Ask Terry Archives

I am approaching age of 61, works part-time now (going back to work full time has not been successful) and retired recently at 30 years service with AT&T so am getting monthly pension. I am wondering if I should take social security early next year at 62. My wife is 57 and works full time…

I am an elderly senior ( 75+) , have a bank CD IRA worth $125,000 that will mature in Sept. this year. I do want to move it from this bank as they have moved & have not been user friendly. Would it be wise for me to transfer this money to Vanguard broker @…

Hi Terry! In 2009 I invested in the Chase Core Bond Class C. I noticed that my investment isn't doing so well recently. I heard that the interest rate is going up which will affect all bond investments. Many so called experts are saying to pull out and save your profits and principle while you…

Hi Terry, So many of us miss your helpful updates . Hope you will return soon ! With much appreciation for you ! SAVAGE SAYS: Thanks so much for your nice note. If you go to www.terrysavage.com you can read my columns, which I still write for national syndication, each week. And if you sign…

we have 32000 coming due in nov. 3.9 bank will pay about 1% after that. where can we get more. we are 62 and working. SAVAGE SAYS: ? Please write me again in mid-October. Rates are starting to rise, so you may get a better deal. And when you write back, you need to tell…

I am retired and my wife is still working we have a small home mortgage ($76000) my interest rate is only 2.5% I just refinanced last year for 15 years and I pay it with my VA disability. I have savings that could pay off the mortgage. Is it better to pay it off or…

I am going to be 66 in October and planning to take my social security beneit. At this time I am still working full time. My husband is 66 and is retired from the Post Office and is receiving his retirement income less a survivor benefit for me. His Social Security is offset and he…

My grand daughter, age 21, has student loans from 'Direct Loans' in the amt. of $11,000. This loan was made 4 yrs. ago when she was laid off. Being a single mom with a son , she decided to get further education. Because of the stress of not working & found the school to be…

dear Terry, what do you think about the frontline program, are managed mutual funds good for retirement or are mutual index funds the way to go. who is really making money on the investors money? thank you for your time. chuck lazzaro. retired age 63 SAVAGE SAYS: I'm so disappointed that I missed seeing it.…

Defaulted on IRS installmt contract 33 yrs ago. Am now 72 & owe $39000 in back taxes & fees. Am single, no children, bad credit & no assets other than small SS. Is there hope to reconcile w/o punishment? SAVAGE SAYS: You need an attorney who is familiar with IRS issues. Contact your local bar…

Our Financial Advisor is recommending to my wife and I that we purchase a LTC with a Death Benefit Protection feature. My wife and I are both 55 years old. The cost of this policy to each of us is $75,000. We both feel that this is very expensive and would appreicate your comments or…

I am 70,married,retired and found out 2 months ago i have myloidfybrosis cancer.Otherwise a cancer that affects the blood.Prognosis is poor.Our income is this. wife gets 378.00 from medicare, thats it for her. I receive 4000.00 a month from retirement and social security. I have ins. thru the pipefitters union in Illinois. Both are refusing…

I'm 63, opened a ROTH IRA in 2012, have put in only money directly from me, no rollover or conversion or mixing with any other money. I got a copy of form 5498 from Vanguard, original to IRS. The form records the amount of my contribution, and accumulated growth during 2012. Why does the IRS…

Hi Terry, I am 32, single and a 6th grade teacher looking for some advice. I bought a townhouse about 3 years ago with a $150K mortgage. My net monthly pay is around $3,700 (yearly gross approximately $60,000). After mortgage and other home expenses, I have around $700 a month left to save (which I…

Hi Terry, I am questioning on whether I should pay off my mortgage ($32,000). Currently my monthly mortgage payment is $900 (P&I - 4% interest rate). I am 61, with a 401K and pension available and plans on retiring in about a year. I have around $150,000 in available cash. Other than the typical homeowner…

In which one of your books can I find information on long term care insurance? And do you have recommendations. I remember you did at one time but at that time I didn't need it and I am in my mid-50's and I want to look into this. thanks SAVAGE SAYS: I have been recommending…

I'm trying to determine how to best use a $35k SSDI lump sum payment. I am retired age 62 and my husband is 66 works part time. While we file taxes jointly, we elect to use our individual income independently. We do have a mortgage (but good equity) and about $6k in credit card debt.…

My daughter , who is disabled, would like to take money out of her Roth IRA to buy a house. Are there any exceptions to the 5 year aging rule for Roth IRA's ? Thank you SAVAGE SAYS: I always hate to tell people this, because it means they will take money out of their…

How does a privatized pension work for investment purposes for a person that is in their 80's? SAVAGE SAYS: I? honestly have no idea what you mean by a "privatized pension"!? Please write back and explain. But if you are in your eighties and someone is trying to get you to "do" something with your…

setting up my retirement account, met with a retirement planner, that a WLS radio show wm gieger recommened, however i see on the state of il site, this broker is not regeristered with finra, should i keep looking, do you have any referrals? SAVAGE SAYS: Lots of people call themselves "financial planners" -- but you…