A new technique for calculating COLAsA cost-of-living adjustment, or COLA, is available for Social Security benefits each year.
Consumer Price Index for All Urban Consumers (CPI-U), which is regarded as the gold standard for assessing inflation, is actually a subset of the CPI-W.
Increased income thresholds for benefits taxationThe fact that Social Security benefits are taxable based on provisional income, which is determined by adding non-Social Security income
plus 50% of annual benefits, surprises a lot of seniors. Sadly, the levels for provisional income at which benefits are subject to taxation are fairly low.
longer to accumulate delayed retirement creditsWhen a person reaches full retirement age, or FRA, which might be either 66 or 67 or somewhere in between,
they are eligible to receive all of their monthly Social Security benefits. From there, those benefits are increased by 8% for each additional year that recipients postpone filing.