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Outdated Rule Will Blunt the 8.7% COLA for Many

The 8.7% cost of living adjustment (COLA) is welcomed by those receiving the boost this month. But beware. Maurie Backman suggests caution is in order. While the 2023 COLA is generous by historical standards, it may not go as far as seniors expect. Federal income tax kicks in for individuals with $25,000 in provisional income and couples with $32,000 in income. These thresholds have not been updated for inflation since 1993, and thousands of seniors will surpass those amounts this year, negating much of their COLA. Congress does not appear inclined to change the law. Full piece here.

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