Ask Terry Archives

What do you think about annuities? Terry Says: Uh uh -- that answer could fill a book -- or at least a chapter in a book.  In fact, it did!  Go to my website to get a copy of The Savage Truth on Money and read the chapter on annuities.  I have nothing especially for…

Can you give me the email address of the person ( Leslie, I think) who you mentioned on WGN this afternoon? Thanks! Terry Says:  It's Leslie Struthers --  my mortgage specialist.  Her email is Leslie@GuaranteedRate.com.

I am 72 and have lost my job in November 2014. When do I have to take my first RMD? Terry Says:  You likely should have been taking MRDs at least a year ago -- unless you are still working and contributing to a company 40l(k) plan.  But now that MRD will be required.  If you…

I'm a disabled widow with an income of $12,000 a year I sold my home for 35000 do I owe the IRS any money Terry Says:  No.  Each person has a $250,000 capital gains exclusion on the sale of a residence --and it can be used every time you sell a personal residence.  So I'm…

Hi Terry, I am seeking more tax diversification for my retirement account and want to gain more Roth exposure. Is there any advantage or disadvantage of converting existing traditional IRA to Roth vs allocating a larger portion of new 401K contributions toward Roth 401K in order to increase the post-tax portion of my retirement portfolio?…

My husband and I recently applied for LTC Insurance. He was denied for medial reasons. Would we be wise to put the premiums we would have paid into an annuity for "just in case"? I am taking the LTC insurance for myself. Thank You. Terry Says:  I'm glad you are getting it for yourself.  An…

So, for your story, "Mint a prosperous new year with handy bill-pay app," did you actually test the app? If so, for how long? Terry Says:  I'm in the process of setting it up!  I have used Quicken forever, and recommended the original Mint app for several years.  I'm really excited to have my bills…

I have a line of credit at 3.29 and a balance of 168,00.00 which is owed. My house is paid off. Given the low interest rates should I change to a regular mortgage rather than maintain paying off my line of credit and risk higher rates? The house is worth approximately 400,000. Terry Says:  If…

You talked about an app today on WGN that tells you when your bills are due. What was the name of it? Terry Says:  Read the column at my website (left column, under Huffington Post) about Mint Bills  (www.MintBills.com)

Terry , we live in the Naperville/Aurora area. Can you recommend someone we can speak to about refinancing our home loan ? Thank you Terry Says:  My best mortgage source is Leslie Struthers.  Her email is Leslie@GuaranteedRate.com.   She can give you personalized service.  Or you can go to QuickenLoans.

Terry: I am 64 years old and am working as a 1099 contractor. I may need some extra cash to pay some bills in the first quarter of 2015. Would it be better to write a check from my Home Equity Line of Credit or take a disbursement from my self-directed IRA? Rod Terry Says: …

Where should we look for how to fill out the online questions for my son to repay his college loans... about $27,000. He does not currently have a job & BOY has this process changed since our daughter graduated 5 years ago!! Not sure what kind of re-payment options are available to us. He attended…

I am 71 years old. I am taking RMD's from an IRA CD which is about to mature. If I roll over the CD at the same bank and then find a better interest rate at another bank later, say in 6 months, can I rollover the money to the other bank without any penalty?…

My 14 year old son is interested in purchasing stock. Is there an age requirement for purchasing stock? Can you recommend a good place for him to research stock before he makes an investment? Terry Says:  There's no age requirement, but you'll have to "title" the account in your name, as "custodian" for your son. …

I have an IRA CD maturing and would like to know where I could get a better rate?I was getting 1.40% for three years but the new rates are .35% for 12 months, .60% for 24 months, .80% for 36 months, and 1.50% for 60 months. I have part of the money insured with CDARs…

As part of a high school graduation present I wanted to start either an IRA or a ROTH IRA for my son. Which IRA would best? Also what type of investment should we pick? Thanks Terry Says:  Well, you can't start an IRA for him unless he had EARNED INCOME -- that is, income from…

My grand daughter is 21 years old. She has a job as a retail assistant manager. She lives at home. She has never had a credit card. She is trying to get a loan for a car. No one will give her a loan because she has no established credit. Looking for suggestions as to…

How is a pension buyout calculated? Terry Says:  The actuary for the company and the pension fund determines the "present value" of your future pension when making an offer to give you cash from your pension.  Of course, you don't want to take cash now and lose all future growth of benefits.  So they should…

As I get closer to retirement - At this time, I am a full-time employee, (71) years old, but plan to work about (2) more years. I am thinking I will need a financial adviser to help me make the most out of my 401k, IRA and savings. And, provide me a map to get…

I am a 73 year old active female. I keep busy and love to travel. Should I buy Long Term Care Insurance? I am healthy but don't know what the future will bring. I checked into the insurance and it will cost me about $9,000 a year. I have about $500,000 in investments. Is it…