AARP New Jersey 2021: 7 Ways that AARP fought and won for your Financial security this year.
Fighting for 50-plus New Jerseyans and their families
AARP NJ works to ensure you have a brighter and more secure financial future. In 2021, we fought to expand state programs and initiatives to help thousands of New Jerseyans stay in their homes, grow their retirement savings, afford their prescription medication and so much more. Here are a few things AARP New Jersey fought for-and won-this year. For more information about these programs and resources, visit AARP.org/NJResources.
Property Tax Relief:
The Homestead Benefit Program provides much needed property tax relief; however the credit was outdated and calculated on 2006 tax bills. The program will be fully funded and updated so benefits are based on 2017 property tax information, which is the most current program year. This will help residents confront the 40% rise in property taxes over the past 15 years and help residents age in place, where they want to be. For more information, call 1-888-238-1233.
The NJ Board of Public Utilities has expanded NJ’s Universal Service Fund, which helps make energy bills more affordable for low income customers. This will help thousands of New Jerseyans establish affordable electric and gas bills based on the percentage of their income and forgive COVID-19 related arrearages. The state has also allocated federal relief funds and state funds for utility bill payment assistance programs. For more information, call 1-800-510-3102.
Public Pension System:
AARP NJ fights to ensure all workers who have paid into their public pension systems over a lifetime of hard work have the economic security their pensions afford in retirement. The 2022 state budget fully funds the public pension system for the first time since 1996. Fully funding is important to ensure the financial security of about 800,000 NJ households and improve the overall health of the system, serving the interests of all taxpayers. For more information, call (609) 292-7524.
Income eligibility has expanded for Senior Gold and Pharmaceutical Assistance to the Aged and Disabled (PAAD) programs, which allows 20,000 additional seniors and those with disabilities to qualify for this critical assistance to help afford their medications. This extension also expands eligibility for utility assistance programs for those most in need. For more information, call 1-800-792-9745.
NJ Earned Income Tax Credit:
The NJ Earned Income Tax Credit (NJ EITC) is a cash back tax credit that puts money back into the pockets of working individuals. Previously, the program was not available to workers over the age of 64, despite our workforce getting older and working longer. AARP NJ fought to eliminate this discriminatory age cap. Beginning in tax year 2022, workers 65 and older will benefit from the increased financial security the NJ EITC provides. For more information, call (609) 292-6400.
Secure Choice Savings Program:
In 2019, Governor Murphy enacted the Secure Choice Savings Program, which is a public-private partnership that will create a voluntary and portable retirement savings option for around 1.7 million private-sector New Jerseyans who currently do not have a way to save for retirement at work. Funding is now allocated to start the program, which is set to open in March 2022.
Expansion of New Jersey’s Retirement Income Tax Exemption:
Previously, anyone with even $1.00 above the annual $100,000 income could not exclude any of their retirement income from state income taxes. Under the new law, this cliff will be eliminated, increasing the retirement income exemption threshold to $150,000 and allowing certain deductions to $150,000 and allowing certain deductions for those with income between $100,000 and $150,000. For more information, call the NJ Division of Taxation at (609) 292-6400.
*Advocate for New Jersey: Sign up to become an AARP advocate and you will receive email action on issues you care about.
*Volunteer with us: Use your talents, knowledge, experience and time to help make life better in your community. We offer a variety of volunteer opportunities. Email us at: NJaarp@aarp.org or call toll free at 866-542-8165 for more information.
*Keep up to date: Get the news and information about AARP efforts and events on our State webpage: aarp.org.nj.
*Join the conversation: Like us on Facebook: AARPNJ and follow us on Twitter: @AARPNJ.
The State Office:
AARP New Jersey
303 George Street, Suite 505
New Brunswick, NJ 08901
Disclaimer: This information was just sent out to all AARP members of the State of New Jersey and I wanted to share this with everyone. I give full credit to AARP for the information as stated. Please check out their website and Facebook pages for more information.