Ask Terry Archives

My husband and I have been customers of this person for about 20 years and we have done well by him. Now, instead of calling his clients each time he wants to suggest a trade, he wants to be able to act quickly without consulting us, earning a percentage of our profits, no longer charging…

I am taking my RMD but at present I (my wife and I) are not in immediate need of the money. Options are pay down a home equity loan which we pay 3% on, reinvest the money in a mutual fund (which means eventually we pay taxes twice - once on the RMD and the…

if I marry someone who is filing for bankruptcy- does her bankruptcy affect my credit rating? Terry Says:  It will -- as soon as you do anything jointly -- even a little a commitment as both signing up for the same utility. And for sure if you sign for a mortgage.  In fact, with a…

I am 60 and leaving my company with a severance package. What are your thoughts on taking my pension payout as a lump sums vs. an annuity. Pension Options: (1) $945,000 lump sum (2) $60,000/yr. lifetime annuity (3) $472,500 lump sum plus $30,000/yr. lifetime What should I consider in making this choice? Terry Says:   Well,…

My daughter is getting married and they want to buy a house - first time home buyers - what mortgages are available to them for little to no down payment? They will be well qualified buyers (income/debt ratio) but have just a little money for a downpayment.  They are not veterans.  Where do they start?…

What companies do you recommend for the best credit and on-line security? Terry Says:  Well, I'm not quite sure what you're asking.  If you're talking about credit cards, ALL card issuing companies use basically the same high levels of security -- but you could be made vulnerable if you use it at a merchant that…

We are looking for a financial planner and in doing research on JPV Financial inc of Gurnee, Il we have searched BBB, cfp board and adviserinfo and have found nothing. Should that put up a red flag? Terry Says:  Well, here's how I searched and yes, what I found did raise red flags! To search…

I am thinking of selling my house. My son replaced all the kitchen appliances with stainless steel ones. .. not wants to replace the counters with granite. The deck is going to be repainted, and many other things to be done including the out doors with replacing plants that died over the winter. I just…

I am 72 yrs. old and have about $375,000 from the recent sale of my house in a savings account. I have an IRA with Fidelity with moderate risk, 44.5% in Domestic stock, 27.35% in bonds, etc. What would you suggest I do with the money from the sale of my house. Thank you for…

I have been looking into college Illinois for my grandchildren and am very disappointed. It looks fairly risky. Would I be better off setting up separate mutual funds on their behalf, through my Fidelity Investments.(Grandson 3 years old and granddaughter 8 months) Terry Says:   The risk with CollegeIllinois (the prepaid tuition plan) is that the…

I am a recent widow in my 80's and would like to make certain I have everything in correct order, so my children will not have problems later. I would like to have a person they can refer to if needed. My husband and I had two irrevocable trusts which was common back in 1993.…

I'm interested & looking for some easy to understand way to gift tax exempt money to family . Will this affect Medicaid should I need to use it ? I'm elderly, 80 + & have approx. $ 300. savings. I sold my home & now renting, have adequate income pension money to cover my living…

Terry, my wife and I are trying to determine what to do with about 55K which has become available. The money is cash and I wanted to increase our existing savings account to 50K, for emergencies and unforeseen expenses, using 25K of the previously mentioned 55K, leaving 35K. I wanted to take the remaining 35K…

what percentage of an investment portfolio should be in gold? And should i buy gold coins or gold stocks? Thank You. Terry Says:  Read my recent column on gold and how to buy it.  Here's a link:  http://www.huffingtonpost.com/terry-savage/the-case-for-gold----just_b_7261762.html As for percentages, a lot depends on your overall investment portfolio --As I note in the column,…

How do I get the mint app for keeping Trac of spending, and the app or way to have an amount less than a dollar go into an acct. Purchase is $6.01, 99 cents goes into an account. Terry Says:  Go to the home page at www.terrysavage.com and right in the middle you will see…

This is a follow up my question that you answereed on May 5 (it is copied below). The insurance I have is long term disability, which covers me if I cannot work due to a physical or mental imapairment; it is not long term care insurance. I am in excellent health and probably won't work…

I enjoyed your Monday, April 20th presentation at the Harold Washington Public Library. The subject of annuities are of interest to me. What is the (new) Deferred Income Annuity? You touched on the term by stating that it is a new retirement vehicle for individuals who plan on leaving the workforce at 70 years or…

My dad was just diagnosed with cancer and not given long to live. My question is he has large credit card debt. Me as the trustee to his trust am I responsible for his debt? Terry Says:  I am sorry to hear that.  If your name is not on the credit card, you are not…

Hi Terry, Due to job loss, income & medical issues I have been renting out my house for 2 years. I owe $130k, 22 yrs left on 5.75% mortgage, $230/mo. towards principal , $6525 yr. taxes. Trouble with refinancing due to illness & I am not making money on this. I have been holding off…

Where can I get a free credit score with no strings attached? Terry Says:  You can get a free credit SCORE lots of places these days.  Go to www.CreditKarma.com.  Or get a Discover Card, which offers free credit scores.