2021 Social Security Updates from the Social Security Administration
Social Security recipients should take note to recent updates from the Social Security Administration. Today, the agency announced that benefits will slightly increase next year. Older taxpayers who get regular monthly Social Security payments, along with those receiving Supplemental Security Income (SSI), will see their checks go up by 1.3%. For those of you that are visual learners, check out this table from the SSA that details typical receipts before and after the 1.3% increase due to the cost-of-living adjustment (COLA).
When your total income as a single individual is less than $25,000 or $32,000 for a married couple, then your Social Security benefits are not taxed. The professionals at The Center for Financial, Legal, and Tax Planning are more than knowledgeable with regards to the tax code and other aspects of Social Security taxation. Please contact us at (618) 997-3436 with any questions.