Coronavirus Effects Those Turning 60 This Year
In a story that’s been in the news several times in recent weeks – the effect of the coronavirus pandemic on the American economy hits those turning 60 this year especially hard. That’s because their future Social Security benefits may very well be less than they would otherwise be because those benefits will be computed using Federal data from 2020, a year that will almost surely see a big dip in the National Average Wage Index (NAWI). In a nutshell, the 2020 NAWI will be used to compute benefits for those who turn 62 in 2022 (those who are 60 this year). And because of the pandemic’s negative impact on the 2020 NAWI, those SS benefits will be lower. All of this is reported clearly in this article by Christy Bieber, appearing in the Carlisle, PA Sentinel. Note that the article references one Senate bill proposed to fix this issue, but neglects to reference a competing, and more realistic bipartisan Senate bill, S.4180, the Protecting Benefits for Retirees Act. Click here to read the article in The Sentinel.