Social Security's 2023 Raise Could Have a Massive Downside for Some Seniors

Kailey Hagen, The Motley Fool
·4 min read
Social Security's 2023 Raise Could Have a Massive Downside for Some Seniors

The official 2023 Social Security COLA will be announced in October 2022. The federal government taxes the Social Security benefits of certain recipients, and it's possible that some seniors could find themselves owing these taxes for the first time next year. This is your adjusted gross income (AGI) plus any nontaxable interest -- which you might have if you own municipal bonds -- and half of your annual Social Security benefit.

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