Ask Terry Archives

Thank you for taking the time to read this. Seeking information/advice for a reputable, secure & permanent solution to getting rid of a timeshare. Timeshare is paid for (have deed) and account is in good financial standing. Family has not utilized it in 10+ years and no one is interested. Annual maintenance is now $800+…

Terry, currently do you think bond funds are a bad investment, considering the propects of ending quantitative easing by the Fed? If so, would a person in retirement (67yrs old) would it be a good idea to investi in bond funds with a short duration? Thank you, you're my favorite investment person! Terry Says:  It's…

Terry, I am currently receiving monthly pension from job I retired from with AT&T after 30 years service. I am also approaching 62 years old and am reviewing my options when to take social security. Are my pension and/or social security payments reduced when social security payments begin? Terry Says:  I very much doubt that…

Dear Terry, as you may know Gov. Quinn has until 6/9 to sign pension reform for part of Chicago's employees and retirees. Do you think this will then be part of the stay or injunction that is currently in progress for the state employees? Terry Says:  I find it very difficult to figure out the…

EE bonds purchased 10/1986 will mature 2016. they are face $1000. I plan to cash 4 more this yr ( cashed 2 this week ) to be under $10,000.to maintain 15% income tax bracket. Plan to cash 6 bonds in 2015 also to maintain 15 % bracket. Plan to cash remainder which will put me…

What are your thoughts about this bill ? Terry Says:  Total BS!  Read this:  http://www.snopes.com/politics/conspiracy/hr2847.asp

Hi Terry In regards to the maturity and taxable interest. NO tax until you cash them in in other words if they mature in 2015 you can delay cashing in till 2017??? Thank you Terry Says:  I always thought that -- that I would wait to cash in my bonds until it was "convenient" --…

I am 69 years old and although I have no plans to retire in the the next few years, I do want to be prepared in case something happens to me that would necessitate it. I have a balance of $123,000 at 3.25% on my mortgage.with about six years left. I can accelerate paying it…

Dear Terry, You may not remember me, but several years back I had the privilege of meeting you and having a rewarding discussion about Chicago politics and the financial markets. I've always been impressed with you straight talk and sound advice. It was a real pleasure, and I'm glad to see you are still helping…

We have a universal life insurance policy (my husband & I) and keep getting letters from the insurance company saying that since interest rates are low , the premiums may not be enough to sustain the policy. I don't understand this and was wondering if we would be better off cashing in the policy and…

am 50 whats best place to open roth ira and how do I manage it without being directly involved. Terry Says:  There are many places to open a Roth IRA -- but I'd start with a place like Fidelity or Vanguard or T. Rowe Price (www.Fidelity.com; www.Vanguard.com; www.troweprice.com) -- There you can pick a mutual…

Received approx. 450,000.00 life insur.benefit and need advice on best way to allocate in financial investments. I am employed and plan to work until I am 65. My husband had 401k. Of 92000.00 which fidelity moved to a beneficiary acct. It is active and I am leaving it for know until I get a better…

My question is soon I will be divorce from my spouse of 17 years we have been separated for 3 years neither of us have property to discuss so I was thinking could I get my new place before before our legal divorce it's rent with option to purchase. Terry Says: For this question, I…

What electronic bill paying and organization system would you recommend? You once recommended manilla.com. I have used this system for a few years and strongly depend on it for organizing all my bills, subscriptions and insurance policies. I have received notification the site is shutting down in June and I have found nothing to replace…

Terry: My elderly in-laws (88 and 89 years old) are in the process of moving out of their home and into an independent living facility. They sent in an application along with a check deposit. The application had a lot of information on it: social security numbers, birth dates, their signatures, and address. A few…

Hi Terry, I own two houses in Franklin Park IL. One is a typical ranch style type which is very common in Franklin Park. The other is a much smaller cottage type house which was formerly occupied by my parents that passed away some years ago. It is only 750 square feet or so,no garage…

What are your thoughts on mint.com? Do you recommend it? Terry Says:   Absolutely, and I mention it in most of my personal finance speeches.  Quicken is great because it lets you pay bills directly from the program (or from your bank's website and then download the information into Quicken.)  But Quicken "resides" on your home…

Dear Ms. Savage: Thank you for the financial organizer. My wife & I do have an intervivos trust, nevertheless, this may be handy. The real reason I'm responding is because I have a question. By reading between the lines on several publications, their are unsubstantiated(aren't they all) rumors about our elected buffoons confiscating our IRA's…

Are there any IRA Roth or regular options for a stay at home mom with a working husband? My daughter would like to continue saving for retirement even though she is now a stay at home mom. Can she do an IRA without an income? Thanks Terry Says:  Yes, absolutely the non-working spouse can, and…

Some people are telling me to pull the money out of college Illinois and put it into college savings plan such as a Vanguard fund. If something is to be done about college Illinois would I t be better to stay and not transfer the money to another fund? Terry Says:  Ever since the state…