Ask Terry Archives

I am a recent graduate and I have secured a job as a teacher in a high need area. I was wondering if it is possible to have the federal loans consolidate with my private loans to form one big federal loan? Or if I can apply for more federal loans after graduation to pay…

Hi Terry, Could you please explain to me the options on where to reinvest money from a sale of a home? I When the house (vacation home) gets sold, I will not be buying another one. Where's the safest place to keep money in these volatile times. Terry Says: It sounds to me like you don't…

I have 100,000.00 in a insurance savings for retirement until I reach 70 and 1/2, should I move it out to some where else and where to? Terry Says:  Well, this is a tough question, because you don't give me nearly enough facts for an answer.  I'm assuming this is NOT a retirement account (IRA)…

My mother passed away on feb. 20th 2015. After hours of waiting to speak to IRS person..I was told to send in a Death Certificate..I did that..but I just received a notice from the IRS that there is an unpaid amount due which includes penalties , interest charges etc.. I have spent hours and hours…

I am 79 and took on a FHA 3% loan with my two grandsons. The three of us are on the mortgage and we bought the home and took the mortgage so that my daughter and son-in-law could live in the house for the next year or so while they establish their credit as they…

my cpa sent my tax return in feb. and I received a letter saying they are reviewing the return..Every time I check on line I get they are still working on the return.How can I find out whats going on? Terry Says:  Your CPA should be the one to contact the IRS, ask what issues…

Hi.. As I'm getting closer to retirement, I'm looking for tax sheltered options,. Which do you prefer more, an annuitiy or term life insurance. I'm looking for an option that allows me to save money and be able to use it, if needed, as I get older...ps, I'm in my early 50's, have a pension,…

Your appearances on wgn improve the tone of the show. Your advice, particicularly about children and & saving, is thoughtful and practical, thank you! However your response to the question on proposed Grecian travel surprised me. Many travel plans are non refundable. Mine for sep is. I'm planning on US $ and Euros. Serious thoughts?…

We have too many credit cards. We only use a few, the rest sit in a drawer. I worry about keeping track in case of fraud, of misplacing them. I just don't want all of them, and despite warnings about credit score impact (mine and husband's are ea over 800)I want to cancel some. Can…

I will be retiring soon and have investments. Do offer a service of personal advisers? If not can you recommend an investment adviser? Thank you, B. Hoffman Terry Says: I'm a registered investment advisor but I do not manage accounts for individuals.  If all you need is investment advice -- vs total financial planning advice…

Hello, I have both term life and whole life policies through Guardian (AIG). I purchased both when I was married in anticipation of having children. We are now divorced and had no children. My plan is to keep the term life because it is so cheap (beneficiaries to include my parents and siblings). But I…

I have inherited property that I would like to turn into a vacation rental home. It needs upgrading. Is it best to borrow from my 401K, withdraw from my ROTH or borrow against the property? Terry Says:  Well, you don't want to borrow from your 40l(k) and lose all that future tax-deferred growth.  And similarly…

Terry: Can you recommend the best book I can purchase to understand the area around Social Security and Retirement. My wife and I want to ensure that we are getting everything we are entitled to from SS after paying into it for the past 25 / 35 years. Many thanks for your guidance. Terry Says: …

I have credit card debt and have just inherited money. I plan to use some of it to pay down my debt on each of my cards to 1/3 of my limits on each card. Should I pay this down in one payment or spread it out over a few months? Is one way better…

Hi Terry, I have traditional and Roth IRA's, and a few years away from retirement. Should I convert the traditional to Roth and pay the taxes now, or should I wait until they come due and pay the taxes at that time, when I'm retired and hopefully in a lower tax bracket. If I wait,…

I am a single, retired, fixed income investor and am wondering what you think about investing in these. I have heard that invested monies are backed by a mortgage fund but how secure is that fund? Thank you. Terry Says:  For the last time, I do not think the slight bit extra yield is worth…

What advice would you give to travelers to the Greek Isles in September? Taking lots of US cash seems the obvious solution. What would you do Terry? Terry Says:  I think we will know more as we get closer.  Lots of U.S. cash is dangerous.  And I haven't seen how they are handling old-fashioned traveler's…

Hi Terry, My daughter is almost finished with college, and we have started thinking about how to protect our money so she can inherit without us worrying about losing our money due to Long Term Care etc. Terry Says:  The best way to do that is to purchase Long Term Care Insurance.  You could purchase…

With the Supreme Court's decision today recognizing marriage equality, can recommend a good book that will help us learn all the benefits that are available to me and my wife? Thank you very much. Terry Says:  We wrote about this in The New Love Deal (link to Amazon.com to purchase) -- but basically, you and…

What is the name of your new book about" Everything you should Know before getting married, moving in together"? Terry Says:  It's The New Love Deal:  Everything You Must Know Before Marrying, Moving In, or Moving On.  I wrote it with my co-authors, noted divorce attorney Gemma Allen and 20-year divorce court Judge Michele Lowrance.…