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Another COLA Forecast–And a Discussion on the Tax Consequences
In a post today on mcknightsseniorliving.com, contributor Kathleen Steele Gaivin weighs in on the Social Security cost-of-living-adjustment projection subject, pegging the potential increase at 10.5%. That’s the upside. Her post also discuses the downside–the insidious effect of “bracket creep” facing more and more seniors at federal income tax time. As she notes, the thresholds for taxation of Social Security benefits have not changed in decades, steadily drawing increasing seniors’ tax liability as a result of the very inflation that increases their monthly benefit. It’s a quandary, and you can read Ms. Gaivin’s post here…