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Will the latest annual Social Security increase hurt your or your loved ones’ fixed retirement income? Ruslan Guzov / Shutterstock.com
Retirees will see their Social Security payments increase by 3.2% in 2024 on account of inflation. Yet, this latest annual COLA could end up costing some retirees. For those who do not currently pay federal income taxes on their Social Security benefits, the increase in Social Security income could cause their benefits to become taxable in 2024. For retirees who already pay taxes on their benefits…
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