Ask Terry Archives

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…

Thanks for the great presentation at Simmons Women's Leadership Conference this week! We bought into 2 Marriott Timeshare properties about 8 years ago, and are still paying the monthly mortgage. We would love to sell these, the monthly bills are killing us. Do you have any advice on best way to do this? thank you.…

My daughter has been accepted and will be attending University in the Fall. We have a small 529 plan, a small scholarship of $6,000 per year, and regular savings. What would be the best way to pay for this? Should we use all of the 529 funds the first year? SAVAGE SAYS:No, give the 529…