Social Security for New Jersey residents: major source of income — and assistance — for most seniors in the following ways:
- Retirement benefits
- Benefits for disabled workers and their dependents
- Benefits to the families of deceased workers
- Administers the Supplemental Security Income program (SSI) – a needs-based program for people ages 65+ and people with disabilities, regardless of age.
- Provides assistance to help Medicare beneficiaries with limited income to apply for extra help with the cost of prescription drugs (Medicare Prescription Drug Program.)
Social Security: It’s tax free in New Jersey
While the IRS may tax you on up to 85% of on Social Security benefits, all Social Security income is tax-free on your New Jersey income tax return —regardless of income or the size of your Social Security benefit.
What you need to know as a New Jersey retiree:
- Withdrawals from retirement accounts are partially taxed
- Wages are taxed at the normal rates
- Public and private pension incomes are partially taxed
- Property taxes in New Jersey are the highest in the country.
Find a Social Security Advisor that has the RSSA credential.
If you’re planning for retirement in New Jersey, advisors that are Registered Social Security Analysts can help you gain far more Social Security income by making the optimal claiming decisions. Our clients have realized from $20K to $200K in potential additional benefits. Contact us today for a complimentary 15-minute consultation with one of our RSSA advisors.