More on the “Notch Issue” For Those Born in 1960.
As has been reported for a number of weeks now, the pandemic will likely have a unique negative effect on Social Security for those born in 1960. Often referred to as a “notch” issue, those born in that year will be vulnerable to a pandemic-induced impact to the national Average Wage Index, or “AWI,” unique to each person’s eligibility year (normally age 62) which is used when computing benefits. And, without Congressional action to offset it, this could mean a lower base benefit for those turning 62 in 2022. The good news is that there are steps those beneficiaries can personally take to offset any pandemic-related negative effects to their benefits, as explained in this Waco (TX) Tribune-Herald article by Kailey Hagen. Click here to read more.
Note: AMAC has expressed support for S.4180, which proposes to remedy this issue by prohibiting changes to the AWI which would result in a lower SS benefit for those born in 1960.