ABSTRACT

Social Security Benefits and the Effect of Declines in Average Wages and Prices [Updated July 13, 2020]   [open pdf - 428KB]

From the Document: "Recent news articles have highlighted how a decrease in national average wages may have a negative impact on the Social Security benefits of individuals reaching age 60 in 2020. Social Security benefits are tied to a worker's earnings record but are also affected by changes in national wages and prices. This In Focus explains elements of the benefit formula, discusses the possible effects of declining average wages and prices on benefits, and reviews policy options for Congress. Congressional interest may be high because of the large number of potential Social Security beneficiaries for whom these benefits would comprise a big share of their total income."

Report Number:
CRS In Focus, IF11599
Author:
Publisher:
Date:
2020-07-13
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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