Ask Terry Archives

Where is the 4-page form to give my family at Thanksgiving? You mentioned it last night at the Economic Club of Southwestern Michigan. Thanks. T SAVAGE SAYS: Go to my website, www.terrysavage.com.  When the yellow box pops up (make sure popups are not blocked) fill in your name and email address.  That puts you on…

Terry, can a parent put away money for an adult child via an ira or Roth ira directly or do the parents have to give them the money to invest? We are interested in helping our kids but are unsure of what options are open to us legally. What about for a grandchild? SAVAGE SAYS:…

Terry: I need your help! When you spoke at our event in Valpo a few years back, a client thought you were against variable annuities. His wife has a large 401k plan and I am convinced that this account should be in a VA with an income guarantee. They are both 62 and the majority…

My mother in law recently met with a rep from Chase Bank regarding opening a Conservative Money Market account. She was told that if she invests $100,000.00, they can do a managed market account. There would be a yearly fee of 1.144% yearly for managing the fund. She can opt out after one year with…

I am looking for an inexpensive insurance for part D. The only medication I take is the generic form of synthroid. My insurance is going from 43.90 to 56.60! A month......I am 70 and in very good health.....this insurance cost is getting me sick. Can you advise me please..... Thank you very much... SAVAGE SAYS:There…

I live in a 24 unit condominium in Chicago. Our declaration specifies no renting. During this past year, our board took a survey with the hope of changing that clause. When they did not get the results they wanted, they allowed an owner to rent (and denied they new anything about it). This owner went…

Hi Terry, I have much respect in your expertise and I would like your thoughts about investing in bonds. I am retired and have 40-45% of my portfolio in Vanguard bond funds. I have focused on short and intermediate term bonds (avoiding long term funds) and as you know all bond funds have declined in…

HI TERRY, IT'S OCTOBER 2ND. I SAW YOU ON THE NEWS THIS MORNING ON WGN. PLAIN AND SIMPLE, SHOULD I GET OUT OF THE STOCK MARKET WITH WHAT'S LOOMING ON THE HORIZON. SINCERELY, JOE SAVAGE SAYS:Plain and simple, I never make a recommendation without knowing a person's complete financial situation.  And if you plan to…

I am receiving $891.00 per month for my social security disability and 53.00 for food coupons. As you can see I am not receiving anything else. Deducting my monthly bills I always end borrowing money to make ends meet!. My bills are: 1- $ 664.00 For the apt. Which I own 2- $ 144.00 maintenance…

Do you recommend to invest in gold to hedge future inflation? SAVAGE SAYS:I have always and consistently recommended owning some gold, or share of gold mining companies, as a small insurance policy against future inflation.  With all the money the Fed is "printing,"  future inflation is a distinct possibility.  But gold is also a volatile…

Ms Terry Savage Oct 8 2013 Thanks for all the years of your columns in the Times. About the only reason’s I continued to buy the Times is because my wife has an addiction to the SUDOKU PUZZELS. (had to keep buying the next days incase she could not solve) I then found the link…

Mr. Buffet moves some money out of stocks when he feels the market is overpriced, and then puts the money back in when there is a downward correction. Should this re-balancing be something a middle-aged, middle income household should do periodically (no more than once or twice a year) with their mutual fund account(s)? SAVAGE…

Terry, what does James Stack think of the stock market and its next direction? SAVAGE SAYS:Stack hasn't given a sell signal -- yet!  For more info and to subscribe to his newsletter (which I think is the very best one out there for stock market guidance) go to www.InvesTech.com.

Hi Terry, I'm 62yrs old, retired, collecting a small pension and social security. Any suggestion on tax shelters? I don't want to pay anymore taxes (than I have to) to the feds. FYI....I do not own a home and I have about $15K in a standard IRA. Thank you...Ruth SAVAGE SAYS:You don't need a tax…

Hi, my husband and I are looking into LTC insurance. I am 59 and he is 62. What type is better? So far, we have had quotes on one that requires a large amount up front, earns interest, can be cashed in after 11 years by us, but once used we cannot cash it in...but…

My son is 14 and I want to start a 529. Should I go for a more riskier fund or or a more conservative one because I have only 4 years left to save? SAVAGE SAYS:Good question.  You really only have a few years to save, at the max 7 years if you wait to…

Terry, Can you recommend an investment book or two for a young investor who has his first job and is interested in saving for retirement? Thanks, Carl SAVAGE SAYS:OK, without being modest, let me say that I think my latest book, The Savage Truth on Money,  is the answer and I wish I could make…

Hi Terry, I recently sold my home & also had a 5 yr. CD mature , so I need advice to find some tax deferred investments for this money that is sitting in a 'no interest, .02 % '. Have $50,000. value of EE savings bonds also that will mature next year. Would appreciate your…

I want to buy a life insurance but I do not know how to chooce one. I am 53 years. Can you suggest the insurance that I need. Thank you SAVAGE SAYS: Why do you want to buy life insurance?  Who would be the beneficiary – the person who gets the money when you die? …

Hello Terry, My traditional IRA CD is maturing soon. My bank is trying to convince me that I should renew for another 5 yrs. Because of my elder age, I don't think this is wise & don't want to lock in for this amt. of time , especially if rates do increase. They are telling…