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Born in 1960? Brace for a Big Social Security Hit
AMAC and the AMAC Foundation continue to get inquiries from those born in 1960, as they have heard something on the news about a Social Security “cut” for them. The “cut” has to do with the way average wages are calculated, given that 2020 was a pandemic year. Think of it as getting a 95% on nine out of ten quizzes in school. But you forgot to make up one when you were absent, meaning a zero was entered. That drags your grade from a 95% to an 86%, or from an A to B.
This article from Kailey Hagen is from September, but is highlighted here again due to the importance of the issue. Hagen notes the “quirk” should be too disconcerting, as people still have a lot of latitude to control their destiny. Note, AMAC is advocating for a legislative “fix” to this 1960 issue on Capitol Hill. Full piece here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.