Ask Terry Archives

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…

I'd like to know your opinion on whether my daughter should file for bankruptcy or not. She is 42 years old, single and still lives with me. She has so much debt that we can't see her ever getting out from under. She has a B.A. in psychology and a B.S. in nursing and is…

What is the best no-load mutual fund available? SAVAGE SAYS:Aha, that all depends on your goals!  I would suggest going to Morningstar.com and doing some research on your own.  But if you want to know my favorite, all-time, all-weather fund, it is the T. Rowe Price Equity-Income Fund.  I've owned it for, wow, about 3o…

I have approximately $300,00 in 401k and I'm 58 years old. I owe $120,00 on mortgage, and contribute 25% of salary to 401k. My question is this. Would it be smart to only contribute 5% to 401k, and start paying off the principal with the other 20%? We live modestly, no big credit card debt,…

I have a traditional bank IRA cd maturing in a few weeks.($120,000) Because of the unstable & low interest rates , I am confused as to where to reinvest this IRA. The bank that it is held in is convincing me to reinvest in another 5 yr. IRA at a rate of 1.00%. They are…

My husband and I are in credit card debt $60,000!! Our income is approx $70,000 per year. Our monthly payments are $1800. We want to get out!! Are there any credit card consolidation company's that we can trust and will help us, not make it worse? SAVAGE SAYS:Immediately call the National Foundation for Consumer Credit…

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?  How old…

My daughter has a large amount of student loans that are considered private loans. Mainly from Citi bank and AES. We were able to buy our way out of some of them, but still have a large debt which WE are paying monthly, since she does not have the monthly income to pay these. We…

how can I combine them to one. Private & Federal Loans ? Thank You I missed the website you had given on wgn news this morning. Thank you so much for all your help with this matter. Looking forward to your reply. SAVAGE SAYS:You can't combine the two types of loans.  What I mentioned on…

I am retired and my wife is retiring at the end of this month. should we combine our retirement funds with one administrator or keep them separate ? Also is there a penalty in doing so? SAVAGE SAYS:I think you need to get some personal advice because there seems to be a big gap in…

Hi Terry.. I am a 59 year old male and am seeking some retirement advice. Due to the job market I may only work sporadically at my professional position. i am trying to figure out how to divide investments such as annunties,bond index funds and equity funds as to provide me with a safe income.…

Hi Terry, I am thinking about relocating to the Southwest Michigan area but I have some issues: 1) I filed chapter 7 bankruptcy, it was discharged September 26, 2013 2) I owned a home but found a renter who is willing to sign an one year lease 3) Cannot find a lender who is willing…

Looking for some of your thoughts on fixed annuities through my bank to rollover traditional IRA CD that has matured. Cannot get more than .50 % interest rate on cd renewal but a fixed 5 yr. annuity will pay 2. 50 %, big difference. Can you mention any reasons as to why this would be…

Terry, you have given sage advice on investments over the years which I have employed personally such as my "chicken money" invested in a TIAA-CREF variable annuity in the early 2000's that still pays 3% guaranteed on my idle cash. My question today concerns where to invest $ a portion of my IRA funds, but…

My wife in I are in our early fifty but haven't been as prudent as we should of been with regard to our saving for either college or retirement. We have approx $50k for each or our two boys and she has a 401k but unforunately I've made a couple of bad investments and own…

Dear Terry, When leaving or retiring from a firm, can a person's Roth 401k account be converted directly to a Roth 401k without incurring taxes or penalties? Phil SAVAGE SAYS: I'm sort of going to punt on this and send you to the real experts. I would suggest your contact Fidelity or Vanguard about your…

HI Terry, I'd like to discuss a bad investment I made, but I don't want to do it in a public post. Is there another way I can reach you???Minnie SAVAGE SAYS: My email is Terry@TerrySavage.com, and I understand that some questions are too personal. My blog is for posting answers to questions that could…

My 90 year old mother gave us $50K a short while ago to both my kids for paying for their college educations in which I told her I feel better if we pay her back over the course of the next 4 years because she may need it for her assisted living facility. Where would…

I am an elderly senior & know that any yr. income over $25,000. , my S. Sec. will be taxed. I have an IRA worth $ 160,000. of which my RMD for 2013 will be approx. $8000. for the year. I also have savings from the sale of my home of $150,000. & approx. $40,000.…

Terry, I wrote once before about annuities. My parents put all their eggs in annuities at a late age; my dad been officially diagnosed by the VA as catastrophically disabled. He is 84. I cannot believe that there isn't some way to free up that money without penalizing my dad. It seems so cold and…