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COVID-19 and the Impact on Social Security Benefits
As if the pandemic itself wasn’t bad enough, the impact on the workforce component of the U.S. economy is shaping up to be characterized by potentially severe long-term implications on future retiree benefits. For example, workforce absences induced by COVID-19 will affect the earnings history used to calculate primary benefits, and returning to employment at a lower pay rate would have a similar effect. Even worse, cash flow problems for individuals may generate a need to file for retirement benefits early, forcing them to absorb substantial monthly benefit reductions. The Motley Fool’s Maurie Backman, in a post today on statesville.com, offers conjecture on this matter. Check her article out here…
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