Reply
Newbie

Social SecurityBenefits fot Those Born in 1960

AARP published an article awhile back about the "hit" to the benefits that will go to those seniors born in 1960. It stated there was a glitch in the system and was affected by Covid, reducing benefits for a lifetime. I keep checking to see if anything has changed. I contacted my Congressmen, but heard nothing back. Any news?

0 Kudos
541 Views
1
Report
Honored Social Butterfly

Although there was some legislation introduced to fix this potential problem, it appears it wasn't needed since it was handled in-house by the SSA or so it seems.  It seems they did it by adjusting upward the 2020 Average Wage Index which is used in computing benefits.

SSA.gov National Average Wage Index

 

How they did it is at the bottom of the page entitled:  Determination of the National Average Wage Index for 2020

 

Also see page 19 of this SSA 2021 analysis of potential covid problems:  

https://www.ssa.gov/OACT/presentations/ocact_20210728.pdf 

from the link:  

What do we know now? Because the economy rebounded so quickly, and those who lost jobs or had decreased earnings in 2020 were mainly parttime and/or lower paid workers, total wages in 2020 increased and the AWI is now expected to increase for 2020

 

 

It's Always Something . . . . Roseanna Roseannadanna
0 Kudos
518 Views
0
Report
cancel
Showing results for 
Show  only  | Search instead for 
Did you mean: 
Users
Need to Know

AARP Games Fall Cash Sweepstakes is here! $15,000 in cash prizes! Enter now for a chance to win the $1,000 and $2,000 prizes.

AARP Games Fall Cash Sweepstakes Enter Now

More From AARP