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Paying Income Tax on Social Security Benefits–An Enduring (and Increasing) Impact on Seniors

The Motley Fool’s  Christy Bieber, in a post on their website, examines the 2023 changes in store for Social Security beneficiaries, from the cost-of-living adjustment (COLA) to the increase in earnings limits for those receiving benefits before their full retirement age. That’s the upside…she also addresses the downside–the fact that still more and more seniors will fall into the federal income tax trap on their benefit payments. As Ms. Bieber notes, due to the expected size of the COLA for the coming year, “more older Americans are likely to find themselves above the thresholds where their benefits become taxable next year.” Read her post here…

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