Ask Terry Archives

I have an old 401(k) with Fidelity. My wife says you've recommended Fidelity 529 plans. Can that be rolled over into their 529? I understand I can roll over into my existing ROTH IRA but is there anything I can do to move this money into a college plan? Terry Says:  No, you can't move…

Afternoon, Like lots of people, my wife and I received notices of extraordinary Long Term Care premium increases from John Hancock -- 35.63%, for my wife and , 33.2% for myself. I found your 2012 column on possible remedies, and I still have a question: If I reduce daily benefits, coverage periods, or inflation adjustments,…

I am 67 years old and probably should start to take money out of my teachers annuity. I always thought I would get a tax break when I was in retirement but that is apparently not the case. I need advice- how/where to put some of this $ w/o a huge increase in my taxes…

I believe my son is paying a minimum amount for repayment. How can he pay more toward the principal and pay off sooner at a savings? Terry Says:  Oh absolutely he can pay more than the minimum.  And if you want to help, you can also make a payment toward his student loans if he…

I recently lost my job I want to re invest my 401k what is safest way to do this and can I do it without claiming it in my taxes and pay a penalty Terry Says: Oh, I'm so glad you asked before you did anything that would incur penalties and taxes.  You want to…

We presently have been blessed with three grandchildren and I'm sure there will be more down the line! We have been purchasing series EE US Savings Bonds for them on special occasions (roughly $100 per child per year). The bonds are in their names with their mother as the beneficiary. Is there a better 'savings'…

Retired for just over 18 months. Elected to have nothing withheld from my social security payments, 401k withdrawls or annuity payments. For the 2013 taxes, I have just paid $3200 in federal income taxes, including a $52.00 penalty. Both wife and I are over 65 and our total income is $67,000.00 (43k s.s. and 24k…

You were on WGN 9 in Chicago this morning and talked about a website to visit that assists in making corrections to your credit reports? I missed what the website/contact info. was, please provide? Thank you! Terry Says:  No, I was talking about a website for an organization that helps you if your identity has…

Where can I find your credit card information list. Terry Says:  When you sign up in the yellow box that pops up at TerrySavage.com, you'll get a return email asking you to confirm. Then you'll get a second email with a link to my personal financial organizer form.  The credit card list is part of…

Hi Terry, My father is in an Assisted Living residence for Dementia. I would like to invest some of his money to help pay for his future living costs. As the disease progresses, so does the cost of care. What would you recommend? Thank you! Terry Says: Well, I so wish you would have asked…

My son and I have a home in joint tenancy where the mortage is in his name and I pay ALL of the mortgage and other expenses since 2005 when he married and bought another house. Wouldn't he be able to deduct the mortgage interest on the first house I live in. Would the tax…

Hello, I am a city of Chicago employee and am contribute the maximum I can into my 457 deferred compensation plan. My question is do you recommend a Roth IRA before April 15 for tax purposes? Terry Says:  There's no tax implication to a Roth IRA contribution.  That is, you don't get a tax deduction,…

I am 70 years old and have investments in c d's. I have about $100,000.00 that I would like to invest in something more profitable. I know very little about annuities and would like to know if investing in some type of annuity would be the best option ? i would like to know what…

I need to refinance my house but I owe more than my loan and my credit is not great. However I have never miss a mortgage payment. Can you recommend a lender?? Terry Says:  You may be a candidate for the government's HAMP (Making Home Ownership Affordable) program.  Here's a link to see if you…

How can I get a free copy of my credit score from all three agencies Terry Says:  Go to www.AnnualCreditReport.com, where there are links to each of the three bureaus.  This is the federally-mandated site, so you don't have to purchase any products or credit watch plans to get your free credit report from each…

I am 71 years old my husband is a retired physician 75 years old. All of our credit cards and the household bills are in my husband's name. I just learned that when I applied for my own credit card without using his income I could not get a card. I find that outrageous since…

Terry, I am confused regarding your answer to "Buy Or Rent In Retirement". You told the gentleman that he would not be able to get a mortgage once he retired because he won't have an income. He said he will be getting a pension and social security, plus take on side jobs for his income.…

Hello Terry, I am doing a self study on how to trade currency and I have been doing this for about 2 1/2 years now.. Not a lot of women do trade so I was really happy to hear that you were the first woman who do trade in Chicago. I would like to learn…

Hi Terry, I was unable to find you as a presenter on the website Money Week 2014. Will you be speaking this year? My husband and I are such fans of your presentations and books. They are the only ones I truly understand when trying to find financial info for investing and retirement. My brother…

I have two 529's, one for each child. We saved enough to pay most all costs of both kid's college. Here's the catch... Each child was able to choose their school of choice. As it turns out, one school is more expensive than the other. At the end of the four years (they are two…