Ask Terry Archives

i saw in the past that you recommended a company in Chicago to evaluate coin collections, what was that company name, please? Terry Says:  I always feel comfortable recommending Harlan J. Berk, Ltd at 31 N. Clark St  312-609-0016, and ask for Bob.  If you do not live in the Chicago area and are seeking…

I appreciate what you do but find it alarming that you consistently rattle off the "10% stock market return". This leads listeners to believe that's what can be expected from the stock market in the future. If one looks at S&P returns for almost any stretch; 10,15,25,50,75, 100 years that return is never seen. Even…

You start out the article stating "Your home is likely the most expensive purchase you will ever make". GREAT JOB!! I cringe every time I hear any add on the radio or TV calling purchasing a home an investment. Terry Says:  Thanks for your note!  You'll only know if it was a good "investment" at…

My wife and I have some money to invest and don't know where to start.Is Edward Jones a good choice? What if we want to invest in the stockmarket {stocks that pay dividends]? Who do we go to for that? Terry Says:  I'm going to suggest that you do a little reading first -- and…

In response to another inquirer's question, you recently asserted that a married couple who co-own their investments and file a joint tax return can deduct a total of $6000 in capital losses from their other income, rather than the $3000 indicated on Schedule D, line 21. I have found no mention of this in the…

Hi Terry, I am a 72 year old retiree with no debt. I have $200,000 in savings and would like to invest for higher income with low risk. Any suggestions? Thank you. Terry Says:  Nope.  I have NO suggestions for getting higher income with low risk.  Anything that pays more than bank CDs has a…

What is adequate coverage for car insurance and when does the line get crossed for over- coverage? Our State Farm agent is trying to get us to buy a umbrella policy and then it has to have 250/500/100 in order to have the umbrella policy ! It seems to be never-ending. We are paying SF…

What is the best plan for young grandkids?? Thant grandparents could afford...Thanks, Joan Terry Says:  Here's what I would do.  Go to www.Vanguard.com and search for their 529 college savings plan.  You can open an account with a small amount of money, and keep adding to it.  When they ask what funds you want to…

Hello, Terry. First, I ALWAYS enjoy your segments on WGN. Thank you for volunteering your advice. I have often heard it's better to NOT pay off your mortgage because you lose the "tax benefits" at the end of the year. By I see it as, you save 10's of thousands off your mortgages interest vs.…

Terry my husband and I are retired and we are now considering hiring a financial planner. We have been handling our finances and have done well. Now that we retired on fixed incomes we wonder if we should hire a financial planner. I wonder if the cost of a planner is worth it, please let…

I have several IRA's should I payoff my mortgage? I am 69 years old I owe $60,167 with a payment of $821.73 with 8 years left on my loan. by paying off loan I save $78.886 please advise Terry Says:  OK, this answer is about more than math.  You don't tell me much about your…

Missed the deadline to appeal for my assessment tax appeal but have been receiving all kinds of mail from lawyers that will assist in the process. Each one has a certain percentage they take if they win the appeal. Is this another Cook County scam or is this legitimate. Thanks in advance for your assistance.…

Your article in the Denver Post 10/11/15 says in noting 4. "This loss is limited to$3,000 per year per person". I file jointly and the total loss allowed is $3,000, not $6,000, as inferred from your article. Please correct it, or cite why my CPA has been wrong for years! Terry Says:  The article says,…

I saw you in the WGN news today and you suggested that young adults in there 20's should save $40 a week. How much should I save towards my retirement at the age of 37. Terry Says:  The simple answer is:  As much as you can!  It's amazing what time can do for you.   The…

Terry, I'm 59, retired, with over $1.2 million in a traditional IRA. I'm interested in the pros/cons of converting some/part/all of my traditional IRA to a Roth IRA. I know I would have to pay income taxes on any money I convert to a Roth IRA but does having the tax free withdrawal advantage now…

We have 60,000 which we would like to invest. We are 73 which necessarily means a conservative approach. Please advise. Terry Says:  Ah, that's like asking me how long to cook your dinner!  I don't know what you're having to eat, when you'll be hungry, etc etc!!   I can't answer out of context.  Typically, I…

Hi Terry - I'm listening to you currently on WGN with Steve and I just wanted to make a comment. My son lives and teaches in Singapore and surprised me with a ticket to meet him in Italy this past summer, as a 50th bday present. I did all the things you mentioned (credit card…

Hello, My husband is 57 and I am 56. As you know, at age 59 1/2 we can withdraw from our 401K and IRA accounts without early withdrawal penalty. At this time we are considering applying for a HELOC to cover expenses for home improvements and a trip to Italy. We don't want to take…

I am retiring this year. what to do with 401 my company changed record keepers and I'm no longer in a guaranteed account my money is disappearing by the day! Terry Says:   I need more information.  Just because your company changed record keepers doesn't mean it changed the fund offerings inside the plan.  Did that…

Terry-- i am 68, married,no debt, Soc. Sec and military pension coming in. Kids educated and gone, have long term care insur. I recently accepted $378890 from Alcatel-Lucent as a pension buyout. I have an IRA=203K with TrowePrice. and another with my wife totaling 266K invested with our local CU CFP. My question? Where(what funds)…