Ask Terry Archives

Hi Terry, I am seeking more tax diversification for my retirement account and want to gain more Roth exposure. Is there any advantage or disadvantage of converting existing traditional IRA to Roth vs allocating a larger portion of new 401K contributions toward Roth 401K in order to increase the post-tax portion of my retirement portfolio?…

My husband and I recently applied for LTC Insurance. He was denied for medial reasons. Would we be wise to put the premiums we would have paid into an annuity for "just in case"? I am taking the LTC insurance for myself. Thank You. Terry Says:  I'm glad you are getting it for yourself.  An…

So, for your story, "Mint a prosperous new year with handy bill-pay app," did you actually test the app? If so, for how long? Terry Says:  I'm in the process of setting it up!  I have used Quicken forever, and recommended the original Mint app for several years.  I'm really excited to have my bills…

I have a line of credit at 3.29 and a balance of 168,00.00 which is owed. My house is paid off. Given the low interest rates should I change to a regular mortgage rather than maintain paying off my line of credit and risk higher rates? The house is worth approximately 400,000. Terry Says:  If…

You talked about an app today on WGN that tells you when your bills are due. What was the name of it? Terry Says:  Read the column at my website (left column, under Huffington Post) about Mint Bills  (www.MintBills.com)

Terry , we live in the Naperville/Aurora area. Can you recommend someone we can speak to about refinancing our home loan ? Thank you Terry Says:  My best mortgage source is Leslie Struthers.  Her email is Leslie@GuaranteedRate.com.   She can give you personalized service.  Or you can go to QuickenLoans.

Terry: I am 64 years old and am working as a 1099 contractor. I may need some extra cash to pay some bills in the first quarter of 2015. Would it be better to write a check from my Home Equity Line of Credit or take a disbursement from my self-directed IRA? Rod Terry Says: …

Where should we look for how to fill out the online questions for my son to repay his college loans... about $27,000. He does not currently have a job & BOY has this process changed since our daughter graduated 5 years ago!! Not sure what kind of re-payment options are available to us. He attended…

I am 71 years old. I am taking RMD's from an IRA CD which is about to mature. If I roll over the CD at the same bank and then find a better interest rate at another bank later, say in 6 months, can I rollover the money to the other bank without any penalty?…

My 14 year old son is interested in purchasing stock. Is there an age requirement for purchasing stock? Can you recommend a good place for him to research stock before he makes an investment? Terry Says:  There's no age requirement, but you'll have to "title" the account in your name, as "custodian" for your son. …

I have an IRA CD maturing and would like to know where I could get a better rate?I was getting 1.40% for three years but the new rates are .35% for 12 months, .60% for 24 months, .80% for 36 months, and 1.50% for 60 months. I have part of the money insured with CDARs…

As part of a high school graduation present I wanted to start either an IRA or a ROTH IRA for my son. Which IRA would best? Also what type of investment should we pick? Thanks Terry Says:  Well, you can't start an IRA for him unless he had EARNED INCOME -- that is, income from…

My grand daughter is 21 years old. She has a job as a retail assistant manager. She lives at home. She has never had a credit card. She is trying to get a loan for a car. No one will give her a loan because she has no established credit. Looking for suggestions as to…

How is a pension buyout calculated? Terry Says:  The actuary for the company and the pension fund determines the "present value" of your future pension when making an offer to give you cash from your pension.  Of course, you don't want to take cash now and lose all future growth of benefits.  So they should…

As I get closer to retirement - At this time, I am a full-time employee, (71) years old, but plan to work about (2) more years. I am thinking I will need a financial adviser to help me make the most out of my 401k, IRA and savings. And, provide me a map to get…

I am a 73 year old active female. I keep busy and love to travel. Should I buy Long Term Care Insurance? I am healthy but don't know what the future will bring. I checked into the insurance and it will cost me about $9,000 a year. I have about $500,000 in investments. Is it…

Hi Terry, Both of my parents are living and just sold their home (only asset). How should they invest their money? They will both be living with me, however, we would like to invest wisely for further expense of nursing home if needed. Their financial planner is suggesting an annuity. We do have HCPOA and…

I have been contacted by a a company named "card Services" which has promised me a savings of $2500 if I work with them to consolidate my credit card debt. They have charged me an up front fee but I fear I have been scammed because I have yet to receive anything in writing. They…

how do I get your free personal financial organizer Terry Says:  Just go to www.terrysavage.com and fill in your name and email address in the yellow box.  Then look for an email from me thanking you for signing up and asking you to "click to confirm" your subscription.  Then you'll get another email with a…

Hi Terry I am a social worker and dont make much money. I would like to invest more since i am now 37. I have a 403b at work and only put away 100 per month. I know you talk alot about IRAs and would like to know how to open one, where and how…