Ask Terry Archives

I heard you today on WGN talking about the best age to claim Social Security. I didn't get the whole conversation. My husband is 61 and I am 48. He believes that claiming at 62 is more beneficial then waiting until 66. Is there a formula or calculator to help us decide? Thanks! Terry Says: …

i am 62 i have as of now my lump sum i am taking to invest i see you dont like annuities too much for investments .my question is i have over 4 hundred thousand to invest,any suggestions for investing.? any ideas would be helpful . Terry Says:  Well, you have a wonderful problem!  And…

Can filed tax returns, credit card statements, paycheck stubs, bank statements, insurance explanation of benefits, etc. be shredded after 3 years? Terry Says:  Not if you think there's any chance you could be audited.   Wait at least 7 years, before destroying.  And there is no statute of limitations against fraud!  And, remember, it is not…

I have College savings accounts for my two grandchildren totaling about $133,850 together. Since I am in my upper 80's, upon my death, will this money be considered part of my estate whereby I would have to pay added taxes? If so, would it be better to transfer this account to my son now and…

I have $6,000 in my Vanguard IRA that is just as cash and is not in a fund. I'd like to invest it but not sure where to put it. I am about 10-15 years from retirement, and already have some in a 2025 Retirement fund. Thanks Terry Says:  Go online and review the Vanguard…

Hi Terry. I just read your BLOG posting about FAFSA and Family via Huffington Post. You are the first person I have seen comment on the privacy issues and parents possibly not wanting their 18 year old to know all of the details about their finances. I don't understand why the gov't doesn't set it…

What do you think about annuities? Terry Says: Uh uh -- that answer could fill a book -- or at least a chapter in a book.  In fact, it did!  Go to my website to get a copy of The Savage Truth on Money and read the chapter on annuities.  I have nothing especially for…

Can you give me the email address of the person ( Leslie, I think) who you mentioned on WGN this afternoon? Thanks! Terry Says:  It's Leslie Struthers --  my mortgage specialist.  Her email is Leslie@GuaranteedRate.com.

I am 72 and have lost my job in November 2014. When do I have to take my first RMD? Terry Says:  You likely should have been taking MRDs at least a year ago -- unless you are still working and contributing to a company 40l(k) plan.  But now that MRD will be required.  If you…

I'm a disabled widow with an income of $12,000 a year I sold my home for 35000 do I owe the IRS any money Terry Says:  No.  Each person has a $250,000 capital gains exclusion on the sale of a residence --and it can be used every time you sell a personal residence.  So I'm…

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. …