Ask Terry Archives

There is a lot of indicators about the government using our IRA'S and 401k's to support there agenda "sharing the wealth". Would it be wise to get the funds out of the tax deferred account before the government gets ahold of our money? Thank you for your help Terry Says:  I understand your concern, but…

I am 71 and a retired Federal Employee with a CSRS pension and I am still working as a consultant. I must take required minimum distributions from my SEP IRA and from my Federal Government Thrift Savings Plan. What is your opinion of the TSP? I have about 250,000 in the SEP IRA and about…

In light of hacking and credit card data theft, do businesses today take travelers checks? We'd like to use these instead of credit cards while traveling in the U. S. However, before purchasing them we'd like to make sure they will be accepted. Terry Says:  I think you're living in the past!  Traveler's checks are…

State of IL said I had missed first payment of estimated tax for 2013. They want front and back copy of cancelled check. Bank will charge me $23 for this copy. State of IL lost my payment, should they pay the fee. I'm 30 year customer of the bank. Terry Says:  I think you should…

I'm fed up with Quicken's personal financial specifically dealing with stock transactions--spinoffs, stock dividends, etc. Would you suggest software--either freeware or payware--that can handle these transactions better than Quicken? Terry Says:  Yes, I understand your frustration. Quicken is really not set up best for frequent traders.  Or for complex investments, such as stock dividends.  I…

an mb financial rep recently recommended a fixed annuity called secure term choice fixed annuity II. Since i know nothing about fixed annuities, i would like to know where to start to determine if this is something i should consider. my other investments include cd's and a small amount of stock. Terry Says:  With a…

Terry, I live in Cook County Illinois. At what age does the Homeowners exemption for your primary residence take affect? Are there other exemptions? Does it matter if one spouse is not of retirement age? Thanks,Ray Terry Says:  That's a good question, and the answer is a bit complicated because there are four different programs…

I have heard that Credit Karma is a reliable web site for a free credit score and report. I have not heard you mention them. Your opinion please. Thank You Terry Says:  Oh, but I have mentioned them, and recently.  Credit Karma is an excellent site, free (you don't have to sign up for even…

Very much afraid, after a withdrawal request for my money since numerous contacts, employees valic annuity including management, have lied to me and failed to give me my money. Is all lost, anything i can do? Terry Says:  I'm surprised to hear that, and quite sure there is some miscommunication.  Pls send me an email…

I am 70 years old, unmarried and no children. I have a mutual fund with TRowe Price called Summit cash fund, a money fund preserving capital and liquidity. As you can see I am not a risk taker (stock market). I am not comfortable with this fund since there is no FDIC guarantee of my…

I have an old 401(k) with Fidelity. My wife says you've recommended Fidelity 529 plans. Can that be rolled over into their 529? I understand I can roll over into my existing ROTH IRA but is there anything I can do to move this money into a college plan? Terry Says:  No, you can't move…

Afternoon, Like lots of people, my wife and I received notices of extraordinary Long Term Care premium increases from John Hancock -- 35.63%, for my wife and , 33.2% for myself. I found your 2012 column on possible remedies, and I still have a question: If I reduce daily benefits, coverage periods, or inflation adjustments,…

I am 67 years old and probably should start to take money out of my teachers annuity. I always thought I would get a tax break when I was in retirement but that is apparently not the case. I need advice- how/where to put some of this $ w/o a huge increase in my taxes…

I believe my son is paying a minimum amount for repayment. How can he pay more toward the principal and pay off sooner at a savings? Terry Says:  Oh absolutely he can pay more than the minimum.  And if you want to help, you can also make a payment toward his student loans if he…

I recently lost my job I want to re invest my 401k what is safest way to do this and can I do it without claiming it in my taxes and pay a penalty Terry Says: Oh, I'm so glad you asked before you did anything that would incur penalties and taxes.  You want to…

We presently have been blessed with three grandchildren and I'm sure there will be more down the line! We have been purchasing series EE US Savings Bonds for them on special occasions (roughly $100 per child per year). The bonds are in their names with their mother as the beneficiary. Is there a better 'savings'…

Retired for just over 18 months. Elected to have nothing withheld from my social security payments, 401k withdrawls or annuity payments. For the 2013 taxes, I have just paid $3200 in federal income taxes, including a $52.00 penalty. Both wife and I are over 65 and our total income is $67,000.00 (43k s.s. and 24k…

You were on WGN 9 in Chicago this morning and talked about a website to visit that assists in making corrections to your credit reports? I missed what the website/contact info. was, please provide? Thank you! Terry Says:  No, I was talking about a website for an organization that helps you if your identity has…

Where can I find your credit card information list. Terry Says:  When you sign up in the yellow box that pops up at TerrySavage.com, you'll get a return email asking you to confirm. Then you'll get a second email with a link to my personal financial organizer form.  The credit card list is part of…

Hi Terry, My father is in an Assisted Living residence for Dementia. I would like to invest some of his money to help pay for his future living costs. As the disease progresses, so does the cost of care. What would you recommend? Thank you! Terry Says: Well, I so wish you would have asked…