Current retirees affected now:
Current employees who will be affected by the offsets when they retire (est. as of 2015): 6,400,000
Retirees can be affected by both penalties.
Both penalties affect low income retirees more harshly than those with larger pensions and/or higher Social Security benefits.
- 3% of all Social Security beneficiaries are affected
- 1,948,427 retirees are affected now
- Among them 56% are men
- Penalty is decreased for people with “(Substantial) SS Covered Earnings”. 2021 Substantial Earnings is $26,550.
- 1% of all Social Security beneficiaries are affected,
- 716,662 retirees were affected (2019).
- 83% are Women
- 71% of those affected lose ALL their Social Security benefits
- 53% have their spousal benefits affected
- 47% have their Widow’s or Widower’s benefits affected