Ask Terry Archives

Hello Terry, I am doing a self study on how to trade currency and I have been doing this for about 2 1/2 years now.. Not a lot of women do trade so I was really happy to hear that you were the first woman who do trade in Chicago. I would like to learn…

Hi Terry, I was unable to find you as a presenter on the website Money Week 2014. Will you be speaking this year? My husband and I are such fans of your presentations and books. They are the only ones I truly understand when trying to find financial info for investing and retirement. My brother…

I have two 529's, one for each child. We saved enough to pay most all costs of both kid's college. Here's the catch... Each child was able to choose their school of choice. As it turns out, one school is more expensive than the other. At the end of the four years (they are two…

Is my FICO score affected by retirement since there won't be any wage income - only a small pension and Social Security? Terry Says:  No, it's not the actual amount of income, or even the source of income that determines your FICO score.  It can be impacted by longevity on they job (or inyour residence)…

I would like to refinance my home to get a lower rate. Is it a good idea to include my car, so that I can save on monthly car payments as they have become a hardship? Or should I struggle along and finish the car payments as best I can? Terry Says:  A lot depends…

We are ages 89/90 and have cash sitting in money market not invested in our portfolio. Where should we safely keep until interest rates change? Terry Says:  Welcome to the "chicken money" club.  Keep it in insured money market deposit accounts in your bank.  You won't earn interest, but you won't lose the money!  And…

Terry, I am 75 years old and still working. I receive a good salary and very good benefits; however, I think its time for me to retire and have some fun. I have 401's, a work retirement packet, etc. I don't know how I am supposed to go about retirement and making sure that I…

I rolled over a matured traditional IRA CD this past Oct., 2013 to a liquid cash IRA acct. I plan to merge another small IRA next month to then have all IRA's combined into one. I will then plan to find a CD that pays a little more interest. The IRA in the liquid acct.…

My 15 year old son earned under $2000 this summer and his employer withheld federal tax. Is there any benefit to filing a tax return for him? I don't believe he is required to file but I wonder if he would be entitled to a return. Terry Says:  I think you need to see your…

COULD YOU PLEASE TELL ME WHAT YOU KNOW ABOUT ALLY BANK. IT HASBEEN OFFERING AHIGHER INTEREST RATE ON MONEY MARKET THAN MY LOCAL BANK.IS ITSAFE? Terry Says:  Ally Bank is a primarily online bank, and highly regarded.  Here's a link to finding out everything about them:  http://www.ally.com/about/company-structure/  As long as you're in an FDIC insured…

Terry Huge fan of yours, loved your book - a primer for my early retirement. Thank you! I consult/assist a non-profit of 70 employees. Happened to review their 403B (they have $2M invested) and learned the overall expenses averaged 1.54%. An independent benefits administrator came back with 3 new choices, but only dropped the expenses…

Dear Terry, I'm 51 yrs old and married with 2 sons in college. Right now I make 90k a year. My wife makes 15k with that going to help our sons college expenses. Our house will be paid off in 4mos. I recently upped my 401k to 12% and also have 10% automatically taken out…

I am a single, healthy 63 yr old with no family, so completely responsible for own financial well being. Fortunately I have a healthy dividend stock portfolio with about $51,000 in cash in money mkt. All Blue Chip, J&J, UTX, JPMorgan, CHV, EXOM, Qualcomm & more good ones. I have been unable to get a…

I have two accounts : A BROKERAGE AND RETIREMENT (IRA) Could I roll over the Brokerage to the ira? Terry Says:  Is the brokerage account a self-directed IRA, with the brokerage firm acting as custodian?  If so, you can combine the accounts -- BUT, don't take the money out, or even a check.  Instead have…

Terry: I plan on retiring in 6 years and think that I should pay off my mortgage, but my husband thinks that we shouldn't because of the tax write off. I say the value of the write off is not worth it. I'd rather not have that monthly expense. Your opinion? Thank You! Terry Says:…

I own a currently publicly traded REIT which was originally a private, non-traded REIT that went public in 2013. I am concerned how the REIT may be affected by the upcoming interest rate increases and the tapering of QE3 by the FEDS. I would greatly appreciate your thoughts and expertise on this. Thank you. (PS.…

Is purchasing a CD thru a credit union safe? I have an account with Vanguard and, have purchased CD's thru them. The credit union I am looking at offers a 5 year CD at 3.04 APY. Can a credit union offer FDIC insurance? Terry Says:  No, a credit union doesn't offer FDIC insurance, but it…

I am going to try and make this short. My mortgage is at 6.5%. I cannot refinance because I am upside down on my mortgage, and my mortgage is not backed by Freddie Mac or Fannie Mae. With insurance and taxes my mortgage is just under $1600. If I could refinance, I feel that I…

My wife and i are trying to decide weather to enroll in a credit monitoring service like LifeLock or put a credit "freeze / hold" using the 3 credit reporting companies. What is the difference and which would the be best way to protect us from criminals trying to open credit in our name? Terry…

A CPA on public television often tells viewers on retirement savings to invest in life ins products, so that when you retire one can receive tax free income from these policies. I don't get it. Is this possible? Terry Says:  Yes, you can borrow cash out of a life insurance policy tax-free.  But it will…