Ask Terry Archives

I have EE bonds that are in my name with my mother listed as co-owner. K gold "or "Z gold. I saw your December 2013 answer copying Bond Advisors info. My mother and I want to remove her name and replace it with my minor dependent son. That way he can cash 10 bonds a…

Hi, Terry. I enjoy and learn from your column and your visits to WGN Morning News. I will be 65 in a couple of months, am retired on a school teacher's pension, and have a $250 term life policy that will greatly increase in cost to me at the end of this December. I have…

Please help. I would like to hire a fee based financial adviser but have no idea how to go about it. Terry Says:  Actually, it's very simple.  You can search on their website:  www.feeonly.org.  That's the site for fee only certified financial planners.  Be sure to interview two or three, ask their general advice (the…

I purchased a LTC policy at the age of 42 when I was working at Hewlett-Packard. When I signed up, I was promised that as long as I kept up the policy, then I would be paying at the 42 year old rate. I just noticed that my current policy with John Hancock (who took…

What are the best performing mutual funds today? Terry Says:  Well, that's actually a HUGE question.  And it's important to note  that today's "best-performing" funds are not necessarily going to be tomorrow's best performing funds! To learn more about mutual funds, get their ratings, performance records, and more information, I suggest you go to Morningstar.com…

We have approx. 160,000 left on our mortgage, we have about 600,000 in investments. My wife and I also have about 75,000 in 401K. I would like to take about 50,000 and pay down our mortgage. We have a 15 year we are about 2 years into it. We are paying about $250.00 per month…

Can I obtain a free credit report? Terry Says:  You can get a free credit report at www.annualcreditreport.com.  There you can link to each of the three major bureaus,and get a report from each.  Best advice is to stagger them, since they likely have all the same material.  So get one every four months.  You…

I work full-time, but have to dip into savings to make ends meet to the point where my savings are quickly fading. I have two student loans and a mortgage. I have some gold, but if I sell now, I take a loss. I am considering accessing funds from my 457 to pay off my…

I owe $40,000 more than my home is worth. I do not qualify for harp as my mortgage is not owned by Fannie Mae or Freddie Mac. I lost my job last year and just started social security benefits which don't cover my monthly bills and I am going thru my savings. I have very…

Hi Terry, Our oldest child is going to be a sophomore in college. He attends a highly-selective school and received a generous grant. Last year he also received three outside scholarships totaling and additional $8,000. Only $5,000 was a renewable scholarship. We used up about 10,000 of the 13,000 that was in his 529 plan…

I am a 63 year old, single male, retired in 2008, relatively good health. I have used up all my funds from my taxable accounts and have started this year withdrawing funds from my 401K and IRA. My monthly SS benefit is $1,600. My annual budget is $60 to $65K. In July of 2009 I…

I live in a new townhome for the last 9 years with my boyfriend...our intentions were to marry and build a future, that didn't happen..for some time now I wanted out and when I tried to sell he practically threw the real estate person out..that was 3 years ago..i left once and came back realizing…

how much should I contribute to my S-Cap (40l(k) to maximize CNA's matching contributions? Terry Says:  Since I spoke at your company last week, you are probably referring to my comment that not contributing enough to get the match (in your case the allowable is 6%, with a dollar-for-dollar match) is like leaving money on the…

Let me preface this by saying that this is not my primary retirement fund. This fund is something I've been meening to move for years and never got around to it. I have a 401k from a previuos job that is in active. I would like to make a with drawl as a gift for…

On the web site TreasuryDirect.gov, I was unable to find reference to the penalty for not reporting accrued income in year bonds mature. Please give me direction where to find more on this. Thank you Terry Says: Here's alink to the IRS website that explains that interest on Series EE bonds MUST be reported in…

My mother age 70 is now living in my condo. She cant afford rent elsewhere, so i cannot sell this condo. She will be responsible for all the bills including real estate tax. She lives alone. Only income is social security. Can she qualify for real estate tax exemptions , homestead , senior exemptions? If…

I just quit my job and can no longer make CollegeIllinois! payments. How do I get out of the contract? Terry Says:  Call College Illinois and tell them of your situation.  They will help you convert your current payments to at least give you some benefit from what you have already contributed.  Or you can…

Hi Terry, I have been searching the Cook County website for this question and did not find anything. My father recently passed away May 28th and I am living in his house per his Trust arrangement for 10 years. I am responsible for paying his taxes, house expenses etc. My question is this. What will…

how to invest $167,000 in cash - no pension - we have 500K in stocks and securities. Terry Says: That's tough to answer, not knowing your ages, your financial needs, your other income.  If what you're really asking is "is it wrong to leave that much in "cash -- such as money market accounts, or…

My mom is 82. We just moved her to assisted living. She has some memory loss and we myself an 2 siblings) have financial and medical power of attorney. She currently has 44k in investments wits RPI and 22k in gold coins. She just got her half from sale of house 157k and I am…