Ask Terry Archives

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…

Hi Terry:Love you--btw- I am in a dilemma- frugal but not with my daughter now 19--private school etc -and the debt has accumulated-21,548$ I can borrow from my valic fund and pay the account back at 5% -2% back to me-- my concerns-- if I lose my job--and default on loan then it becomes ordinary…

We had a business that failed, so I don't have the best credit. I'm returning to school and will need a student loan. Which is the best to apply for? Terry Says:  You can get FEDERAL student loans, and that must be done by filing the FAFSA form (www.fafsa.ed.gov) which will determine how much student…

In the past I believe you had a positive attitude towards Everbank. Is that still the case? Also - any opinion about Europacific? Terry Says:  I started writing about Everbank probably 20 years ago, because of their unique prodeucsts.  Since then, Everbank has grown into a huge and very successful bank, noted for its offerings that allow…

We have a H S A account that we are contributing to each month. We also contribute to our 401K's. We presently have a OOP maximum of $5000 for our family of 5. I believe the max we can contribute is about $6200 annually. The HSA has an investment option with some well known fund…

Your thoughts on fixed index annuity. Terry Says:  I've written about all these products many times -- and at length in The Savage Truth on Money.  But I'm not sure what you're talking about when you say "fixed index annuity."   If you're talking about an "indexed" annuity, you are talking about a variable tax-deferred annuity, with growth…

I have a Variable Annunity through Met Life. It invests my money a series of Variable Funding Options. I have the ability to select whice group of funds in whice to invest in. The problem I have is that I can only make a change at before the end of the trading day. I have…

Can you recommend a good credit card following a bankruptcy? Is it possible to get an unsecured card? Terry Says:  You probably want a "secured" credit card -- one funded with a savings account in your name.  The amount in the account becomes your line of credit.  When you buy things on the card you…

I am 82 and need my 401k for an assisted living place how much will i be taxed Terry Says:  Well, first congratulations for having saved so much money that your 40l(k) still has money left in it!  I presume you have been taking the minimum required distributions for the past decade -- ever since…

Hi Terry, Is there any option,or can you suggest a strategy when the mortgage owed amount is only around 29,000.00 dollars or so and you would like to reduce the loan rate which is currently double the going rate. We are 63 years of age and don`t want to take on a long term loan.…

Now that my son is 21 years old (he'll be 22 in January 2015), does it make sense to make him executor of our will and remove his aunt as executor? When my daughter turns 21 (she is 19 now) should we make she and my son co-executor? Terry Says:  That depends a lot on…

My mother is 80 years old and has owned and occupied her home for 41 years. Twice we have applied for the above exemption and have been denied. This past week we were told she was denied because her home is to old. Is this exemption based on the age of the property or the…

I have read a lot of articles about needing 70 - 80% of your highest yearly income to live comfortably when you retire. My wife and I are in our early 50's, raising three kids 11 - 18 years old, and trying to save for retirement. I believe that we really do not have a…

I'm sure you mentioned this before but can't find it. I'm looking for a good tracker for expenses, something so I can easily see where I'm spending my money, possibly something free. Thanks! Terry Says:  Very easy.  Go to Mint.com and download the free ap for your smartphone.  It will follow you everywhere -- and…

I have EE bonds that are in my name with my mother listed as co-owner. K gold "or "Z gold. I saw your December 2013 answer copying Bond Advisors info. My mother and I want to remove her name and replace it with my minor dependent son. That way he can cash 10 bonds a…

Hi, Terry. I enjoy and learn from your column and your visits to WGN Morning News. I will be 65 in a couple of months, am retired on a school teacher's pension, and have a $250 term life policy that will greatly increase in cost to me at the end of this December. I have…

Please help. I would like to hire a fee based financial adviser but have no idea how to go about it. Terry Says:  Actually, it's very simple.  You can search on their website:  www.feeonly.org.  That's the site for fee only certified financial planners.  Be sure to interview two or three, ask their general advice (the…

I purchased a LTC policy at the age of 42 when I was working at Hewlett-Packard. When I signed up, I was promised that as long as I kept up the policy, then I would be paying at the 42 year old rate. I just noticed that my current policy with John Hancock (who took…

What are the best performing mutual funds today? Terry Says:  Well, that's actually a HUGE question.  And it's important to note  that today's "best-performing" funds are not necessarily going to be tomorrow's best performing funds! To learn more about mutual funds, get their ratings, performance records, and more information, I suggest you go to Morningstar.com…

We have approx. 160,000 left on our mortgage, we have about 600,000 in investments. My wife and I also have about 75,000 in 401K. I would like to take about 50,000 and pay down our mortgage. We have a 15 year we are about 2 years into it. We are paying about $250.00 per month…