Social Security Report

The repercussions of 2020 may be felt for years to come - MarketWatch

Due to the economic slow-down of 2020, those individuals turning 60 last year, may feel the repercussions for years to come. Why? “For those Americans who turn 60 in 2020 they may receive lower Social Security benefits when it comes time to claim, no matter when they claim,” said Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League. This was echoed by Stephen Gross, chief actuary at the Social Security Administration in a congressional hearing in July, “that a decline in the average wage index for 2020 could result in a benefit that is 9.1 percent lower than expected beginning in 2022.” In Alessandra Malito’s article for MarketWatch, she reports on how this will affect those that turned 60 last year. Read Ms. Malito’s article here…

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