Ask Terry Archives

Hi Terry: Love your books; full of good information provided in a straight forward & understandable way. I'm looking for a new financial advisor for my entire portfolio: I currently have 50% of our portfolio fee based professionally managed by Fidelity & manage the other half myself. Fidelity like many advisors use mainly mutual funds…

You had an article titled: "How to control the price risks of Long Term Care Insurance policies using life insurance and annuity combination products." I would like to read this article if possible. thank you Terry Says:  There is an updated article from just a few weeks ago.  Check on the left side of my…

What is your opinion of these on-line high-yield savings accounts advertised by AAA, Ing and Ally, to name a few, offering up o 0.85%? Terry Says:   As long as your money is FDIC insured, there is no reason to worry.  Actually, it's amazing that just 0.85 percent is now considered "too good to be true." …

Hi Terry, I would like to roll over an old 401k into an IRA and wanted to know what questions I should ask the financial firms I contact. I have 15 years until I plan on retiring so I won't be using most of the money before then but I may need access to it…

My daughter is 11 years old. I started the program at age one. We have just about paid the full amount to college Illinois prepaid tuition program. I am very worried that there won't be fund's available when she is ready to go to college. Will there be any help or am I left holding…

My husband will be required to take a mandatory IRA distribution before the April he turns 70 1/2, which will be next year. As we are both retired, living comfortably, NOT rich, just comfortable, what do you suggest we do with the distribution. We currently PAY Federal taxes each year, and hate to pay more…

Terry, my father recently passed away and left me a small inheritance (about $22,000 total), which I will not receive until his small house is sold. I am also planning on divorcing my husband of 25 years because he will not give up his addictions .. cocaine, pain pills and gambling. He has blown through…

what is the best plans for saving for college. Terry Says:  What you want is the 529 College Savings Plan, where the money grows tax-FREE if used for college in any state, for any child in your family.  Each state has its own 529 plan, but you don't have to invest in your own state…

Hi Terry, My husband has been out of work since February 2012. I'm currently working and we have two kids under the age of three. My question is we've been keeping money in a Capital One 360 account to pay for our taxes and daycare for our one child. Should we leave our money in…

Terry, I wanted to take a portion of my 401k (from past job) and transfer to an IRA. I learned that since I'm not a current employee, I'm not allowed to take out just a portion of my money. Either all of it or nothing. My 401k has been doing well an average of 15%…

Terry: What do you think of the senior annunity that gurantees 8%? Terry Says:  I think it is a ripoff, in one of a few ways!  Not quite sure where you found this, but for sure you don't want to do it!

I've always wondered where the money goes after the government wins a case against a company and the company is fined. In today's Sun-times, 3/29, it was stated that Toyota paid a $1.2 billion fine. Where does all that money go? The only money I remember receiving, years ago, was due to the big tobacco…

Terry, I am turning 70. My wife and I still work, and own our home. We would like to buy a condo in Hawaii as an investment. What are the tax consequences of cashing in a regular IRA to use as the down payment of 75K. Terry Says:  Since the condo is for your personal…

Hi Terry, we are in the process of selling our home of 38 yrs and moving to Florida, we've already purchased home in Fla. We'd like to know what is the best thing to do with the proceeds of the sale where it will do the most for us. Thank you Terry Says:  Well, first…

Hello Terry, Today I saw that the GE Capital Retail Bank is offering the following... the GECRB IRA CD’s lenient early withdrawal provisions for oldsters. Its CD disclosures provide that no penalty is imposed on early withdrawals “when an account is an IRA and the owner … reaches the age of 59½.” According to bank…

Hi terry: Question: In the past there was concern over Bright Start Illinois performance etc Is this still an issue? Or can I feel secure opening an account for my Grand Children?? THANKS MUCH! I assume state program better than something like Fidelity 529? If you’re saving for college for a child (or grandchild), what…

Terry, I would like your opinion on targeted retirement funds. I am currently in the T.Rowe Price Roth 2020 Fund and have been for years. Recently, I heard a financial expert state that he doesn't recommend this type of retirement fund because when the interest rates go up, the bond funds go down and you…

Hi Terry, I will be retiring soon and won't need the money form my 457 account for several years. I'm interested in preserving my principal and recently heard of Index Based CD's which are apparently sold through banks. Do you recommend them? Tying up the money for a number of years won't be a problem.…

Terry, my twin sons will turn 26 soon. They are both searching for jobs. What is a good source for info on available temp health and dental policies? Terry Says: Well, actually, they should immediately -- within the next week -- go to www.Healthcare.gov, since they will no longer be covered under your insurance when…

Hi Terry, I'm looking for good websites to understand and review options for saving for college. Thanks, RW Terry Says:  By far, the best way to save for college is in a 529 college savings plan, where all the money grows tax-free if used for appropriate college expenses, and where you can use the money…