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The Biggest Social Security COLA in 40 Years Means a Bigger Tax Bill for Some Retirees

The Biggest Social Security COLA in 40 Years Means a Bigger Tax Bill for Some Retirees

It's no secret the Social Security program is in need of reform. The combined Social Security trust funds -- the source of benefits paid to retirees, survivors, and disabled individuals -- are on track to be depleted by 2035, according to the Board of Trustees. The number of beneficiaries who owe taxes on their Social Security checks has risen rapidly over the last few decades, and with a potentially massive cost-of-living adjustment (COLA) coming in 2023, some seniors will see a larger tax bill in 2024.