Ask Terry Archives

Have already retired (4 years; 64 years old) and still maintain a mortgage on my home. Recently refinanced (HARP) for a 3.6 interest rate. Have a 401K and considering paying off home loan but would leave very little in the 401K account. No other excess debt and only one credit card. Pension being received from…

I purchased a rental house 10 years ago that has never been profitable. Over the last 10 years I have had to make several mortgage payments out of pocket when I could not find a tenant. I am severely under water, and can't find a tenant. The house is worth 51K, and I owe 76K.…

Could you recommend an on line site to buy stock, ? Terry Says:  That all depends on how much money you have in your account, how frequently you want to trade.  Some online brokerage firms give volume discounts to active traders.  But since it appears you are just getting started, I'd go to www.Sharebuilder.com, where…

My son decided to take 7K of his hard earned money and invest it in Bitcoins. Are Bitcoins the really deal or just a scam? I've read many articles about them. What is your professional advice on this, I guess new money.... Terry Says:  Honestly, I'm still working on understanding them.  This is a global,…

How do we find a qualified debt counselor or can you recommend a person or firm that specializes in debt counseling for individuals? Terry Says:   I always recommend that you contact the National Foundation for Credit Counseling -- the non-profit, national group you can trust.  If you call their toll-free number (always on the home…

i had jp chase for my loan on my house I applyed for a modifcation and was denied the federal one so they gave me one through there company the interest rate is over 7 percent it was two years go back and forth with them saying they didn't get are paper work. Now they…

My late husband and I have EE Savings Bonds. One half of them are in his name with me as beneficiary and the other half of them are in my name with him as beneficiary. I do not want to cash them in but do want to leave them to our children. How can I…

Hi, Terry, I have (2) separate accounts with Edward Jones- a single type account in which I hold individual stocks and an IRA retirement account in which I hold the majority of my investments. Do you think it is a waste of my time to consolidate both those accounts into the single account for retirement?…

Terry, On WGN the other day you mentioned you no longer recommend the IL pre-paid plan for saving for college. I own 2 pre-paid years that I bought in 2005 & 2006. I read your comment about a rip off in 2008 and that is why you no longer like the plan. There were rumors…

Hi Terry, I am trying to figure out my income tax for 2013. I am an elderly widow, have combined income from Soc. Sec., pensions, RMD from IRA of approx. $ 36,156. for the year. I do know that the tax bracket to stay uner the 15% bracket is $ 36, 250. I was hoping…

Hi Terry, My son will be going to collage next year. He has some money in savings & a little more in a stocks. My question is what to do with his stocks in regards to financial aid? Is it better to move them into my name so they don't show up on his application?…

Hello Terry, My husband and I have about $175k of equity in our home. We would like to purchase an investment property, for $80k or less, for our son to live in while away at college. When he finishes school we would rent out the property. Because the properties available near his school are so…

Would like to have your personal financial organizer. Thank you. Terry Says:  To get my Personal Financial Organizer form, sign up for the free newsletter in the yellow pop-up box at my website.  You'll get a return email, asking you to confirm your "subscription" -- and after that, another email with a link to the…

How long am I going to live? Terry Says:  I appreciate your belief that I have this knowledge, but only God knows for sure!  If you want to get a reasonable estimate, however, go to www.livingto100.com and take the quiz there!

Terry I have a question about what your thoughts are for best planning for a college find. I have little knowledge about what the 529 plan is in Illinois I just know some people it know use it. I don't trust necessarily the govt to handle my $ especially in broke a$$ IL. What are…

In reading about the record penalty assessed against JP Morgan/Chase for its part in the 2008 economic meltdown, articles said, "The agreement...includes $4 billion in relief for unspecified consumers and $9 billion in payments and fines..." One radio report said that any consumer who had experienced being underwater with a JP Morgan/Chase mortgage, had been…

The bond portion of my 401k is in Vanguard Total Bond Market fund. I do not plan on withdrawing this bond money for at least 5 years. I am 56 currently. Do you recommend continuing to keep my bond money in this fund or move to short term bonds or a money market fund? Terry…

Terry, I am 36 years old with a wife and two kids who are under ten years of age. I have 400k+ total on my 403(b)table , Roth IRA, and personal investment account. I was told by a professional financial planner that I would need about $4 million dollars to live comfortable during my retirement…

Hi Terry We have about 50k to 60k in credit card debt. Chase, our mortgage holder, offered to increase our mortgage from currently at about 247k to about 272k. Value of the house is bwteen $350 and $400. the $25k in cash would then be used to pay down three credit cards. While our monthly…

I keep hearing an advertisement on conservative talk radio that gives a Web site called socialsecurityfree.com that says the government is planning to reduce Social Security payments and plans to do it soon. They say that they have a free trick to add up to $1,000 to your Social Security payments. This seems like a…