Ask Terry Archives

Terry, Is there a free web site that I can plug in a mutual fund name or stock name and get an objective analysis/opinion of that fund or stock back in easy to understand language to help me determine the merits of that investment. I only need to use the site on a once-in-a-while basis.…

i am a 63 year old female married to a wonderful, very young 80 year old man who is retired and collecting his Social Security, which we are able to live on at this time but I was told that I could collect some sort of spousal benefits without me collecting my Social Security until…

Can an IRA be converted to an insurance annuity. If so, is that a wise investment for someone who is 81. Any ideas for safe investments for someone my age? Terry Says:  It is a TERRIBLE idea -- and anyone wanting to sell this to you should be reported to the SEC!   You're 81.  Take…

My 93 year old father passed away in January of 2014. He was the primary and I the secondary on a CD that I divided 4 ways in February of 2014. Because I was secondary on the account, not a benificary or POD, does that make the money mine to give and should I be…

What can a person invest in when having to take mandatory withdrawals from an IRA, especially if they don't need the money right away? Can it be invested in another tax deferred product? Terry Says:  Not unless you have "earned income" -- that is, not income from pensions, interest, or withdrawals.  If you do have…

can money from gov. saving bonds that have matured, be reinvested to avoid tax on interest. am 82 tears of age and dont need the cash presently. Terry Says:  No, you have to pay taxes on them at maturity.  Then you can invest in something else.

LEFT JOB JUNE 2014, STARTED NEW JOB JUNE 2014 NOT ELEGIBLE FOR 401K UNTIL ON JOB 1 YEAR. TURNED 55 JANUARY 2015 - DUE TO HEALTH ISSUES LEFTJOB FEB 2015. WANT TO TAKE 401K DISTRIBUTION TO PAY OFF HOUSE/DEBT. WILL I HAVE THE 10% PENTALTY? 401K WAS WITH PREVIOUS JOB LEFT JUNE 2014 AND COULD…

Years ago you wrote a column in the Sun Times about old coins and recommend a dealer in Chicago. I lost it and am now in need of somebody to look at a collection. Thank You Ed Terry Says:  In Chicago, I always recommend Harlan J. Berk at 31 N. Clark, and ask for Bob…

My recently deceased aunt left me a bond in her partner's ( also deceased ) name before she died. How can I redeem it. Thank you in advance,   Terry Says:  Well, for starters, you'll need a copy of the death certificate, and likely a copy of the estate directive from the attorney that probated…

thank you for your answer.. I will pay down my home equity $30,000. it will take about a year.I have paid off about $40,000 in credit card so far .I have a 7 year ARM $230,000 mortgage. I am 2 years into it .3.50% I am Not sure if we are staying in the house…

I pay over 1/2 of my mom's living expenses for her home care. How do I claim this on my return. As a medical expense or as a dependent? Terry Says:  Consult your tax preparer, but if you can document that you provide more than half of her living expenses, you can declare her as…

my mother is 75 years old and disabled. She has not worked since 1982 because of a terrible injury at work. She owns her home, has one credit card that she pays off any charges within a month or two. She has about 8000.00 in a basic savings. 1800.00 in her household bill acount. Brings…

I just opened an account with fidelity and plan on rolling over a small Traditional IRA (that had been an old employer IRA and rolled into a traditional 6 years ago) into a Match Fidelity Traditional IRA. (Thanks for the tip!) I want to fund it before the deadline (I am 56) however, I do…

At 81 should I transfer all my IRAs to Roth IRA? Would that be beneficial? Terry Says:  I can't think of any reason to switch to a Roth at this age.  First, you've already started taking minimum required distributions.  So over the past 9 years, you've taken a bite out of the money in the…

I have a TSP account with the government and although I am only 68 I need to start planning what to do when I reach 70 1/2,when I have to withdraw that account. Where should I invest that TSP account? Terry Says:  For those who are not aware, the TSP refers to a government Thrift…

"When my Savings Bonds reach final maturity I understand from your recent column that I will have to report the total interest (even if I don't cash them). As I have not reported the accrued income annually (had no idea of amount with paper bonds), and obviously here has been no withholding on that interest,…

In your article Sunday, 3/15/15 you stated ”Older adjustable series EE bonds currently earn 1.40 percent”. I have EE bonds bought between 1986 – 1993 and they are paying 4% interest, still---that was the minimum rate they could go when I bought them. I go to the website you mention, and that is what they…

We owe $30,000 on our home with 2 years left on the loan- have no credit card debt and one car payment of $211.00 a month and a $200 a month college loan for 2 more years. Our financial advisor thinks we should take out a new 20 year mortgage of $100,000-he's not not calling…

HI. I wrote earlier about my 30000 home equity line of credit. That is what I owe. I have a 230000 mortgage .plus the 30000 home equity that I owe on. I make about 90000 a year.I do not have money saved at all.I am married and 55. I knocked off debt already. I have…

MY MORTGAGE IS 230000.I HAVe 30000 LINE OF CREDIT. I have 70000 in 401k. No liquid cash..do I save up 3months emergency fund or pay off line of credit. I make 90000 a year. Im married my kids are all in early 20s. Terry Says:  I'd like to help -- but I'm not quite sure…