COLA Adjustments Could Bring Nasty Taxes

The Social Security Administration announced a cost-of-living adjustment for Social Security benefits of 8.7% in 2023. Retirees can expect to see an increase in their monthly checks that reflects this change. While Social Security payments are adjusted for inflation, the income thresholds for taxing benefits remain the same. For some retirees, this could mean that more of their monthly income is taxed. Read Full Article »