How the 2021 Social Security Bump Will Cost Some Retirees

Retirees will see their Social Security payments increase by 1.3% in the new year on account of inflation. Yet, this latest annual cost-of-living adjustment could end up costing some retirees. For those who do not currently pay federal income taxes on their Social Security benefits, the smidgen of extra Social Security income could cause their benefits to become taxable in 2021.

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