Ask Terry Archives

My husband took early retirement since his co. Downsize. In two years he has spent all the money including the cd he made. He does have a ss income but doesn't want another job. He been doubling up the second mortgage and this is where most of his money went. We owe more on the…

We are retired for nine years, living on SS and interest funds. So many scary predictions on the coming market crash. What's your opinion on long and short term market? Terry Says:  Here's the thing:  There's ALWAYS risk in the stock market.  That's risk of loss.  Now, you can mitigate this risk by diversifying your…

Terry, I am 66 and retired a year ago. I recently rolled over $100,000 from my 401K into the following. Half into a fee based Fidelity Portfolio Advisor Account and the remaining half into a Vanguard Target Account (2020). The Fidelity account is being charged approx. 1.5%. Family members have told me I made a…

Hi Terry, my son has a part time job at his school. I would like him to open up ROTH IRA. Can you name a few mutual funds that allow start up investing. Most of the mutual funds want $1,000 to open up a ROTH IRA but I want him to get in the habit…

Thank you for taking the time to answer my three questions on required minimum withdrawls from an IRA. If one has more than one IRA is the required withdrawl amount determined by the total dollars in all IRA's or separately by each IRA. Once it is determined how much to withdrawl can one just move…

what is the name of the book for teenagers that you showed on WGN..i think it was titled OMG TEENAGE ??? Terry Says:  Please read the column on gifts posted on my home page, left hand column, on gifts.  All details of the items I mentioned are there.

Wife interested in your saving bank that was shown on WGN this morning.She would like to get one for saving. Thank you for your reply. Terry Says:  The column, including all details for purchasing the items, is posted on the left (green) column at TerrySavage.com

I owe about 250K on my home. It is worth about $525K. We built it for $615K. The interest rate is 3.5%. Our monthly payment is $2500, property taxes are an additional 15K. I am 52. I would like to retire in 10 years with about $2.5MM. We have 1.2MM in my SEP. We put…

Terry, We have spoken before and today after 4 1/2 years of a divorce and a lengthy trial I am divorced. I will be paying $60,000 to my ex of my retirement accounts (QDRO). It could have been worse, since half of my retirement account would have meant $300,000+. At the age of 64 I…

Do I need to save all the prospectuses and backup documentation that come for my investment accounts? And how long do I need to save the statements? Thank you. Terry Says:  That depends on whether it is in a taxable account, or sheltered inside an IRA.  If it is a taxable account, you need to…

What exactly is a revokable living trust? What are the benefits of having this verses a regular will? Terry Says:  I recently posted a full column on that subject, and will provide a link.  But basically a will gives instructions to distribute your assets. And the executor you name will go to court to have…

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…