Ask Terry Archives

Hi Terry, my employer is having us take our profit sharing 401K out of our current management firm and place it individually where ear choose. ( I know it's unusual). I am 60 and hope to retire in 5 years. Would it be better to keep it as a 401K , which is a little…

I recently gave a large retail store the last for numbers of my social security number for access to a cell phone account. I am very concerned that they now have access to any financial or other information. Your suggestions / comments on this Thank you Terry SAVAGE SAYS: It's pretty common for the use…

What % of stock in a 1.4 million portfolio should I have? I'm retired with an annual income of 40,000. Right now I have only 13% in stocks and know I should have more. Thank You, Greg SAVAGE SAYS: There's no set percentage, and a lot depends on your age and other income. BUT, where…

Terry, I have $4,000 in qualified series EE savings bonds, with an issue price of $1,000 and accrued interest of $3,000 currently earning 4% interest. My question is, should I hold on to them with that type of interest being paid, or use them for the tax free interest benefit of paying for my son's…

Hello Terry, I am an 80 y.o. widow with a $19,000. annual income from SS & small pension , with a yearly RMD of approx. $8000. totaling $27,000. I have tot. worth $40,000. in EE bonds , purchased in 10/1986. in increments of $ 1,000.= ( now ea. worth $ 2008. ) that will mature…

With interest rates so low on CD's, I am considering a rollover of an existing IRA from a maturing CD to a church. This is a new situation for the church. What is needed to authorize a church to become a custodian of individual IRA's? SAVAGE SAYS:? WHOA!!!? And I put that in bold and…

I recently gave a large retail store the last for numbers of my social security number for access to a cell phone account. I am very concerned that they now have access to any financial or other information. Your suggestions / comments on this Thank you Terry SAVAGE SAYS: It's pretty common for the use…

Hello Terry, I would like to know, what amount of education and or licenses are required to work at the Chicago Board Options Exchange or the New York Stock Exchange? SAVAGE SAYS: That depends on the kind of job you are looking for. Although most trading is electronic, there are still floor positions open for…

Ms Savage. Are you aware of any insurance company that does offer long term care insurance for a person (turned 65y.o. in 2013) with a diagnosed mental health illness and has been hospitalized a few times within the past 10yrs? I have contacted MAGA insurance, mentioned in your articles in the past, and they replied…

You saved $20,000.00 and want to diversify your monies. You invest 45% in a Treasury bond for 3 years at 4.35% APR compounded annually. You place 15% in a CD at 3.75% APR for 3 years compounded annually. 20% you invest in a stock plan and the remainder is in a savings account at 2.90%…

Terry, I just qualified (age 55) for pension payouts from my former company but am working and making good money (don't need the pension money). My JP Morgan financial planner says I should cash out and let him invest; my CPA says I should just leave it alone until necessary (age 62 or 65) when…

i have longterm ins.my wife also has longterm ins.both retired,and on med-care i am a vet and can go to va.becaue of cost risisg as you know ,does it make sense to keep?we are both 67 yrs.old with no major illness.whave no other coverage. SAVAGE SAYS: It's hard to give you an answer without knowing…

Terry: FYI. Contacted T. Rowe Price regarding monte carlo modeling to generate retirement income. They were not interested in providing this service, unless I had at least $100k invested in T. Rowe Price. Any other options? SAVAGE SAYS: That's something new!? Let me check on this Monday morning, and I'll give you an update!? It…

Terry, I'm going to start cashing in my savings bonds. I have about 100 EE $200 denomination bonds. About 30 have reached $200 and the rest have a long time to maturity. In what order should I cash in all of these. Maturity date, value or Since they are not earning much I would rather…

I'm thinking of setting up a living trust, but how do I find a bank with a trust department I can trust? About four years ago I found myself unexpectedly with the responsibilities of a co-trustee; the other co-trustee was much better informed, but when the time came he had developed health problems and was…

Hi Terry. Our 2nd mortgage holder is threatening to start foreclosure proceedings on us. My ? is can they do this without the 1st mortgage holders consent and if so does the 1st mortgage holder get paid off first? Thanks SAVAGE SAYS: For sure, the first mortgage holder has the first lien on your property.…

I miss your column in the sun times. What happened? That's the reason we get the paper. I feel your always looked out for the working people. Please keep me posted if you go with another paper . Joan SAVAGE SAYS: Thanks so much for your note. Things are still up in the air about…

I am 73 yrs old retired get $729 per month from social security and have 30,000 card debit, Can banks be requested to write off 50-60% and balance payable in small installment on low rate of interest every month. Can banks recover from my 19,000/-401k? SAVAGE SAYS: There is simply no way to work yourself…

I am 73 yrs old retired get $729 per month from social security and have 30,000 card debit, Can banks be requested to write off 50- 60 % and balance payable in small installment on low rate of interest every month. Can banks recover from my 19,000/-401k? SAVAGE SAYS: There is simply no way to…

Terry: After nearly 4 years with TD Ameritrade, a Roth IRA account I have (about $27,000) has not increased in value. Each year has been a lose, whether markets up or down. They put in Cash, Northern Lights, Americh High Income trust and Oppenheimer Sr. Floating rate. Since frustrated by no growth I think I…