A news and educational resource pooling excerpts from various news and information sources from the web for the Federal Retiree.
Article Excerpt: "...beneficiary who claimed in 2022 was projected to have a benefit that was 3.5% higher than the prior year, or a monthly check of $2,070. Instead, because of the decline in the average wage index in the year she turned 60, she would receive $1,881 a month, Goss said in his statement..."
Article Excerpt: "...feature in the Social Security benefit formula that makes the critical calculation of an individual's initial Social Security retirement benefit (which is linked to the year that workers turn age 60) is sensitive to economic recessions. Known as the average wage index (AWI) Read more at: https://www.lelezard.com/en/news-19640181.html...The Social Security COVID Correction and Equity Act," introduced by Representative John Larson (CT-1), and the "Protecting Benefits for Retirees Act", introduced by Senators Tim Kaine (VA) and Bill Cassidy (LA). The Senior Citizens League strongly endorses legislation that would fix not only this potential notch but also provide permanent protection from this sort of recessionary reduction for future retirees as well..."