How COVID Will Affect Social Security

In the near future, you’re going to start hearing a lot about the impact of the coronavirus pandemic on the Social Security system. This is likely going to accelerate the timeline for benefit cuts. The new reality we’re facing is that lacking any drastic action, we’ll probably see a benefit cut even sooner than 2034. That's bad enough, but the REAL story about the impact of COVID on Social Security is how the pandemic is going to impact those who are nearing the eligibility age for Social Security.

➡️Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! http://devincarroll.me/sscheatsheetyt

➡️Get the Retirement Planning Cheat Sheet! This simplifies the contributions and income limits, tax tables, and other important rules to just one page. http://devincarroll.me/retirementcheatsheetyt

Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔Why Filing Early Can Be the Best Strategy
✔Why This Is The Biggest Decision of Your Retirement

Access the workshop today at this link
http://devincarroll.me/bestageworkshopyt

➡️Get a copy of my newly revised book here -- https://amzn.to/2twsABZ

➡️Want to schedule a consultation with Devin? See https://www.devincarroll.com/one-on-one-consulting

➡️Simple Questions? Join my FREE Facebook Group! https://www.facebook.com/groups/428684237572614

➡️If your question is about the WEP/GPO, join this Facebook group instead https://www.facebook.com/groups/1117708998701089
RESOURCES:
My Article: HOW SOCIAL SECURITY BENEFIT PAYMENTS ARE CONTROLLED BY THE AVERAGE WAGE INDEX (AWI)
https://socialsecurityintelligence.com/the-average-wage-index-awi/

My Video: Social Security: The Average Wage Index (AWI)
https://youtu.be/Uay9n7TU1fE

https://www.ssa.gov/OACT/COLA/AWI.html

https://repository.upenn.edu/cgi/viewcontent.cgi?article=1677&context=prc_papers

https://fas.org/sgp/crs/misc/R43542.pdf

Elizabeth Bauer’s article in Forbes
https://www.forbes.com/sites/ebauer/2020/06/24/social-security-explainer-how-are-average-wages-calculatedand-how-that-affects-your-benefits/?sh=3389ed3e4752

Andrew Bigg’s Paper
https://www.aei.org/research-products/working-paper/how-the-coronavirus-could-permanently-cut-near-retirees-social-security-benefits/

Link to all AWI based calculations
https://www.ssa.gov/OACT/COLA/AWI.html

Stephen Goss Testimony https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/Steve%20Goss%20Testimony.pdf
See Disclosures Below

⭐⚠️⭐Please read this⭐⚠️⭐

I am an actual practicing financial planner, but I'm not YOUR financial planner. Don't take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors.
🙇🙇🙇🙇🙇
----------------------------------------------------------------------------------------------------
⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors.
-----------------------------------------------------------------------------------------------------
📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.

Видео How COVID Will Affect Social Security канала Devin Carroll