Ask Terry Archives

I just retired on the 18th. I have a good sum of money in my 457. They have some good funds and don't charge a bunch of money. I also have a pension so I'm not relying on this money to live on. Should I leave in in the ICMA RC or put it in…

Terry, With your help 10 years ago, I was able to move $140,000 from a traditional IRA to a Roth IRA. The taxes were paid using an adoption tax credit. My wife and I adopted twins from Russia. 10 years later my AGI has grown above the savers and earned income tax credit range. I’m…

Hi Terry – my son went to a private university for two years and had wanted to be a physics major. We interviewed the head of the physics department Who completely misrepresented what the school had to offer. He told us what a thriving department physics was at this university and how much hands-on time…

"Since there is no special taxation benefit for dividends on stocks these days, it really doesn’t matter how the money in the plan is generated." Terry: I take issue with your answer. In you are in the two lowest tax brackets (10%, 15%), then dividends (and capital gains) are taxed at zero. That is a…

Looking for the best cash back credit card. We have excellent credit, 800+. Thank you

As a grandfather, do I need to transfer my UTMA NY custodial funds to my daughter-in-law, because my grand-daughter will be only 17 when she enters college or can I (as custodian) transfer the funds directly to the college?

hi Terry, you mentioned a particular unscrupulous fund advisor in the BrightStart IL 529, but what if you only invested in the vanguard options. Would that be the safest bet? That way as an IL resident you get the vanguard quality and prices and the tax deduction?

I have so many credit cards. Several that I don't use anymore. I would like to get rid of some of them. 1. I have to call them to discontinue? Can't just cut them up? 2. Will that mess up my credit score? 3.my husband has stage 4 colon cancer and is self employed. Should…

Recently turned 70. Have $10,000 in old 401k from past employer. Also have $10,000 in retirement from another past employer, employer put money in account & interest accrued. What should I do, roll over into something else, know must take withdrawal also. Also, don't need or want to spend the money that has to be…

How can I quickly pay off credit card debt and good saving tips ith good intererst paid

I am 67 and retired 2 years ago. I am living on SS and savings so far. I paid no income tax last year. Can I start to take money out of my ira without paying tax. What is the maximum total income before you pay federal tax. Thanks Ken

We have gotten ourselves into a big debt hole. We have to refinance our house before december in order to pay my parents for a vacation loan they wanted us to go on, dads wish. It has to be paid no later than Dec. So we are having to finish our home to get the…

Dear Terry. Have you ever heard of a program that can refund money to homeowners with a mortgage known as MORTGAGE CREDIT CERTIFICATE?How and where can I get information about this program? Thank you.

My late father in law invested heavily in Publix, a private grocery store. (It used to be open to parents and siblings of Publix employees.) The stock has grown into many millions of dollars, and that's the good news. He left his estate to his wife who is now 93 years old and in fair…

I read Bob Dyer's 518/17 column in the Akron (OH) Beacon Journal. He mentioned that you have created a four-page "financial organizer" that is free on your website. I was unable to locate it. Can you please provide the link? Thank you.

My husband's 401K is managed by a company his firm has engaged. We think they have done a pretty good job and are always available to sit down with us and answer questions. As we get closer to retirement, we would like an independent fiduciary to give us a second opinion and help us make…

Hi Terry, Where can I get a free credit score rating? Thanks for you help!

Hi Terry. Could a reverse mortgage be used for a second residence? We have most of our extended family here in the Chicago area. But our adult children live in California. We are 62 and may be grandparents within the next couple years. I was wondering if it makes any sense or if it even…

I have a stock retirement pension plan with my previous company and I was wondering if the dividends from the plan are taxed at the same rate as regular income. I am retired now and collecting social security.

What are some good options to move my investments into, if adjusting my money out of stock funds. I have moved some into european real estate funds. Would bond etfs be a good option? What other options would you recommend? Thank you