
By Karin Price Mueller NJMoneyHelp.com for NJ.com
I’m retired. How much do I have to pay in state taxes?
Q. I turn 62 in March 2020. My pension before taxes and health insurance is $1,509 per month. I will be collecting $1,500 a month from Social Security when I turn 62. How much in state taxes am I required to pay? I think I’m eligible for the pension exclusion. I have no other income. — Retired A. Happy early birthday to you! Taxpayers who are eligible for the pension exclusion wonder if they have to pre-pay estimated taxes. To give you an answer, we’re annualizing your income

By Karin Price Mueller NJMoneyHelp.com for NJ.com
New bill could eliminate home sale taxes for some, help seniors save for retirement
When you sell a home, you may face capital gains taxes on any profit from the sale. A new bill would eliminate those taxes completely if the homeowner invests the proceeds in a Roth IRA. The Senior Housing Improvement and Retirement Accounts (IRA) Act would do away with the $7,000 Roth IRA contribution limit for those nearing retirement as long as homeowners shift their home sale profits into a Roth. Homeowners who are 55 and older and who have owned their homes for at least

By Karin Price Mueller NJMoneyHelp.com for NJ.com
Are there investing opportunities because of new trade deals?
Q. Are there investing opportunities because of the new trade deals? Mexico and Canada, China, whatever is happening with the EU? — Investor A. Investing internationally is a great diversifier for your portfolio. We don’t suggest you make bets based on what you hear in the news. Instead, you should come up with a long-term plan with an asset allocation that will help you reach your goals. When you invest in non-U.S. companies, you have several options: You can pick individual

Cathy Marshall
I’m 74 with no kids. Could a reverse mortgage be right for me?
Q. I am a 74-year-old retired widow with no children. I own a modest home worth approximately $120,000. Can I get some basic information about reverse mortgages and if it might be beneficial for me to consider? — Senior A. Let’s go over the basics and how a reverse mortgage differs from a traditional mortgage. For a traditional mortgage, a bank lends you money to buy your home. You repay the loan by making monthly payments for 10, 20 or 30 years. At first, your monthly paymen