Financial Planning Blog
Do I need to file a tax return for the Senior Freeze?
Q. I didn’t qualify for Senior Freeze in the 2018 to 2019 years because my taxes didn’t go up, but they skyrocketed in 2020. I meet all the requirements for the Freeze except I didn’t file state or federal tax returns in 2019 because I didn’t make the minimum required...
How can we get the biggest benefits from Social Security?
Q. My question is about maximizing Social Security spousal benefits. Neither of us has claimed yet. At full retirement age, my benefit was $2,860 per month and my spouse’s will be $695 per month. I was born in December 1954 and my wife in November 1955. I will claim...
We moved. Do we qualify for the Senior Freeze?
Q. My husband and I, both over 65, recently sold our primary residence of 40 years. We then moved into our second home at the Jersey Shore, which then became our primary residence. Since retiring, our income qualifies us for the Senior Freeze, but does the fact that...
Should I switch my annuity to a Roth IRA?
Q. I’m 67 and I have a small annuity. Is it worth switching it to a Roth IRA at this stage? I still add to the annuity. — Investor A. There are several issues that come into play here. You didn’t say whether this is your only savings or what other kinds of retirement...
They canceled my credit card for a late payment. What can I do?
Q. My husband passed in 2019, and at that time, I called our Capital One credit card, on which my husband was the primary cardholder, to see if I could still use the card. They said yes. But recently there was a death in my family and I was a few days late on my...
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...