Q. I am collecting Social Security benefits and I was working part-time until the coronavirus hit. I'm now collecting unemployment, including the $600 weekly benefits. How will this affect my Social Security benefits at the end of the year? — Unsure A. We’re sorry to hear you lost your job. Your Social Security benefit is calculated based on your 35 highest years of earned income. Earned income includes salaries, wages and self-employment income, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said if you work part-time while you are retired, your wages can actually increase your future Social Security benefits.
Q. I have a universal life policy for $100,000. I pay $387 a month and I have 16 more years. I am 61 yrs old. Can I close it out and take the cash value and put it towards a pre-paid funeral plan without getting screwed by penalties or taxes? — Looking at options A. Universal life insurance is a type of whole life insurance. Whole life insurance has two parts: a death benefit plus a cash value account. When you pay your monthly insurance premium, part of it goes to cover the cost of the insurance and part goes into the cash value account, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. Periodically, Kiely said, the
