Financial Planning Blog
4 questions to ask before you talk to your friends and family about money
The economic fallout from the coronavirus crisis had tested our financial strength. More than 1.44 million New Jerseyans have filed for unemployment since mid-March, and many are still waiting to receive unemployment benefits. As Congress debates the future...
If you still have your job, here are money moves to make right now
About 1.1 million people in New Jersey have filed for unemployment benefits since the start of the coronavirus pandemic. But for those who are lucky enough to still have their jobs, there are lots of questions about what they should be doing with their money. That’s...
Can I collect unemployment and a pension at the same time?
Q. If a person is a retired state employee, firefighter, police officer and they collect their pension monthly but also worked a job, but is not working now because of the coronavirus shutdown, can that individual collect unemployment benefits? — Staying at home...
Should I take my Social Security or my spousal benefit?
Q. I am 69 and my wife is 59. She works for the government and plans to take her pension early at age 60. When she is 62, can she start to get Social Security based on my account? — Planning A. Let’s start by reviewing details of how a spousal Social Security benefit...
Grandma opened a 529 plan and she doesn’t remember where
Q. Grandma got her niece and nephew a 529 plan. The problem is that she doesn’t remember the details or any of the account information. How can we research this? — Confused A. That was very nice of Grandma, and you should be able to find the account. It will just take...
Should I wait before taking from my retirement account?
Q. I was going to start withdrawing from my retirement savings after I turn 70 on June 15, 2020, but heard that the required age for withdrawals is now 72. I have $1,234 per month from Social Security. Should I let the retirement money grow? — Retired A. You’re...
How would Social Security benefits work when my husband dies?
Q. My husband is 79 and I am 62. Should he pass away, can I claim survivor benefits and then switch to my benefits at my full retirement age or will my amount be increased? — Wife A. We hope your husband is around for a long time. Still, you’re smart to want to...
My dad died. Does my mom have to pay his credit card bills?
Q. My dad passed away almost two years ago. We have been paying $10 a month on his credit card. My mom is on a fixed income. Is she responsible for the debt? The credit card company is saying we have to pay even though my mom never signed when my dad got this card. —...
Can I get a do-over with Social Security?
Q. I applied for Social Security and got my first check in October 2019. Then I got a full-time job. So I called Social Security to suspend my benefits. If I restart benefits when I reach full retirement age at 66 and two months, would I get the same benefit amount I...
I owe money to Social Security. What’s next?
Q. I will be 66 years old in on Oct. 31, 2020. I have been on SSDI for three years and working part-time. I thought I was keeping my income under $1,180 per month for there were several times where we had three pay periods each month instead of only two. Even though I...