Ask Terry Archives

Terry, I am almost 58 and am planning to retire with full retirement from that as a Nurse from Loyola Medical Center when I am 66 and 4 months (due to my birthrate). I'm currently contributing 6% when paid bi-weekly into my retirement plan at work thru payroll deductions; however, I am not getting any…

I'm 62 and have enough money to live on for about another year before I have to start taking money from my 401K or taking Social Security. Except during the Recession, my 401K has had a fantastic yield, and is growing now, as the Market is up. I don't know if it would be better…

What was the link you mentioned on WGN for student loan forgiveness? Thank You Terry Says:  Use this link and it will get you right there: https://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn You might have to copy it and paste it into your browser.

I currently have a retirement account with American Funds, and manage it myself. I keep this account to save up for major purchases only. My pensions are more than adequate and do not need the account for income. Currently over 110,000 dollars has been saved. Would I be better off switching to a Roth, and…

Terry, whose responsibility should it be, the parent or the student, when repaying parent plus portion of the total student loans. I say that we helped the kids by our credit approval which they would otherwise not be able to get approval quite as easily. My wife says no- we need to help the kids…

Can I continue to contribute to after reaching 70 1/2 years old? Terry Says:  Yes, this is another advantage of a Roth IRA.  If you have earned income (not from dividends, interest or Social Security) you can contribute to a Roth IRA at any age, unlike a traditional IRA where you can no longer contribute…

MAY I HAVE A COPY OF THE PERSONAL FINANCIAL FORM, AS DISCUSSED ON WINDY CITY LIVE. Terry Says: Go to www.terrysavage.com and fill in the yellow box that asks for your name and email address.  Then by return email you will be requested to confirm your FREE subscription to my newsletter (which I write when…

Terry, Do you suggest having living trust done for my 1/2 of Wisconsin property that my sister and I were given by our parents---- or should I possibly wait and buy her portion of the town home if she offers her half since she is in process of moving to Florida next year. I am…

I have some cash to invest until I buy a house next year, not earning anything at the bank. Do you have any suggestions? Terry Says:  Well, I'm not sure you'll think this "makes sense" -- but the only short-term investment that does not carry the risk of loss of any of your principal is…

What is a website where you can truly get a free credit score-no joining any programs. Terry Says:   Go to www.AnnualCreditReport.com.  It has links to each of the three credit bureaus for the federally-mandated totally free credit report.  (You may still get asked to sign up for a "protection" service, but you don't have to…

Thank you for taking the time to read this. Seeking information/advice for a reputable, secure & permanent solution to getting rid of a timeshare. Timeshare is paid for (have deed) and account is in good financial standing. Family has not utilized it in 10+ years and no one is interested. Annual maintenance is now $800+…

Terry, currently do you think bond funds are a bad investment, considering the propects of ending quantitative easing by the Fed? If so, would a person in retirement (67yrs old) would it be a good idea to investi in bond funds with a short duration? Thank you, you're my favorite investment person! Terry Says:  It's…

Terry, I am currently receiving monthly pension from job I retired from with AT&T after 30 years service. I am also approaching 62 years old and am reviewing my options when to take social security. Are my pension and/or social security payments reduced when social security payments begin? Terry Says:  I very much doubt that…

Dear Terry, as you may know Gov. Quinn has until 6/9 to sign pension reform for part of Chicago's employees and retirees. Do you think this will then be part of the stay or injunction that is currently in progress for the state employees? Terry Says:  I find it very difficult to figure out the…

EE bonds purchased 10/1986 will mature 2016. they are face $1000. I plan to cash 4 more this yr ( cashed 2 this week ) to be under $10,000.to maintain 15% income tax bracket. Plan to cash 6 bonds in 2015 also to maintain 15 % bracket. Plan to cash remainder which will put me…

What are your thoughts about this bill ? Terry Says:  Total BS!  Read this:  http://www.snopes.com/politics/conspiracy/hr2847.asp

Hi Terry In regards to the maturity and taxable interest. NO tax until you cash them in in other words if they mature in 2015 you can delay cashing in till 2017??? Thank you Terry Says:  I always thought that -- that I would wait to cash in my bonds until it was "convenient" --…

I am 69 years old and although I have no plans to retire in the the next few years, I do want to be prepared in case something happens to me that would necessitate it. I have a balance of $123,000 at 3.25% on my mortgage.with about six years left. I can accelerate paying it…

Dear Terry, You may not remember me, but several years back I had the privilege of meeting you and having a rewarding discussion about Chicago politics and the financial markets. I've always been impressed with you straight talk and sound advice. It was a real pleasure, and I'm glad to see you are still helping…

We have a universal life insurance policy (my husband & I) and keep getting letters from the insurance company saying that since interest rates are low , the premiums may not be enough to sustain the policy. I don't understand this and was wondering if we would be better off cashing in the policy and…