Ask Terry Archives

Last week on WGN you said that 'seniors might want to enter sleeper mode during this market period,' what do you mean? Thank you Terry. Terry Says:   No, I didn't say that, but  I did say that seniors might want to "sell down to the sleeping point" -- which is an old Wall Street way of…

What is the best route to go when savings for retirement at age 50, life has gotten in way, I want to double my saving at a rapid speed. Help!! Terry Says:  Well, I think you've answered your own question.  Yes, you have to double the amount you put away!  And if you participate in…

Several months ago Alcatel-Lucent introduced the Alcatel-Lucent Retiree Lump Sum Window Program to all retired Lucent Technologies employees. They have been very helpful and somewhat thorough in all of the correspondences, hot line assistance and educational opportunities (Tax implications, pros and cons of lump sum versus current personal annuity). My wife and I are both…

I would like a copy of your column that you wrote "5 financial basics for new graduates." The column had very good information that was helpful for everyone even if they aren't a new graduate. I want to send that article to my daughters. Thank you, Terry Says:  Thanks for valuing that column.  Here's a…

Heading into Retirement this year and want to change investment strategy to create " safe money" from my 401K to a fixed indexed fund. How do I select one that is right for me - in my 50's, married, with a mortgage. Guarantee % , Bonus offerings, term ( 6-16 years) and 0 fees. Terry…

Hi Terry, listen to you on WGN and always very interesting. I am 42 and have a good retirement plan and also a Roth IRA. I have paid off all debt except for mortgage which is in great shape. I have aprox 5K that I would like to start investing short to mid term for…

Is there an easy way of getting out of these annuities. Terry Says:  There is rarely an easy, or at least not-costly, way of getting out of an annuity!  A lot depends on how long you've owned it, and the terms of the contract.  For an independent appraisal, contact my annuity guru by email:   -Jeffrey.Oster@raymondjames.com.

Terry, I am retiring effective 10/01/2015 and obviously concerned by the market conditions now. I have a mix of 43% in stock, 25% bonds, 11% cash, and the rest in an annuity and a Hedge Fund managed futures. I am nervous should I retreat to cash? Terry Says:  Whew -- that's a tough question to…

My husband and I have some money invested at this time. Because of the market these last few days, if we were to take a portion of that money out would we have to claim it all on our 2016 tax return as income or can we reinvest that money over a period of months…

My husband and I have a credit card balance of $15,000, the balance owed on our home is $45,000 and we have a HELOC balance of $38,000. Our assets include $25,000 in a joint savings account for emergencies. We both have individual savings accounts each with over $5000. His 401k retirement is over $460K and…

I've worked at my company for 29years.We had a defined pension plan which was frozen in 2009 due to the economy.They have now decided to disburse the funds.I have 250k coming to me.I'm 60 years old and very conservative about my money.I do not want to lose any of this nest egg.I have been to…

Terry, I'm a retired teacher in my mid-60s living on my pension and savings. I'm not eligible for Social Security. My 94-year-old father, who had a healthy portfolio -- I know, because we went over it in 2010 -- fell in love with his 78-year-old nurse, moved in with her, cut me off and threatened…

I am 51 years old. I have about $8,000 in savings. I have a pension that when I turn 62 or 65 I can take a lump sum of $25,000 or take monthly payment. I have a rental condo that rents for $1,400 after expense $500 left over. For the last 10 years I have…

I am a healthy 78 yo female. Have lived in an "adequate" third floor walkup condo for 22 years. We have had three foreclosures and the new board members have no desire to maintain our property or raise the assessment to do so. It is falling apart. I only have $220,000 in savings and who…

We would like to lend out kids $20,000.00 as a down payment on their first home so that they can get the best mortgage rate. My husband and I have a $260,000 mortgage on our $500,000 home. We also have a 401K but my husband says we would get taxed at 35% rate if we…

What would you recommend choosing for a married 28 year old. Setting up a retirement account using the 403b "traditional" or a Roth 403b? Terry Says:  That depends.  Does your 403(b) plan have a matching contribution from your employer??  In that case, takes the 403(b)!  OR you could consider (if you qualify based on income)…

I am approx 1 - 2 years from retirement with a current balance of $166,000 in a 401K. I want to roll this over into an IRA while still actively participating in my 401K plan. The money I roll over has to be safe. I was thinking of opening the IRA with Vanguard since that…

I have a small inheritance in a Teachers brokerage tied to a stock portfolio. I wanted to sell it and move the balance to my portfolio at a major brokerage house into an inherited IIRA. Since that involves selling and than buying again, when is the perfect time to do so? My legal time limit…

Hi Terry; In light of whats been happening in the markets, where would you suggest to have your money invested. I'm currently at a 70/30 stock bond mix and at age 61 i cant afford to wait ten years to return to what I have now, (if the markets tank. Any suggestions TVR Terry Says: …

Dear: Terry. I will retire in 9 months. What should I do with my 401k at this moment. I am semiretired and living on my savings and some rent from my first flor home. I appreciate your answer thanks.   Terry Says:  The simplest answer is to switch at least 60 percent of your assets to the…