I withdrew my money from my 403B account and my financial person turned it over to LPL to invest, but it continues to lose money. I don’t need it right now, but I’m concerned that it is slowly disappearing! Where should the money be? Terry Says: What? You “withdrew”?? First, you can’t “withdraw” unless you […]
We recently converted our universal whole life policies (which we had for 35 years) to whole life insurance. However, for the first time ever, we received forms to complete for tax withholding purposes. Apparently, the dividends earned (which we want reinvested in the policies) are taxable? Either our insurance representative is using the incorrect vehicle […]
How can I cut taxes on my IRA withdrawals ? How can I transfer money from a spouse’s federal thrift savings into an IRA? Terry Says: Oops, you can’t “cut taxes” on IRA withdrawals; they are always considered ordinary income! Are you asking how you can stay in a lower income tax bracket once you […]
We have a college savings account through Hartford for my son. It is a custodial account with my husband as the owner. Today my son turns 18 so we can no longer contribute to this account. We are going to open a 529 with my husband as the owner and my son as the beneficiary […]
I need to invest retirement funds safely. I have to live off the interest. Invested with one firm and lost a lot of it. They now have it in international I shares , and I am not comfortable with this. I think this company is motivated by commissions at my expense. I talked about no […]
I have about 50K in 5-6 stocks. I have been losing since the ’08 meltdown (prior to ’08 had 70-80K).. I know its time to put the money in a different investment but not sure what. Maybe an ETF, mutual fund or index fund? That’s where I need direction. I currently put money into deferred […]
Terry– i am 68, married,no debt, Soc. Sec and military pension coming in. Kids educated and gone, have long term care insur. I recently accepted $378890 from Alcatel-Lucent as a pension buyout. I have an IRA=203K with TrowePrice. and another with my wife totaling 266K invested with our local CU CFP. My question? Where(what funds) […]
My department at work downsized so I was let go,I had invested in 401k matching thru employer what should I do with the money? I was told I can’t get any money from the pension plan that the company put money every month cause I didn’t fulfill 5 years of employment? Also what investment plan […]
I need a little advice. I lost my job in Mid-August and have a 401k that I need to rollover. I have rollover accounts at fidelity that I want to use. The problem is the 401k has lost a lot of money (150K) since I lost my job I would have to liquidate my 401k […]
My mother passed this spring and left me and my children a small Ira approx 3000. My question is are the rules or laws about how we take this money? my children are 21 and 24. We each get a third of this IRA. I am 59 not quite 59-1/2 . Are there any rules […]
Is it better to take a lump sum RMD or take a monthly check? I will be 70 years old in October and will need to make a decision by April 1st. Terry Says: Well, that depends on how you like the money coming in. If you get it all in one lump sum can you […]
Hi Terry, I am a 35 year old woman mother of two boys. I had a 401k with my first employer than another one with my most recent. I left the work force to stay at home and take care of my 6 year old kindergartener and rambunctious 2 year old. I have these two […]
my husband purchased a house using money from his investments to purchase a house in a real estate IRA??? We have owned the house and have collected some rent for 5 years. We are now nearing retirement – 62 and wondering what way to rollover the house – sell and not get penalized? or do […]
I have a 40 year old VALIC IRA fixed account paying 4.5%. ($4400 in it.) I also have 85,000 in an IRA with my broker just sitting in my account (against his wishes!) But as a 74 yr. old, should I move this money into VALIC. When I called VALIC, the woman told me they […]
I have been retired now for 3 yrs. I am 61 yrs.old and I have no bills. I still have my 401 at my last employer. I don”t need the money right now. My investment advisor is always asking me to transfer it too a IRA or Roth, I have about 15 different stocks in […]
Can I transfer the funds from one 529 to another? Specifically, I have some funds (unhappily) in the Montana Family Education Savings Investment Program. They put the funds into long term CD’s with the lowest interest rates in the universe. I want to transfer those funds to Illinois Bright Start or Utah Educational Savings 529, […]
Hi Terry – Does the IRS allow a direct roll-over of 401K funds to pay LTC insurance premiums? I currently itemize so I am aware of the tax benefit of declaring this out-of-pocket expense, however I would appreciate just being able o transfer the funds directly from my 401K to pay the premium instead and […]
What is your opinion of GNMA reinvestment income trust 120.Have approx 16K as of 9/2014 in it as part of trad IRA. Will be 70 yo this Nov. FAdv wants me to liquidate this and apply proceeds to purchase of symbol WRHIX. Also have 3 other equity UIT’s that combined w GNMA equal 40.2% of […]
I have a TSP account with the government and although I am only 68 I need to start planning what to do when I reach 70 1/2,when I have to withdraw that account. Where should I invest that TSP account? Terry Says: For those who are not aware, the TSP refers to a government Thrift […]
Dear; Terry I am sorry to bother you with my question and your time: I lost my job on 2009 and i rolled my 401k to a regular IRA… Now my question is. Can I roll it over to a ROTH IRA? One year from now i will retire. Thanks again Terry Says: The simple […]
