Ask Terry Archives

I have two accounts : A BROKERAGE AND RETIREMENT (IRA) Could I roll over the Brokerage to the ira? Terry Says:  Is the brokerage account a self-directed IRA, with the brokerage firm acting as custodian?  If so, you can combine the accounts -- BUT, don't take the money out, or even a check.  Instead have…

Terry: I plan on retiring in 6 years and think that I should pay off my mortgage, but my husband thinks that we shouldn't because of the tax write off. I say the value of the write off is not worth it. I'd rather not have that monthly expense. Your opinion? Thank You! Terry Says:…

I own a currently publicly traded REIT which was originally a private, non-traded REIT that went public in 2013. I am concerned how the REIT may be affected by the upcoming interest rate increases and the tapering of QE3 by the FEDS. I would greatly appreciate your thoughts and expertise on this. Thank you. (PS.…

Is purchasing a CD thru a credit union safe? I have an account with Vanguard and, have purchased CD's thru them. The credit union I am looking at offers a 5 year CD at 3.04 APY. Can a credit union offer FDIC insurance? Terry Says:  No, a credit union doesn't offer FDIC insurance, but it…

I am going to try and make this short. My mortgage is at 6.5%. I cannot refinance because I am upside down on my mortgage, and my mortgage is not backed by Freddie Mac or Fannie Mae. With insurance and taxes my mortgage is just under $1600. If I could refinance, I feel that I…

Dear Terry: I miss you in the Chicago Sun-Times. You were one of the main reasons I even read that paper. You , over the years answered a few questions for me and maybe you could answer another. I am in my early 60's and am retired from my job of 34 years, but still…

My wife and i are trying to decide weather to enroll in a credit monitoring service like LifeLock or put a credit "freeze / hold" using the 3 credit reporting companies. What is the difference and which would the be best way to protect us from criminals trying to open credit in our name? Terry…

A CPA on public television often tells viewers on retirement savings to invest in life ins products, so that when you retire one can receive tax free income from these policies. I don't get it. Is this possible? Terry Says:  Yes, you can borrow cash out of a life insurance policy tax-free.  But it will…

Hi Terry, can i merge 2 different traditional IRA's ( held at different banks ) together to make one account ? Terry Says:  The way to do that is to do an official IRA ROLLOVER, from one custodian to the other.  In other words, don't touch the check.  Simply instruct one bank to roll the…

Heard you at the Mendal Center in Benton Harbor, Mi. Would like a copy of your Financial organizer where can I find it on your web page Terry Says:  The personal financial organizer  a free gift that you get (you can print out as many copies as you want) when you sign up that pops up…

My wife and I will both be 65 when we plan to retire in June, 2014. My job of 43 years included housing provided as part of the compensation package, so we have no home or equity. We have not debts but $50K saved for retirement. I plan to work to supplement our social security…

Terry.... Caught you this morning on the Bohannon show, but need a little clarification. What was it you said about taxes on social security income? I just turned 66 and know that this is when I can get close to max benefits(Ihaven't taken any payments as of yet), but you also said something about taxes…

My Mom said she wants to leave me some US bonds when the time comes.Can she do that in a will or should she transfer them? Thank you . Terry Says:  She should go to TreasuryDirect.gov   http://www.treasurydirect.gov/NC/FoRMSHome?FormType=SBF&site=indiv   and order Form 4000 to add/change a beneficiary for each bond.  Then when she passes on, the bonds will…

What is your opinion of using a managed payout fund vs. a deferred income annuity as part of a retirement portfolio? I am 61 years old and plan to retire in 5 years. Terry Says:  There's a huge difference.  The deferred income annuity gives you a promised rate for a period of time,  during which…

My husband and I are in the process of paying off our debt. Neither one of us has a retirement fund and we are wondering if we should start something now or just focus on paying off our debt first. We are both 36 and have two children ages 8 and 6. Terry Says:  My…

I'm a 75yr old widow. Your opinion on having two of these annuity. Thanks Terry Says:  I'm not quite sure of your question.  If you are asking whether you should purchase an annuity at your age, the flat answer is NO.  But if you already own this type of annuity, you need to make some…

Hi Terry, I have a lot of credit cards I don't use and are paid off. They do charge a small fee for having the account open. I do want to close them, but I'm worried about my credit score. Right now it's 931. I was told by someone else to leave them open, but…

Terry,, I met you recently during your Allstate Book Tour stop in King of Prussia, PA. I am 26 years, I turn 27 in April. I just moved back in with my Mom after graduating from Graduate school in July with my Masters. I have zero debt with the exception of student loans and my…

I am 82 yrs old and in low tax bracket...I like the dividends to pay some expenses. Should I sell half or all stocks as my family will sell the stocks when they receive and the market is high right now. Thank you Terry Says:  This is a far bigger question that whether the market…

Hi Terry, my husband and I are both 51 and have been married for 20 years. We have a 530k mortgage at 2.75% that is adjustable. We have a HELOC with 169k at 3%. We have lost all of our savings (hundreds of thousands, twice over the years), had to dip into home equity while…