info. Thank you. Terry Says:  This is an issue that most people don't think about when…

I'm 73 and retired. Living relatively comfortably off SS & other small pensions. Currently taking MRD and reinvesting into my IRA. This is supposedly to help insure that I don't run out of money. Also have a Cash Reserve of $25,000. Do not have any easy way to save money for modest home improvement. At…