Ask Terry Archives

Dear; Terry I am sorry to bother you with my question and your time: I lost my job on 2009 and i rolled my 401k to a regular IRA... Now my question is. Can I roll it over to a ROTH IRA? One year from now i will retire. Thanks again Terry Says:  The simple…

I just finished high school and will be attending college next year. I always wanted to make money on the side and read about the stock market mainly Trading and investing. Since I don't have a lot of time in my hands due to my education i decided to try investing. I was hoping you…

I don't believe I get title to the residence, but when paying for a villa in a retirement community I am guaranteed to receive 90% of my purchase price upon my death or moving. Can I get a mortgage on such a property, or must I have actual title to qualify for a mortgage Terry…

I would like to set up a ROTH IRA for my grandchildren. Can they later on take the money out for educational purposes (college, technical education, etc) without penalty, if necessary? I prefer this alternative to the 529 Savings Plan. Terry Says:  Sorry, you can't set up a Roth IRA -- UNLESS they have "earned…

I'm 51 and married. My husband is 48. My husband and I together make about $150k/year. We have no children, no student loans and no credit card debt. We have 2 car payments. We intend to work until we are 65. We are each contributing 15% to our 401k's. My company does a 4% match…

I live in Baltimore county, maryland. What are the names of law firms to establish a Rlt. thank you Terry Says:  Go to www.NAELA.org or www.elderlawanswers.com to search for an estate planning attorney in your area, which will give you someone with broader expertise in issues you might want to include in your planning, such…

Terry, My husband and I are 62. We are self employed. He will be able to receive social security. I am receiving about $18000 in Teachers Retirement annully. We have about $500000 in his SEP which we max out each year. Where would be a good place to put an additional $100000 cash to keep…

Can I make IRA contribution if no wages were earned last year? (Am single, 63, live on deceased husband's pension, widow's benefits, and investments.) Terry Says:  No, sorry.  IRA contributions must be made from "earned income" -- which does not include interest, dividends, pensions, etc.

Hi Terry - I saw your article in the Washington Post this past Sunday and thought I would see if you can help me. I feel like I have no one I can trust to give me solid financial advice. I am a 72 year-old widow. I sold my home last year and would like…

Are there advantages in having a trust over a will? Terry Says:  The advantage is in having a REVOCABLE LIVING TRUST.  This is a trust you create while you are alive, to hold title to your assets.  You can buy and sell any asset -- including the family home - -in the name of your…

How safe are investments called "Commercial Bridge Loans" i.e. knowelssystems.com as presented by Jordon Goodman. Looking for your expert opinion. I am a married father of two adult children with a special needs grandchild. I am blind and on disability. I need my money to work for me. Terry Says:  This is NOT a safe…

I have slightly more than 100k that I inherited from my parents. It is currenly in a jumbo CD earning almost nothing and when it comes due this July the prospects aren't much better. Our house is paid for, I am retired with a pension. My husband will retire in a year with a pension…

In your recent column, you stated that the safest short-term investment in the world is U.S. Treasury bills. How do you go about purchasing U.S. Treasury Bills? Terry Says: Oh that's easy -- and there's only one way.  Go  to www.TreasuryDirect.gov.  Click on "Individual" and then you will see a menu explaining Treasury bills, and…

I have attempted to use the free credit report website that you referenced in your column in the Denver Post on 2/15/2015. It did not work. The screen would change and then tell me that I had to mail in the info. If this is a government manadated service who do I speak to regarding…

My kids need to get a loan for college this year. Hopefully we can pay it off quickly. Where is the best place to get this loan? Thank you. Terry Says:  Go to www.Finaid.org and learn everything you need to know about financial aid for college.  You must file the FAFSA form -- the free…

Where to withdraw add'l income: reverse mortgage or variable annuity? Our only income is social security and an IRA annuity. We pay no taxes at this time and the annuity is doing nicely. We are 86 and 91 years young. Terry Says:  Before I can answer that question, you have to tell me how long…

What should I do with my savings in a few different banks now that I have retired. I do have a few annuities to compensate my living expenses per month. Terry Says:  I am about to post a column on "chicken money" -- money you can't afford to lose.   It should be up on my…

I am 64 years old and retired from the educational system. I receive a monthly pension from the California State Teachers' Retirement System. I would like to go back to work as a consultant in an unrelated field in the private sector and start a Roth IRA for myself. Can I do that and what…

Hi, Terry, My mom passed away in 2014 at the age of 91. Her home was the only asset she had. She and dad lived in the home for over 50 years. He passed in 2008. The home was sold for $85k in 2014 which was lower than our asking price (the home is in…

I have Edward Jones as a broker. I keep asking about Index fund, and he keeps steering me away from index funds. Should I purchase index funds and if so, should I buy from him or go direst to someone like Vanguard. Terry Says:  If you go to a traditional brokerage firm like Edward Jones,…