Ask Terry Archives

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…

I got a phone call from my tax guy this morning telling me that my tax filing was a victim of identity theft. When they went to make the filing, my federal was already filed. It may take 3-6 mos to get my return now w/ amended filings. Evidently the state filing was no problem.…

Hi Terry, Where can I find questions that others have asked you along with your answers ? I so looked forward to reading your info as it was so very helpful & interesting ! Thank you. SAVAGE SAYS: Well, I will start building a new base of current questions and answers right here at my…

Hi,Terry how are you doing? I am living in a apt.,with a bad smell inside and neighbors who are very loud and possible illegal drugs. I never owned a place,i am a senior,disabled but can get around. Thinking about buying in a senior condo development. The thing is I have $6,000.00 to spend of which…

Today, I downloaded my annual credit report, s you had suggested, but must I pay for the credit score on the website? Is there anywhere to get it for no fee? SAVAGE SAYS: Unfortunately, credit SCORES are proprietary, and not covered by the government's requirement that you get a free credit report from each bureau…

I'm trying to find the Personal Financial Organizer Form and can't seem to find it. How do I get this form? Thank you. SAVAGE SAYS: Thanks for asking. When you go to www.terrysavage.com a yellow box will pop up. (check to make sure that popups are not blocked) Fill in your name and email address…

My mother passed away in 2012. As executor of her will, I received a check from Genworth Financial for an annuity/life insurance policy that she had. I took this money and divided it equally between my brother and sister as directed in the will. I recently received a 1099R for this payment. I thought that…

My wife works a public job(school ) and makes about 50000 a year. I work at a family business. She will be retiring this year and will draw about 2200 a month after insurance. I on the other hand have no retirement other than what I can save. We are out of debt, 54 years…

Thank you for your marvelous column, I have learned so much from you. I have now reached the magical 70-1/2 point in my life and need your help with the RMDs. I know I can bundle all my various IRA accounts' RMDs and take them from one account if I chose to do so. However,…

My son has huge student loans from law school, Direct Loan and Grad Plus. He went to school during that window of time between when students were allowed to consolidate their variable rate loans at less than 3% and the lower fixed rates available now. Unfortunately his rates are 6.9 and 8.6. He is in…

Was able to collect 39,563 under the southwest home equity assurance plan. They told me it was tax free because it pertains to me getting a fair value for my house. I only made 100 on my home that I lived in. I was issued a 1099 misc. income form. How do I explain to…

I efiled my taxes on March 13th, thru AARP, to have it direct deposited. I got my state refund but why is it taking this long for the federal? I have the same message when I go on their site. I only had a 1099 & unemployment to file. I am homeless and need the…

I need to know where to find info about retiring now. My husband turns 65 next month, he is still working for his company in a part time basis called transition to retirement. He will need to retire at the end of the year because of the program. He then is qualified for full SS…

Terry , I'm 55 and I've been a buy and hold person my whole life and have contributed to a company matched savings plan (401k) since 1979. I also will have a pension when I retire plus I've been max contributing to a Roth IRA since 2004. On top of these funds I have a…

Hello Terry, I work for a company that will be closing its door in California and have been given a date for my last day there. I have been with this company for 11 years and my question is this, If I collect my pension in full now, would this be beneficial to me? Will…

Hi Terry: Thanks to your recommendation, I've been tracking the accumulation of my retirement funding for a number of years with the help of Financial Engines. I love it, and am grateful to you for having steered me in that direction. I am curious though if you've ever had any feedback from any of your…