Ask Terry Archives

Terry, I understand LTC is an important part of financial planning. My children are 38, 34, and 30, are they too young to purchase the LTC insurance now? The premiums are affordable now because younger age, or should they wait until older? Thank you. Terry Says:  At this age, and especially if they have dependents,…

What are your thoughts about Gold / Silver IRA's (i.e. physical gold and silver)? I'm considering moving 4% of my current IRA assets to gold and 4% to silver. Terry Says:  Well, if it's in your IRA, you should do it through stocks, or a gold ETF (symbol:  GLD), or through a mutual fund such…

What are your thoughts in putting money into any of the above funds? Advantages/disadvantages? Terry Says:  Vanguard and T. Rowe Price are two of my favorite no-load (no-commission) low fee mutual fund companies.  Each has a wide choice of funds, and they will advise you-- based on your investment goals -- how to diversify your…

Hi Terry, all these years listening to your words and I finally have a question! Beth and I have 2 mortgages which will be paid in 12 and 14 years. Our plan is to continue working (and saving) for the next 12-14 years, but our current retirement savings is at our number. We have an…

Hi, What do you think about brokered cd's? What should one know about them or be aware of? I see that they offer a little higher interest. Deb Terry Says:  I think they are not worth the effort to gain a slight edge in rates -- even if they are FDIC-insured (which you should check). …

How do you feel about using bitcoin as an alternative to gold or commodities? Terry Says: I've been reading and collecting information about bitcoin for couple of years now.  In the future, and in perhaps a different world order, there might be a very real use for a global currency, not controlled by governments.  One…

After reading several articles you wrote suggesting long term care insurance, my wife and I purchased policies thru Met Life about 8 years ago. Our premiums are about $1,100 for each policy per year. Since then, Met Life, along with many other companies stopped offering LTC. We recently received notice that our premiums would be…

We have a great amount of money in a CD, my husband will be retiring next Dec 2015. Where is the best place to put this money so we have Bonds Cash and stocks?we were advised to put it in a 2 different Annuity for 3 and 5 years and the rest in stock? This…

What is the difference between a fixed index and a variable index annuity? Advantages/disadvantages? Is it wise to invest some money in both types? What annuities would you suggest? I am new to this. Thanks. I just came into some money and need guidance as to how to invest it. Suggestions? Terry Says: I would suggest…

Is it correct to invest all retirement money (IRA and 403B) in a Fixed Index Annuities at the age of 62? We don't have much savings but a good pension and Social Security. I am still working and will retire at age 64. (I left a message last night without details) Terry Says: There is absolutely…

Have home equity loan balance of approx. $67,000. Paying 2.99% interest on loan. Have 3 Roth IRA's totaling about $26,000 that generate 3% or less that could apply toward equity loan. Have a non-IRA annuity that generates slightly over 3% per year that could cash in to apply toward loan. 72 yr old and 67…

Any suggestions for assistance on refi of upside down mortgage with a revolving loan at 14.49%. Mortgage bal 185,000, revolving loan 27,000.; monthly gross 9,226. Also have $36,000 VA eligibility mortgage guarantee. Terry Says:  This is insane.  You need to immediately find out what programs are available to you -- and there are several if…

All my kids have savings accounts, but as you know they earn nothing. I was thinking of closing the accounts and switching the money to a college 529 plan since they wouldn't be allowed (by me an my husband) to touch the money until after high school graduation anyway. They all have plans to attend…

Between retirement at 66 and the RMD at 70.5, should I be takeing money out and placing it in different types of accounts to bypass the RMD with a forced withdraw? Enjoyed you at GSU on Tuesday. Thanks in advance, Al Terry Says:  It all depends on when you want to pay your taxes!!  The…

I have 40,000 in credit debt and want to use Debt Management Group from New York, are they reliable?. 2653 Coney Island Avenue in Brooklyn New York Or what is an alternative? Terry Says:  The ONLY alternative I recommend is the National Foundation for Credit Counseling.  They are accredited, non-profit and very helpful.  Call 800-388-2227…

The US government is concerned about retirees outliving their retirement funds. The IRS recently (7-01-14) issued a ruling on QLAC's (see topic). As yet Insurance companies were reluctant to issue this type of product but since the ruling hopefully that will change. There are limits, rules and restrictions on QLAC's but with the government is…

Hi, Terry. Didn't have a chance to ask this when you were at GSU this week. My wife and I are both retired but have not yet begun withdrawals from our IRAs. My IRA (about $400K) is with a Morgan Stanley adviser (with full investment discretion) in Chicago. My wife's (about $560K) is in an…

Terry, at my age 67 yrs I have a significant portfolio to live on in retirement years. My situation is that I'm not concerned about growth but in savings preservation. Considering the current situation with low interest rates, TIPS funds have been a poor investment vehicle. What's your opinion in the future for investing in…

Currently my mortgage and assessment exceed 60% of my income. Would it be wise to sell the condo and move back into my home? My issues would be safety and maintenance, but it is a no-brainer that my financial health would be greatly improved. I have limited equity in my condo due to refinancing for…

My husband helped my mother by giving her $1,500.00 per month for the last 9 years. We had a binding contract that my mother would pay the full amount back with 3% interest. We were not aware that my mother was not paying off her mortgage, accumulated some credit card debt and now has a…