Ask Terry Archives

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…

My dad left us 50,000 we want to invest it . We are max out this year in Roth. Because my wife is still working, I have a 457 with the city I cannot contribute to. We have some Ira with goldstone financial but rather go some where else. Would like to have individual advise…

Terry: I am 65 years old (soon to be 66 in a couple of months) and would like to retire at 67. I have accumulated $2.2M in various accounts for retirement (14% Cash, 32% Bonds, 48% Equities, 6% Other) with $1.3M of the $2.2M in IRA's or 401K. We have no credit card debt and…

I am a divorced medical professional living with my parents I work only 6 hours a week and I'm in school to obtain another license, my take home pay fills my gas tank other than the obvious answer how do I get myself financially secure? SAVAGE SAYS: Well, there are three good things to say…

Morning Terry, We have now come due in July 73,000 in Parents Plus loads we took out to help our daughter get thru college. 114 payments are @ 1, 079.00 per month......What!!!!! so I asked them what's the next thing since we cannot afford this?, she said you could push it out for x amount…

Terry, you take into consideration the opinions of James Stack and Bert Dohmen. Is Stack bearish or bullish? Is Dohmen bearish or bullish? SAVAGE SAYS: Both are realists -- which is what I appreciate! Right now, Jim says his technical indicators are showing higher market prices. Bert takes a longer term, and more fundamental global…

In a past col-you mentioned two org's for seniors to check out assistance progs -either state or federal-can you repeat those web sites please-thank you SAVAGE SAYS: Yes, that great website is www.BenefitsCheckUp.org -- a non-profit that links you to all kinds of state and local benefit opportunities. Definitely check it out!

I am now my mother's legal power of atty since my sister died last year. My mother is in a nursing home with dementia, gets SSI, a small - less than $150/mo - and a nontaxable VA spousal benefit. I have no record of any recent tax filings made by my sister for either Calif…

I am 60 years old and retired. Effective April 1, I will be receiving a monthly check from my 401K plan to supplement the small monthly pension check I am receiving from my former employer. I have made arrangements with the 401K plan administrator to receive this check for the next 20 months to help…

My dad is 89, widowed,still living on his own and in ok health. He has less than $80,000 in assets, mostly 401K and savings, no home or property. It appears likely that we'll be looking at nursing home care for him at some point, in the state of IL, involving Medicaid. And we know that…

If gold was selling at 1400 and buyers thought it was a good investment at that price, why are now shunning it at near 1300? SAVAGE SAYS: Now, that's a great question!? As in any free market, the price (the "true value")?is determined by supply and demand. (Go to www.terrysavage.com to read my column of…

Do you accept the 4% withdrawal rate for retirement assets as viable? What is your recommendation? Also do annuity payments count in the RMD requirements at age 70.5? Thank you - SAVAGE SAYS: First, let me define the 4% withdrawal rate rule. It is generally held that over a long period of retirement (30+ years),…

Hi Terry, My question is do you think it is smarter and less risky to invest in mutual funds than individual stocks? I want to try and pay the lowest fees possible and have less risk but still have growth. I am currently with a brokerage firm(individual stocks) and paying high fees and my portfolio…