Retirees could face higher tax bills next year due to surging inflation
Many Social Security experts have predicted a considerable cost of living adjustment for 2023, the average around 10 percent. However, one prediction they have not made is the percentage of Social Security recipients who will owe taxes on Social Security. Yes, some people who get Social Security must pay federal income taxes on their benefits. However, no one pays taxes on more than 85 percent of their Social Security benefits. Christy Bieber explains retirees need to prepare to pay taxes on their Social Security benefits. Read Ms. Bieber’s article here…
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