Ask Terry Archives

Hi Terry, I am trying to figure out my income tax for 2013. I am an elderly widow, have combined income from Soc. Sec., pensions, RMD from IRA of approx. $ 36,156. for the year. I do know that the tax bracket to stay uner the 15% bracket is $ 36, 250. I was hoping…

Hi Terry, My son will be going to collage next year. He has some money in savings & a little more in a stocks. My question is what to do with his stocks in regards to financial aid? Is it better to move them into my name so they don't show up on his application?…

Hello Terry, My husband and I have about $175k of equity in our home. We would like to purchase an investment property, for $80k or less, for our son to live in while away at college. When he finishes school we would rent out the property. Because the properties available near his school are so…

Would like to have your personal financial organizer. Thank you. Terry Says:  To get my Personal Financial Organizer form, sign up for the free newsletter in the yellow pop-up box at my website.  You'll get a return email, asking you to confirm your "subscription" -- and after that, another email with a link to the…

How long am I going to live? Terry Says:  I appreciate your belief that I have this knowledge, but only God knows for sure!  If you want to get a reasonable estimate, however, go to www.livingto100.com and take the quiz there!

Terry I have a question about what your thoughts are for best planning for a college find. I have little knowledge about what the 529 plan is in Illinois I just know some people it know use it. I don't trust necessarily the govt to handle my $ especially in broke a$$ IL. What are…

In reading about the record penalty assessed against JP Morgan/Chase for its part in the 2008 economic meltdown, articles said, "The agreement...includes $4 billion in relief for unspecified consumers and $9 billion in payments and fines..." One radio report said that any consumer who had experienced being underwater with a JP Morgan/Chase mortgage, had been…

The bond portion of my 401k is in Vanguard Total Bond Market fund. I do not plan on withdrawing this bond money for at least 5 years. I am 56 currently. Do you recommend continuing to keep my bond money in this fund or move to short term bonds or a money market fund? Terry…

Terry, I am 36 years old with a wife and two kids who are under ten years of age. I have 400k+ total on my 403(b)table , Roth IRA, and personal investment account. I was told by a professional financial planner that I would need about $4 million dollars to live comfortable during my retirement…

Hi Terry We have about 50k to 60k in credit card debt. Chase, our mortgage holder, offered to increase our mortgage from currently at about 247k to about 272k. Value of the house is bwteen $350 and $400. the $25k in cash would then be used to pay down three credit cards. While our monthly…

I keep hearing an advertisement on conservative talk radio that gives a Web site called socialsecurityfree.com that says the government is planning to reduce Social Security payments and plans to do it soon. They say that they have a free trick to add up to $1,000 to your Social Security payments. This seems like a…

Hey Terry. I have a daughter who will turn one years-old in January, and I want to open a Bright Start account for her at that time. My questions for you are: 1) Is the program legit and safe? In other words, can politicians, greedy financial experts, or other shady characters raid the accounts or…

Hi Terry, I am 63 yr old widow with grown children. My home is paid for and I am taking a buyout from my work in Jan. I am selling a condo I own ( not my own residence) and will have approx. $100,000 that I need to invest in something that I can draw…

I am 62 years old working 25 hours per week as caregiver yo my 93 year old boss for last 14 years....my husband passed away two years ago and I want to know if I am entitled to widows pension...would it be more than SS.... Terry Says:  You are definitely entitled to a portion of…

Part of our debt is two car payments equaling a total of about $8000. For both payments, we have 0% financing for about another year. Would we be better off paying off the cars because they are debt or saving/investing that money? Terry Says:  That depends on the rest of your budget.  It's hard to…

Do you recommend buying [some] gold and/or silver,,,now? Terry Says: Actually, yes I do -- assuming that a) you don't have any, and b) you understand that this is a small, speculative part of your portfolio.  While I believe that the price of gold bullion could go even lower than the current $1244, I think…

Hi Terry,my wife and i are in our early fifties with one son.We have a house in Illinois,which is almost paid for,and also bought a home on Kauai,Hawaii,two years ago.It is worth 100K more now then when we bought it.We both have retirement accounts,etc.My real question is should we have a will,or some type of…

Terry, I watched your segment on WGN Monday morning. Lucky for me, I had worked early in the morning and was able to see the show. I was interested to hear the things you had to say about women being safe with their money and how to take care of themselves and their family financially…

My wife and I will have assets of 800000 -  1million when we retire.  Is it necessary to purchase long term care insurance? SAVAGE SAYS:  Not unless you are sure that neither of you will contract some kind of disability such as Alzheimers, or live long enough to need basic care with activities of daily…

I disagree with my wife and say we should hold off taking her social security until she is 70.  I have a pension which pays well.  I say we can draw from tax sheltered investments and take advantage of the tax savings by withdrawing money of offset her wages when she retires and then draw…