The biggest problems with social security – Community News
Social Security

The biggest problems with social security

If you were born in 1960 and plan to apply for Social Security in 2022, you may be in for a shock. Quirks in Social Security’s calculations can permanently reduce your benefits as a result of lower wages paid in 2020 due to the pandemic. According to Andrew G. Biggs, scientist at the American Enterprise Institute, “Assuming a 15% decline in the measure of average wages across the economy in 2020, a middle-income worker born in 1960 could cut their annual Social Security benefits in retirement by about 13%, with losses across the board. the retirement period exceeds $70,000.”

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