Ask Terry Archives

Can I obtain a free credit report? Terry Says:  You can get a free credit report at www.annualcreditreport.com.  There you can link to each of the three major bureaus,and get a report from each.  Best advice is to stagger them, since they likely have all the same material.  So get one every four months.  You…

I work full-time, but have to dip into savings to make ends meet to the point where my savings are quickly fading. I have two student loans and a mortgage. I have some gold, but if I sell now, I take a loss. I am considering accessing funds from my 457 to pay off my…

I owe $40,000 more than my home is worth. I do not qualify for harp as my mortgage is not owned by Fannie Mae or Freddie Mac. I lost my job last year and just started social security benefits which don't cover my monthly bills and I am going thru my savings. I have very…

Hi Terry, Our oldest child is going to be a sophomore in college. He attends a highly-selective school and received a generous grant. Last year he also received three outside scholarships totaling and additional $8,000. Only $5,000 was a renewable scholarship. We used up about 10,000 of the 13,000 that was in his 529 plan…

I am a 63 year old, single male, retired in 2008, relatively good health. I have used up all my funds from my taxable accounts and have started this year withdrawing funds from my 401K and IRA. My monthly SS benefit is $1,600. My annual budget is $60 to $65K. In July of 2009 I…

I live in a new townhome for the last 9 years with my boyfriend...our intentions were to marry and build a future, that didn't happen..for some time now I wanted out and when I tried to sell he practically threw the real estate person out..that was 3 years ago..i left once and came back realizing…

how much should I contribute to my S-Cap (40l(k) to maximize CNA's matching contributions? Terry Says:  Since I spoke at your company last week, you are probably referring to my comment that not contributing enough to get the match (in your case the allowable is 6%, with a dollar-for-dollar match) is like leaving money on the…

Let me preface this by saying that this is not my primary retirement fund. This fund is something I've been meening to move for years and never got around to it. I have a 401k from a previuos job that is in active. I would like to make a with drawl as a gift for…

On the web site TreasuryDirect.gov, I was unable to find reference to the penalty for not reporting accrued income in year bonds mature. Please give me direction where to find more on this. Thank you Terry Says: Here's alink to the IRS website that explains that interest on Series EE bonds MUST be reported in…

My mother age 70 is now living in my condo. She cant afford rent elsewhere, so i cannot sell this condo. She will be responsible for all the bills including real estate tax. She lives alone. Only income is social security. Can she qualify for real estate tax exemptions , homestead , senior exemptions? If…

I just quit my job and can no longer make CollegeIllinois! payments. How do I get out of the contract? Terry Says:  Call College Illinois and tell them of your situation.  They will help you convert your current payments to at least give you some benefit from what you have already contributed.  Or you can…

Hi Terry, I have been searching the Cook County website for this question and did not find anything. My father recently passed away May 28th and I am living in his house per his Trust arrangement for 10 years. I am responsible for paying his taxes, house expenses etc. My question is this. What will…

how to invest $167,000 in cash - no pension - we have 500K in stocks and securities. Terry Says: That's tough to answer, not knowing your ages, your financial needs, your other income.  If what you're really asking is "is it wrong to leave that much in "cash -- such as money market accounts, or…

My mom is 82. We just moved her to assisted living. She has some memory loss and we myself an 2 siblings) have financial and medical power of attorney. She currently has 44k in investments wits RPI and 22k in gold coins. She just got her half from sale of house 157k and I am…

Terry, I am almost 58 and am planning to retire with full retirement from that as a Nurse from Loyola Medical Center when I am 66 and 4 months (due to my birthrate). I'm currently contributing 6% when paid bi-weekly into my retirement plan at work thru payroll deductions; however, I am not getting any…

I'm 62 and have enough money to live on for about another year before I have to start taking money from my 401K or taking Social Security. Except during the Recession, my 401K has had a fantastic yield, and is growing now, as the Market is up. I don't know if it would be better…

What was the link you mentioned on WGN for student loan forgiveness? Thank You Terry Says:  Use this link and it will get you right there: https://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn You might have to copy it and paste it into your browser.

I currently have a retirement account with American Funds, and manage it myself. I keep this account to save up for major purchases only. My pensions are more than adequate and do not need the account for income. Currently over 110,000 dollars has been saved. Would I be better off switching to a Roth, and…

Terry, whose responsibility should it be, the parent or the student, when repaying parent plus portion of the total student loans. I say that we helped the kids by our credit approval which they would otherwise not be able to get approval quite as easily. My wife says no- we need to help the kids…

Can I continue to contribute to after reaching 70 1/2 years old? Terry Says:  Yes, this is another advantage of a Roth IRA.  If you have earned income (not from dividends, interest or Social Security) you can contribute to a Roth IRA at any age, unlike a traditional IRA where you can no longer contribute…