How will unemployment affect my Social Security benefits?

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.

Can I take from my life insurance without penalties and taxes?

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

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Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

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