Higher Social Security cost-of-living adjustments may affect your taxes. Here's how to plan
Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. But come tax time, they coul...
Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. But come tax time, they could see surprises resulting from last year's 5.9% increase, which at the time was the biggest COLA in four decades. Last year's 5.9% cost-of-living adjustment was like getting a 6% wage bump in 2022, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. Yet that boost to benefits was not enough to keep up with rising costs, according to recent research from the nonpartisan senior group.