Ask Terry Archives

I have $4.8 million that Fidelity handles for me. I am 67 years old and so is my wife and i just retired. With a approx. budget of $10,000 per month of all family expenses etc. do i have enough money not to outlive it and to leave funds for my two adult children please…

i have several EE bonds purchased ib feb'92 and wish to change beneficiary; current beneficiary has passed away..How do i go about my desired action? thank you - bill staggs Terry Says:  This is a bit complicated, but since the bonds are still paying interest, you can find all the instructions here at the TreasuryDirect.gov…

How to buy 2 condos for investment in my IRA account, How to use IRA funds to purchase /pAY FOR condo using IRA funds and not be taxed on money used and leave the condos as assets in my IRA? Terry Says:  Check the archives at Huffington Post on my website. I wrote about buying…

Back in 1986, based on your advice, we purchased Series EE US Savings Bonds. They are still earning 4%, but mature in 2016. I don't believe they earn interest beyond 2016. The value of the bonds is $61.4K with $15K cost basis. Is there any alternative to paying taxes on the $46.4 interest? We have…

I am underwater in financial debt and am thinking about filing bankruptcy. However, I own another property that is the family home which family members live in and I don't. Would this be taken away in the bankruptcy? Terry Says:  You won't know until you consult a bankruptcy attorney.  But first, call the National Foundation…

I need advice about preparing my will? I have very few heirs...no husband and no children... but I wish to leave my two great nephews money for their education. They are 15 and 12 years old. I am 72 years old and don't know where to begin. Should I rely on my attorney for advice?…

In December 2012, my application for a 30-year, 3.125% home loan at Lisle Savings Bank was accepted. My credit score from Transunion was 816. After completing all the paperwork, I was given a "10-Year Call Notice" to sign. Although I was told they had never used this before, I wonder if I made a big…

I have 1 million in the market as Mutual Funds, I use Edward Jones. I plan to retire soon, should I switch some or most into an annuity plan for regular income per month? Many thank, Alan Terry Says:  This is part of a much larger question about your total asset allocation.  Let me say…

my mom has an ee bond with her as the owner and i am the beneficiary. i want my name deleted as the beneficiary. does an ee bond have to have a beneficiary listed? Terry Says:  What's the point?  You would only be the "beneficiary" if your Mom dies!  And at that point, you will…

What would you do with Ira funds? I have a reg. invst. adviser now. I'm a senior with no time to play with the market. Terry Says:  I wouldn't be "playing" in the stock market!  If you have limited funds, you'll want to keep them safe.  You don't need an investment advisor to do that…

Hey Terry, How's it going? I hope all is well. I have four questions for you, are there any laws to money? How do you make money when you have no money? What are the do's and don'ts of money? And what is the best way to invest money to create wealth when you have…

I'm 55 years old I want to pay my mortgage off by age 60. My mortgage company's aids I have to send 20,000 dollars in this year in order to pay it off by age 60. I have fifty thousands ion investments and twenty seven in savings. I'dont want to be sixty five with a…

I watched you on tv the other day and when i signed up i dont know were to go to get the Organizer to fill out for your wallet Terry Says:   Terry Says:  OK, one more time!  Fill inyour name and email address in the yellow box that fills the screen when you go to www.terrysavage.com.…

What is best for me when I turn 65 soon? Should I join a medicare advantage plan or regular medicare. I have very limited funds Terry Says:  Gosh, that's a tough question.  With limited funds I would have always suggested Medicare Advantage because you have only one payment -- and they cover everything so you…

How do I get your organizer? Terry Says:  OK, one more time!  Fill inyour name and email address in the yellow box that fills the screen when you go to www.terrysavage.com. (if the box doesn't appear, check  to make sure you don't have a "pop up blocker" enabled.) When you fill in the form and…

Hello Ms. Savage, I am 46 and am moving back in with my father (at his suggestion). The rent for my apartment is increasing as of July 1st & I decided not to renew. I'm already working two jobs (one full time & one part time). Both don't pay much. I've been in debt since…

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…