Financial Planning Blog
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...
Can I suspend Social Security so my wife gets a benefit?
Q. I will be 65 next April. I believe this puts my full Social Security benefits date to 66 1/2. My wife is 62 with virtually no benefits. Can I sign up for Social Security at 65 but not collect benefits while my wife collects half of my benefit? What would happen if...
I opted out of Social Security. Can I change my mind?
Q. When I was 17, I signed a form exempting me from paying into Social Security for religious reasons. Now that I’m 50, I can see that was a mistake. Other things such as Medicare are tied to Social Security. What is the best way to start paying into the system? —...
Know this before you open a 529 plan for college savings…
Q. I have questions about 529 plans. Can one opened in New Jersey be used to pay down college debt? Can it be used for the spouse of the named beneficiary? And it be used for a sibling of the named beneficiary? — Parent A. These are great questions. 529 plans can be...
When you get married, what happens to Medicare premiums and the Homestead Rebate?
Q. How do the Medicare premium surcharge and property tax rebates work when you get married? Because both programs have eligibility based on one or two years before the current year, would they exclude the income of the new spouse? — Just married A. Let’s take a look...
Mortgage rates are at a 3-year low. Is now a good time to refinance your home?
Refinancing a mortgage is a big deal. You can potentially save hundreds of dollars a month, and tens of thousands over the life of your loan. After several years of rising rates, we’ve seen a reversal. Rates have come down substantially in a short period of time, and...