Read on Twitter
Add one more debacle to the 2020 list: the Social Security COVID cut.
What's it all about? Let's get into it
What's it all about? Let's get into it
Your initial Social Security benefit is calculated using the contributions you paid in, which are then adjusted by the average wage index (AWI).
The bad news for people born in 1960?
The AWI could be down 9% in 2020 due to the economic fallout from COVID-19.
The bad news for people born in 1960?
The AWI could be down 9% in 2020 due to the economic fallout from COVID-19.
That's a 9% cut to Social Security benefits for 4 million Americans who have paid into the program.
For the average worker, this means a $189 cut in benefits each month in retirement -- or $45,000 over 20 years.
For the average worker, this means a $189 cut in benefits each month in retirement -- or $45,000 over 20 years.
This isn't a one-time thing. The COVID cut would *permanently* cut benefits for these workers.
Future benefits hinge on the amount of your initial benefit, so a lower AWI would affect benefits for those born in 1960 for LIFE.
This is completely unfair & needs to be fixed.
Future benefits hinge on the amount of your initial benefit, so a lower AWI would affect benefits for those born in 1960 for LIFE.
This is completely unfair & needs to be fixed.
If Congress does not take action, 4 million hard-working Americans will see their Social Security benefits permanently cut by 9% through no fault of their own.
Tell Congress: Stop the Social Security COVID cut https://action.aarp.org/site/Advocacy?cmd=display&page=UserAction&id=8779
Tell Congress: Stop the Social Security COVID cut https://action.aarp.org/site/Advocacy?cmd=display&page=UserAction&id=8779
