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

COVID-19 has been nothing short of devastating for public health and the economy. The effects of the novel coronavirus will sadly be felt for a long time, both because of the lives lost and the financial effects of the lockdown.

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.

Source Fool.com