Ask Terry Archives

just missed you on wgn, what is best for me a will or trust? i have appox $200k invested. my wife owns the house i have 1 daughter (26 yrs old) also a life ins policy for $100K. what is best for me trust or will? i've heard pro/con on both Terry Says:  Please see…

I think I am just like the person you talked about this morning on WGN. You mentioned the topic was on your web page, but I cannot find it. What happened to that pretty blue stone locket you wore for years, that matched your eyes?? Terry Says:  First, here is the link to the article,…

I am doing one with a lawyer, but ,other than the bare bones portions he inserted, I have provided 100% of the remainder...most of which includes objectives, what the successor trustee should do re my care and putting me in a home, finances, and of course beneficiaries upon my death...are there other required elements of…

He Terry, I am a commercial real estate broker and I am expecting some large commissions that will double what I have in savings to about $150,000. I have about $50,000 in total debt including student loans and a car loan. I just bought a two unit building with my fiance and am renting out…

I have diversified my portfolio to mutual funds via Edward Jones. One avenue that hasn't performed too well are my international investments, such as Harbor Investment, AFS International and Oppenheimer International. What are your opinions on these? Terry Says:  Well, it has been a tough year for markets outside the U.S.  Most are concentrated in…

Terry, last year you wrote about the LTHC scam: http://www.suntimes.com/.../how-is-a-90-long-term-care... Anything new on this front? My wife & I have been paying MetLife premiums for 10 years and now they raised the premiums by 102%. Terry Says:  Well, it's horrible that prices of LTC insurance policies have taken a huge jump -- but it's not…

Hi Terry, just heard you on WGN! I have a 30-Fixed FHA mortgage, 5.5%. My home is probably worth the same or a little less than what I owe on it - not 100% sure about that. Would I be able to refinance, and roll all fees into the loan? Terry Says:  OK, you have…

Dear Terry: I was a faithful reader when you were a columinist for the Chicago Sun-Times and tried to get into your seminar at Governors State a few months ago- but there was no more space. I have about $360,000 in stocks, stock mutual funds and about $48,000 of that in a bond fund. I…

my sister has been paying into an annuity since she was 22. she received a notice that since she has turned 65 the payments into it will stop. 1. can she move this money to another account (ROTH or regular IRA or other)? 2 the account is with metlife and when she calls no one…

Our investment adviser recommends buying General Electric stock but a friend I admire says it has had a lackluster performance over the past decade or so. What do you think? Terry Says:   That's an impossible question to answer out of context.  First of all, past performance may be repeated, or not.  So I would never…

Hi Terry: I listen to you every Wednesday on WGN and am always so impressed. My question is I took a 3 year $15K personal loan out through Discover and only have about $1858 to pay back. From my salary I was putting savings away as well as paying this loan back. I have about…

Terry, here's the situation. My mother is 92 years old, just sold her home and had to move into assisted living facility. The facility is nice and she enjoys living there. Anticipated problem we see on the horizon is her running out of money. Nursing home costs $8500 a month of which roughly half comes…

Hello Terry. Do you think it would be ok if I paid off 2 of my credit cards with my Roth IRA? I am 51 soon to be 52. I am single. Do not own a home. I am renting right now. I have had a few medical issues, over the years. I make about…

I am 30 years old, which IRA wouldbe better for me, a traditional IRA or the Roth. Thank you Terry Says:  You can probably live without the tax deduction that a traditional IRA offers.  So I'd suggest the Roth -- which will grow tax-free  (as opposed to tax-deferred in a traditional IRA).   Be sure to…

What do you think of a variable annuity as an investment for people who are about to retire? What we have been reading is that they should be avoided in part because of so many fees. Our broker is strongly suggesting one through Principal Financial Group and it is making us nervous. It is called…

Terry, I transferred my TIAA CREF (Fixed?) annuity over to a broker but have decided I don't want to work with him and I want my money back. The TIAA money was supposed to go into the Principal Investment Plus Variable Annuity he's selling me but I have not signed the contract yet. I have,…

Retired drawing pension. Part time employed with $4,000 per year. Can 457 plan be withdrawn. Retired from employer where all funds were earned. Terry Says:  Well, the first thing you probably should do is a ROLLOVER -- directly from your previous employer to a new custodian, probably at Vanguard or Fidelity or T. Rowe Price. …

Terry, i am 54 years old. i have a mortgage of about $80,000.00 with an interest rate of 3.35%. i have about &75,000 in the bank from the sale of my previous home. i need advice on how to invest the money. i don't think it makes sense to pay of the mortgage due to…

I'm working full time at age 70 and intend to work until I'm 72 or 73. I'm going to continue to contribute to my company 401K plan because they say I can, however, must I start taking MRD at 70 1/2 like in my regular IRA?? Please advise, thanks so much for your time.... Terry…

Hi Terry, I am over 50 and have already hit my max + catch up contribution of $23,000 for 2014. Are there any other investments (Roth IRA perhaps?) that can help reduce my tax debt for this year? Thank you! Terry Says:  Food for you!  Yes, you can have both a 40l(k) AND a Roth…