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3 Ways COVID-19 Might Result in Lower Social Security Benefits

3 Ways COVID-19 Might Result in Lower Social Security Benefits

Not only is COVID-19 hurting millions of workers, but it also has the potential to impact current and future Social Security recipients. COLAs are based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) so that when the cost of common goods and services holds steady or drops, Social Security benefits can remain stagnant (thankfully, they can't go down).