Ask Terry Archives

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…

I am in a nursing home with no family. How can I cash in my EE savings bond? Terry Says:  I am so glad you wrote.  If you don't have family members to help you with this, I want to ask who will take care of other important things -- like your healthcare power of…

What is your opinion of GNMA reinvestment income trust 120.Have approx 16K as of 9/2014 in it as part of trad IRA. Will be 70 yo this Nov. FAdv wants me to liquidate this and apply proceeds to purchase of symbol WRHIX. Also have 3 other equity UIT's that combined w GNMA equal 40.2% of…

I listened to WGN in March when you mentioned a way to determine the value of the Series EE savings bonds. Can you please repeat the website that I can visit? Thanks! Terry Says:  Go to www.SavingsBonds.com -- note this is NOT the government website, but a very good site for learning about savings bonds…

Terry, do you recommend taking out a car loan this month as interest rates may be on the increase in April? Terry Says:  Only if you need to buy a car!   Seriously, it would be great to try to pay cash for the car -- or at least put down a large amount of cash. …

I have some bonds dated 1988 how long can I keep these bonds, do I have to cash them after 30 years? Terry Says:  These Series EE Savings Bonds will reach full maturity in three more years -- unless, unlikely, they are extended. At that point, you will have to pay taxes on the accrued…

What's the name of the book you discussed on WGN radio last week for above topic. I believe it's available on Amazon. Enjoying your show. Terry Says: Oh that's my new book -- written with divorce attorney Gemma Allen, and divorce court judge Michele Lowrance.  It's called The New Love Deal, and yes it's on…

I've heard that the Federal Reserve is 'owned' by the Rothchilds, Rockefellers, etc. and that the New York Fed Reserve is controlled by the British, thus controlling the US banking system. Is this conspiracy nonsense? Terry Says: Total and absolute nonsense! Here is the official wording of Fed "ownership" -- straight from the Fed's website:…

My mother is thinking of withdrawing $25k from her 401k after she retires next year at the age of 70 to pay off my brother's student loan, which she co-signed. My brother has been in and out of work and right now is currently unemployed. He has deferred his loan payments. Also, my mom still…

Will be 70 yo this November. Have IRA with various funds/stocks. Advisor suggests a sell of GRIT120 shares and use proceeds to buy into Ivey hi yield (WRHIX). Not sure if this is in our (wife and I) best interest or his. Your thoughts on wisdom of this change. Approx value of IRA now at…

I am 69 and put some of my money into a variable annuity. It does not seem to be making any money for me. Should I take the money out and do something else with it? Terry Says:  I would have to know more about the annuity -- especially how long you have owned it. …

Is it true that if I sign up for a Medicare Advantage plan and then want to switch the next year to a MediGap plan with Original Medicare that I could be denied coverage for preexisting conditions for 6 months, denied coverage outright or be charged more than if I had signed up for it…

Given the poor underwriting of many LTC policies, especially in the area of automatic inflation riders, what is the likelihood that major insurers will write new LTC policies? Terry Says:  Genworth, the current largest underwriter, says it plans to continue writing new policies.  Others are, as well.  But even if they don't write new policies,…

1)On the BI webinar tonight, were you suggesting that someone who has LTC insurance (for about 10 years now; ages 65 & 67), we should possible give that up and get the combo life/LTC insurance instead? (We have separate life insurance.) 2) Re annuity, I have a 403c annuity that grew to about $180,000, plus…

Terry, Is there a free web site that I can plug in a mutual fund name or stock name and get an objective analysis/opinion of that fund or stock back in easy to understand language to help me determine the merits of that investment. I only need to use the site on a once-in-a-while basis.…

i am a 63 year old female married to a wonderful, very young 80 year old man who is retired and collecting his Social Security, which we are able to live on at this time but I was told that I could collect some sort of spousal benefits without me collecting my Social Security until…

Can an IRA be converted to an insurance annuity. If so, is that a wise investment for someone who is 81. Any ideas for safe investments for someone my age? Terry Says:  It is a TERRIBLE idea -- and anyone wanting to sell this to you should be reported to the SEC!   You're 81.  Take…

My 93 year old father passed away in January of 2014. He was the primary and I the secondary on a CD that I divided 4 ways in February of 2014. Because I was secondary on the account, not a benificary or POD, does that make the money mine to give and should I be…

What can a person invest in when having to take mandatory withdrawals from an IRA, especially if they don't need the money right away? Can it be invested in another tax deferred product? Terry Says:  Not unless you have "earned income" -- that is, not income from pensions, interest, or withdrawals.  If you do have…

can money from gov. saving bonds that have matured, be reinvested to avoid tax on interest. am 82 tears of age and dont need the cash presently. Terry Says:  No, you have to pay taxes on them at maturity.  Then you can invest in something else.