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Inflation has pushed Social Security’s annual benefit increases up to historic highs for the past couple of years. That may trigger a bigger tax bill.
Social Security beneficiaries stand to get the biggest cost-of-living adjustment in 40 years in 2023. Experts say that calls for some strategic tax planning.
No matter the percent, it's wise to learn how much of your pre-retirement income Social Security will replace. "It's absolutely vital," says Andy Landis, author of "Social Security: The Inside Story." "For many, Social Security is the bulk of retirement income. For everyone else, Social Security is your retirement income 'anchor.' Think of it as the foundation of all your retirement finances." Others agree. "I believe that Social Security should be the foundation of everyone's retirement income plan," says Brian Vosberg, a certified financial planner with Vosberg Wealth and author of The Comp...