How Last Year’s Social Security COLA Could End Up Costing Seniors Come Tax Time

Many retirees could be in for quite a shock this tax season. According to Yahoo! Finance, last year’s 8.7 percent Social Security cost-of-living adjustment (COLA) may have pushed some retirees over the income threshold that makes their benefits taxable.

The article points out that the bar is far lower than you might think — a married couple with as little as $32,000 in combined income could receive a tax bill. This will surely come as a surprise to many seniors and will put a bigger financial burden on retirees struggling with lingering inflation.

The Seniors Trust is committed to improving the lives of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits allowing more seniors to live without financial stress. This bill will also ensure the long-term solvency of the Social Security program.