From WSJopinion: For 60-year-olds, the biggest financial hit from Covid-19 will be to their Social Security benefits. The reasons are technical but the cost will be thousands of dollars a year, writes biggsag
The Covid-19 pandemic has been tough on Americans nearing retirement: Their 401 balances have been reduced and, so long as shutdowns of businesses are in place, it’s harder for workers to delay retirement.
This would seem to make Social Security more important than ever. But for a small group of Americans—those who turn 60 in 2020—the biggest Covid financial hit will be to their Social Security benefits, potentially costing them thousands of dollars a year. The reasons are technical, but the hit can be severe.
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