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The Pandemic Dilemma For Those Turning 60 in 2020
As has been reported in several recent articles, the pandemic creates a special dilemma for those turning 60 in 2020, because of the way that Social Security calculates benefits. Such calculations are done using “bend points” in the year you reach sixty years of age, and those benefit points are determined using changes to the national Average Wage Index, or “AWI.” But since the AWI for 2020 will likely be lower than last year’s index, those turning 60 this year could see a negative impact in their future Social Security benefits. And while a number of pundits have suggested solutions ranging from a complete revamp of how benefits are computed to considerably less traumatic proposals, this Los Angeles Times article by Michael Hiltzik offers a way to fix the issue with relative ease. Click here to read more.
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