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If you’re turning 60 this year, the COVID-19 pandemic could cost you $1,428 every year during your retirement
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If you’re turning 60 this year, the COVID-19 pandemic could cost you $1,428 every year during your retirement

Author Alan Cohen explains why the COVID-19-induced recession could mean that 3 million workers who turn 60 this year will likely see a significant reduction in their lifetime Social Security benefits.

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The COVID-19 pandemic has had profound economic consequences for millions of Americans—including some ripple effects that have not even been felt yet.

One little talked about issue is that 3 million workers who are turning 60 this year will very likely see a significant reduction in their lifetime Social Security benefits. This is expected due to a nationwide decline in the Average Wage Index because of the economic crisis.

The above excerpt was originally published in MarketWatch. Click here to view the full article.

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Authors

Alan Cohen

Senior Fellow