Ask Terry Archives

I am working on my own Living Trust. I need help & advice on how to deal with stepchildren on both sides. My husband & I have different view points on how to deal with this. He has very hard line ideas & I want to be fair to all of us. We have been…

What is the waiting period for getting a mortgage after you have done a short sale? Thank you. Terry Says:  Frankly, that all depends on the lender.  That short sale will stay on your credit report for at least five years.  But if you now have a good income, and currently pay your bills on…

I need to do a 401-K rollover because I am no longer with my employer of 18 years. Is Sharebuilder a good vehicle to self manage a 401-K account? I have over !00K and I am very nervous about management fees. How do I know what is reasonable for fees? Terry Says:  Why don't you…

Do you invest for the public? Terry Says:  I am a registered investment advisor for both stocks and futures. But I do not advise individually, nor manage any accounts. My goal is to point you in the right direction to seek competent , low-cost advice -- and to teach you enough to recognize good advice…

where on your web site can I click to get your financial organizer form? Terry Says:    When you arrive at www.terrysavage.com a yellow box will appear. Just insert your name and email address, and you will get a first email confirming your free subscription to my newsletter   Then a second email will arrive with a…

Hi Terry, I wanted to ask if you believe that leaving an IRA in a liquid Internet acct. @ .95% is a wise thing to do ? This same bank ( CIT ) has what is called an “Achiever ” IRA acct. It offers a 2 yr. IRA CD @ 1.20 %. If, during this…

HI Terry! I have been watching you on WGN in Chicago a few times and I love your advice. My husband and I together have close to 50,000 in students. We just recently spoke with studenaid.edu.gov. We have worked with them to consolidate them and recieve a lower interest rate. I want to make sure…

My daughter is trying to consolidate her $40,000 is student loans. Any advice? Terry Says:  Lots of advice -- but it all depends on the kind of loans,and when she took them out.  There are some she might not want to consolidate because they have special provisions.  I've written about this extensivel in the past. …

I heard that you may only rollover 1 401K account per calendar year, or pay taxes on any additional. I have 2 accounts tat I'm looking to rollover. Is that true? Terry Says:  No, this is an error.  You can do only one non-direct rollover each year -  That is the type of rollover where…

Hi Terry,would you happen to know as to whether the Job Centre would help finance me to open a thrift shop,I need re full money to rent the premises,although I have the stock to fill the shop. I do claim benefits at the moment. I am 51 years of age. Thankyou kindly. Terry Says:   I…

I'm 68, wife is 65. Wife will soon retire from Chase and get a lump sum $95,000. Chase is recommending an annuity she could roll it into. Do you think rolling it into an annuity is a good idea, and if so, what type of annuity? There are so many! Would a mutual fund IRA…

I read your 2013 piece not recommending Bright Start. Do you still agree with this? I am looking at Utah's plan vs. the direct-sold Bright Start. (I don't like Bright Directions because of their higher fees.) I'm not sure which one to sign up for since I read the Bright Start index portfolios were not…

I am 62 years of age and working part-time plus have been receiving pension after retiring from my old full-time job. After comparing the SS I can begin collecting at 62 vs waiting till full retirement, the difference would not be that great in waiting plus my wife says I should begin taking it at…

We are on a payment plan with the IRS, will that stop us from buying a home?I was already approved for 140,000 at BMO Harris Bank. Terry Says:  If the bank approved you for a mortgage, knowing about your IRS payment plan, then go ahead and start shopping for a home.  But I would double-check…

Hi Terry: Love your books; full of good information provided in a straight forward & understandable way. I'm looking for a new financial advisor for my entire portfolio: I currently have 50% of our portfolio fee based professionally managed by Fidelity & manage the other half myself. Fidelity like many advisors use mainly mutual funds…

You had an article titled: "How to control the price risks of Long Term Care Insurance policies using life insurance and annuity combination products." I would like to read this article if possible. thank you Terry Says:  There is an updated article from just a few weeks ago.  Check on the left side of my…

What is your opinion of these on-line high-yield savings accounts advertised by AAA, Ing and Ally, to name a few, offering up o 0.85%? Terry Says:   As long as your money is FDIC insured, there is no reason to worry.  Actually, it's amazing that just 0.85 percent is now considered "too good to be true." …

Hi Terry, I would like to roll over an old 401k into an IRA and wanted to know what questions I should ask the financial firms I contact. I have 15 years until I plan on retiring so I won't be using most of the money before then but I may need access to it…

My daughter is 11 years old. I started the program at age one. We have just about paid the full amount to college Illinois prepaid tuition program. I am very worried that there won't be fund's available when she is ready to go to college. Will there be any help or am I left holding…

My husband will be required to take a mandatory IRA distribution before the April he turns 70 1/2, which will be next year. As we are both retired, living comfortably, NOT rich, just comfortable, what do you suggest we do with the distribution. We currently PAY Federal taxes each year, and hate to pay more…