Ask Terry Archives

Please advise on the best source for reverse mortgages. What is your opinion of AAG? Thank you. SAVAGE SAYS: Well, first let me say that I highly endorse the concept of Reverse Mortgages -- for the right situation and done with the right lender. In fact, I arranged a RM for my father (now 92)…

Do you have an opinion on investing in Duke Energy's "Premier Notes"? They are advertised in BetterInvesting Magazine as "an alternative for your short-term funds." I realize there is risk in investing any funds in a non-insured type investment but the floating rate offered on these notes is certainly attractive for short-term funds, Thanks. SAVAGE…

I have a non-qualifying annuity With Foresters, that I bought 2 years ago, I know I'll have to pay a 7% penalty for early withdrawal, but do I have to pay tax on that money, I bought it with the proceeds from the sale of my home after my spouse passed. The annuity has increased…

Hi, I am 61 and semi-retired. I had money in dividend and income fund with fidelity and am considering moving that money to fidelity's 2025 target fund. I seek to begin taking my required MRD once I turn 70 1/2 in 2023. Would any target fund be a reasonable option for me putting my money…

As a retired Illinois teacher I am worried about my pension. Even though I made my contributions over the years, I am concerned about the state's payments. As unfair as it is, my pension will be reduced. I am a widow, 65, no children, not eligible for Social Security with investments of $550,000. My pension…

I need assistance in locating my plan administrator for Household Financial Services Trip plan, I have talk to US Department of Labor. They gave me Vanguard and HFCC, with no luck. Can you help me find my retirement? SAVAGE SAYS: Well, first thing, have you tried the HR department at Household?? The company was acquired…

Hi Ms. Savage, My question is I'm 61 and need to invest wisely without loosing money. I have a IRA Venture Annuity with John Hancock (19% Aggressive growth, 11%Growth, 22% Growth & Income and 48% income) my advisor said to switch to Franklin Templeton Investments (Franklin Income Fund) not to smart at this stuff, what…

I have 170,000.00 in a pension fund from my job the hospitali work at was purchased and the money is just sitting there. I am 64. Years old but don,t plan on retirement for the next 4 or 5 years I would like to put it in somwthing that I can earn some interest. Don,t…

My John Hancock LT policy has gone up effective August 2013 by 15%. They have applied for a total of 40+% and promise to raise rates by that much in the future. I had a rate hike in 2012. I am astonished to find that two friends with John Hancock have not had rates rise.…

starting in jan a can investing 1500.00 a month for ten years SAVAGE SAYS: Well, that's a pretty incomplete question. I have no idea of your age, risk tolerance, or total financial picture, so it's like asking a doctor to prescribe a medicine without knowing the symptoms!? But I'm going to take a guess, and…

Terry, what is the web site to check your credit score once every 12 months for free? SAVAGE SAYS: Go to www.AnnualCreditReport.com. You don't have to buy any of those credit monitoring services. Just click the links to each of the three major credit bureaus.

Terry - My daughter came into some money ($100,000 as a result of a court settlement. I don't really know how to advise her on how to invest this money. I have not done such a great job myself. She will be married in 3 weeks and I am thinking that maybe should contact someone…

Hi, I've written previously and now cannot find all the questions and answers since you are no longer in the Sun Times. I'm not finding all the Q&A by going to each of your topic pages. Mine was related to mortgage refinancing. help? SAVAGE SAYS: I wasn't allowed to transfer all the old answers from…

I understand that one can give away up to @$13,000 a year to any individual and that individual does not have to report to IRS or pay tax. My question is: What about the Giver? Is the amount tax deductible for the Giver? (If a giver has to pay tax for the amount given away,…

I have a deferred comp account and I would like to know where to start on educating myself on how to manage it. My last statement said my investments grew 4.5% . SAVAGE SAYS: Do you have an actual deferred comp account at the company where you work If so, they probably don't give you…

Hi Terry, I have a question for you: I have two (reg.) IRA's and am 67 yrs. old, am retired with a part time job that suppliments my SS check. I know at age 70 1/2 I'll have to start taking yearly distributions on my money and pay taxes and I am just a little…

Terry, what is the web site to check your credit score once every 12 months for free? SAVAGE SAYS: Go to www.AnnualCreditReport.com. You don't have to buy any of those credit monitoring services. Just click the links to each of the three major credit bureaus.

We have an opportunity to buy a vacation, shoreline, home at a good price. The property has been professionally managed as a rental property for over ten years, returning a small annual profit. We have sufficient liquid assets to make a cash purchase, but they are all tied up in retirement funds. Can we purchase…

I have a $100k term life policy that goes thru 2021. My youngest kid graduates HS that year. Do I need to keep the policy after the kids are done with HS? thanks SAVAGE SAYS: Only if you feel lucky!? Seriously,? do you have a spouse depending on your income or support Do your kids…

After losing over $20K in principal in the last 6 months with Vanguard GNMA, I cashed it in and now am not sure where to put it to get a good monthly income of $1k at least. Am on SSdisability at $731 a month. I am a divorced gal of 64. Any ideas? I have…