Financial Planning Blog
I get a N.J. pension. Can I also get my ex’s Social Security?
Q. I am a 59-year-old male, retired and receiving a New Jersey public pension. I was married for 15 years and divorced 20 years ago. She is now 57. I have very few quarters paid into Social Security from working part-time in grocery stores during high school and...
What can my daughter do about these medical bills?
Q. My daughter is 20 years old and she has some medical bills in her name from a hospital stay. She’s been out of work. We’ve called the hospital and we’ve filled out forms to have the debt forgiven. One bill was forgiven and another was sent to collections and there...
Can I use a N.Y. 529 plan even though I live in N.J.?
Q. I just moved to New Jersey from New York. I understand my contribution to a 529 plan is no longer deductible on state income tax returns. Can I still make contributions to the old New York plan? — Saver A. Welcome to the Garden State! We’re glad to hear that you’re...
Why did I lose my disability payments when Social Security started?
Q. I just turned 66 in October. In 2017, I became disabled and started receiving disability payments. But in October, I had my disability taken away from me. Can you tell me why I lost my disability because I am still disabled? — Confused A. Let’s go over...
What happens to Social Security disability when you turn 65?
Q. My sister has been collecting Social Security disability and has been on Medicare since she had a stroke seven years ago. She is turning 65 on Dec. 30. Will Social Security automatically convert her disability into retirement payments? Also, will she now be...
How will these credit card payments affect my credit score?
Q. How is the income-to-debt ratio figured? When I make a large purchase with a credit card, I sometimes pay it in two payments, one right away and the second by the end of the billing cycle. Does the mid-cycle payment reduce the ratio for the month? Does it improve...
Do I have to report vacation pay to unemployment?
Q. I was furloughed in March due to COVID-19, then I was laid off. I will be paid three weeks of vacation pay. Do I need to report it to unemployment and how will it affect my claim? — Still working A. We’re sorry to hear about your job loss. The N.J. Administration...
Will my Social Security be lowered if I take from my 401(k)?
Q. If I start taking Social Security at age 62, is there a ceiling on what I take out of my 401(k) for the year? I know that if I work there is a ceiling of approximately $18,000 before Social Security starts taking money back, but does that apply to disbursements of...
Can I sell my long-term care insurance policy?
Q. I have a $300,000 long-term care insurance policy I’d like to sell. I’ve had it since 1998. Can I get my premiums back? It seems like it might be impossible to sell. — Policyholder A. In the world of insurance, the ability to sell a policy is known as a life...
How long do I have to keep birth certificates, tax returns?
Q. I have read multiple places that some records, including divorce decrees and birth certificates, should be kept “indefinitely” after a person’s demise. Why? Of what value are these documents? I don’t really want to burden my step-children with their dad’s divorce...