Hi there! I recently wrote a story about how a potential 10.5% Social Security cost-of-living-adjustment this year might impact your taxes.
Only about 40% of Social Security recipients pay taxes on their benefits. People who work in retirement or receive other sources of income are most likely to pay taxes on SS benefits.
If the government boosts people’s checks later this year, it might push some people into the taxable zone.
I’m curious, are there any Social Security beneficiaries here who pay taxes on their benefits? What’s your experience been like?