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Turning 60 this year? The Pandemic May Hurt Your Social Security
It’s an issue which has been circulating for several months now, but those who reach 60 this year - the “year of the pandemic” - will be uniquely impacted when they later claim their Social Security benefits. That’s because of the way benefits are first established in your “eligibility year,” which is the year you turn 62. At age 62, your primary insurance amount (PIA) is first established using a formula which is dependent upon the national average wage index (AWI) from two years prior, when you were 60. And that means that if you turn 60 during the 2020 pandemic year, your PIA at 62 will likely be affected by an AWI usually skewed by the pandemic. All of this is explained in this article by contributor Dan Caplinger appearing in the Statesville (NC) Record & Landmark. Click here to read more.
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