Ask Terry Archives

Terry, i am 54 years old. i have a mortgage of about $80,000.00 with an interest rate of 3.35%. i have about &75,000 in the bank from the sale of my previous home. i need advice on how to invest the money. i don't think it makes sense to pay of the mortgage due to…

I'm working full time at age 70 and intend to work until I'm 72 or 73. I'm going to continue to contribute to my company 401K plan because they say I can, however, must I start taking MRD at 70 1/2 like in my regular IRA?? Please advise, thanks so much for your time.... Terry…

My husband & I both work full time & we have one child. We have my husband's family plan insurance. Recently my husband's company got bought out. The new company says starting in January 2015 if your spouse has insurance offered through their company they can not be insured in the family plan & has…

Dear Terry, April of next year we will have completed a chapter 13... We have a 30 year ARM mortgage 2.65% that we have with Bank of America that was just sold to another company. Im concerned now because I have to catch up with my current mortgage which I fell behind with . My…

Hi Terry, I am over 50 and have already hit my max + catch up contribution of $23,000 for 2014. Are there any other investments (Roth IRA perhaps?) that can help reduce my tax debt for this year? Thank you! Terry Says:  Food for you!  Yes, you can have both a 40l(k) AND a Roth…

Hello Ms. Savage, First, I really enjoy your segments on WGN Radio. I have approx. 50K in credit card debt and would like your advise on the best way to eliminate this anchor around my neck. I do own my own home, but currently it is a bit under water and it is almost impossible…

Dear Terry My wife and I both work and have 2 children ages 9 and 6. We make about $165K year We want to keep both children are in private school till highschool age. My age 48 wife 43. We save $1,200 a year for each child in 529 accounts and put away into a…

Hello Terry, I am thinking of transfering out of my Fidelity Euro-Pacific fund into another Us based fund that is not losing money, until the economies improve overseas. Do you think this is crazy? I did this with my smaller Vanguard 401K plan, and his worked out well, (The reason I have two 401K plans,…

Terry I'm a retired teacher 61 Still have a mortgage Wondering about long term care The pros and cons Do you have recommendations Best Wishes JUDI Terry Says:  I think you need a good overall look at your finances.  I can understand retiring from teaching at age 61, but since your life expectancy is nearly…

My financial advisor tells me my retirement is "bullet proof" with three years income in cash, a $70,000 pension, and a portfolio valued at $650,000 along with LTC insurance, no mortgage, nor consumer debt. He is encouraging me to refinance my home to "free up" some investment moneys. I always thought the standard was to…

How can my college age daughter who really has no credit history...(.she currently works very part time at the university and has just started this school year renting an apartment and paying an electric bill) obtain a credit card? She applied last school year and was rejected. Thanks Terry Says:  Oh, that's an easy one…

I am 62 years old and up to now, I have $35K solely in the Fidelity Freedom Fund 2025 because I am planning to begin withdrawing as required by law at 70 1/2 with MRD. I am neither a straight conservative but not fully aggressive investor, somewhere in the middle at my age. Would you…

My Mother-in-Law (87 years old) is in an assisted living facility, costing approximately $5,000 per month. She sold her home recently, netting $300,000, and has approximately $150,000 in certificates of deposit. Her monthly income consists of $1,300 social security and $100 pension. I know she wants to keep her money safe, but the CDs are…

What do you think about investing into an MWP and what do you think about ETFs? Terry Says:   I'm not sure what the acronym MWP refers to.  If it's a "model wealth portfolio" that's just a great sales pitch.  They can involve high fees to manage your money.   ETFs are Exchange Traded Funds -- baskets…

How do I find that link to print out the form ? Terry Says:  When you fill in your name and email address in the yellow box that pops up at my website, you'll be "subscribing" to my free, when-I-feel like writing, newsletter!  You'll get a responding email that asks you to click to confirm…

Hi Terry...I am 67 yrs. old and retired. I want to sell my old house and use money from my IRA to buy a new house. Can I do it this way? Terry Says:  Your IRA cannot OWN your primary residence.  (Check my archives at my website from about a year ago to read about…

Can California real estate condos be covered by Living Trust prepared by Illinois lawyer for Illinois resident. Condos are rentals. None are vacation properties. Total estate is less than four million dollars. Terry Says:  Your revocable living trust can definitely own out of state and/or rental properties.  BUT,  you should consult with both your tax…

A few years ago you recommend a website for paperless billing. I think it was name "manilla". If you could forad that info to me. Thanks in advance Terry Says:   Sorry, Manilla folded!  I'm working with another company that is trying to do something similar.  I'll letyou know if anything works out.  Meanwhile, d any…

Terry , I started taking Social Security before I had reached my full retirement age. Last year I converted some IRA money to a Roth IRA. Because I draw a private pension and converting the IRA I had to pay back some of my Social Security money. Is there any legal way to do this…

Hi, my husband retired recently from his job at AT&T with basic life insurance of $50K. I have basic life thru my job with Loyola of $100K. I am currently paying with AARP life for an additional $50K $54 a month but when i turn 60 years old in a couple years, my premium will…