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COLA Downsides: Insignificant Increase Plus Higher Taxes Due

It will be the largest cost of living adjustment (COLA) since 1981 when the Social Security 8.7% increase takes effect in January 2023. Some advocates still proclaim seniors are losing ground and/or that the increase fails to keep up with rising prices. That is explained in this CNN piece by Tami Luhby. The author also notes that such a hefty increase in the yearly benefit is likely to push some seniors above the threshold where income tax on benefits is now due. Higher income people may be hit with Medicare surcharges, so the news is not all good for seniors. Full article here.

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