From the Detroit Free Press:
The pandemic-related economic shutdown in 2020 triggered all sorts of anxiety, including oddly enough a fear that those who turn 62 next year would be stuck with drastic cuts to their Social Security benefits. ...
The reason? A key wage index that Social Security uses as part of the calculation of benefits looked like it was set to plummet during the 2020 economic slowdown.
In Congressional testimony in July 2020, Social Security Administration Chief Actuary Stephen Goss suggested that benefits could be 9.1% lower for this specific group, for life. ...
Now, amazingly, there is good news for those baby boomers born in 1960. Things didn't turn out as horrible as the original headlines suggested.
The average wage index — which is calculated by Social Security to track wage growth in the overall economy — didn't fall as once projected. Instead, the Social Security Administration recently posted that the national average wage index was up 2.83% in 2020 from 2019 — not down. ...
Funny how that worked out.
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