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Social Security benefits might be smaller for those turning 60 this year
For a middle-income worker who turned 60 this year, they will see a 13 percent reduction in annual Social Security benefits. Why? The Social Security Administration benefits formula is complicated but it basically boils down to the fact the formula relies on average wages in the United States in the year that your turn 60 to: index your wages earned over your career to account for inflation, and determine what percentage of your average wage you receive in benefits. The attached article reviews how this will result for those individuals turning 60 this year a smaller Social Security benefit. Read article here…
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