Social Security COVID cut?
Hello Terry,
Thank you for all of your Books/ info. I’m a member of ARP. I received an email from them ( I don’t think I can link a PDF file here, so I will copy and paste). I just wanted to know if this is true? Thank you in advance! God bless!
Ross,
Americans age 50+ are already on edge about their financial and retirement security: The one-two punch of the pandemic and the economic crisis puts millions of people in our community in danger.
That’s why the Social Security COVID cut is SO unfair and unsettling. People turning age 60 in 2020 could see their Social Security benefits slashed simply because their lifetime benefits will be based on this year’s average wage index, which is dramatically lower.
AARP members speak up for Social Security, no matter what. Demand a fix to the unfair Social Security COVID cut today.
The Social Security COVID cut is devastating news for around 4 million Americans born in 1960. Their lifetime benefits could be cut by up to $70,000 simply because the coronavirus has hurt the economy and reduced average wages this year.
Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors. And across the board — no matter party affiliation or age — the American public overwhelmingly supports Social Security.
Workers have paid into Social Security with every paycheck. It’s a hard-earned benefit and a promise that must be kept. And AARP will NEVER stop fighting to strengthen Social Security and protect it for this generation and the next.
Tell Congress — protect Social Security, now and for all retirees. Fix the COVID cut today.
Thank you,
The AARP Grassroots Advocacy team
Terry Says
Social Security has a lot of problems — and this is the least of them! Yes, your benefits are based on your most recent income statements. To the extent that you had reduced income or were laid off, your monthly benefits could be impacted a bit. And it’s nice to see AARP is out there “fighting” for seniors! but short of reweriting the legislation, there is not much they can do!
The larger worry was the executive order saying companies didn’t even have to collect FICA out of paychecks — a blatant attempt for the current administration to get “credit” for larger paychecks for those working! Fortunately, few companies took advantage of this provision, which would have further drained the SS trust funds. But with people living longer (except for pandemic related) there is going to be another SS funding crisis with the next decade for sure.
