Coronavirus Could Cost Pre-Retirees $70,000 in Social Security Benefits

Unfortunately, for some pre-retirees, the monetary consequences of coronavirus will be even greater and long-lasting. Specifically, anyone who is turning 60 this year could find themselves paying a big price because a quirk in the Social Security benefits formula, which means their lifetime income could be as much as $70,000 smaller due to coronavirus. When the Social Security Administration calculates your benefits, it uses the average wages in the year you turned 60 to determine your inflation-adjusted average wage.