Even responsible retirees who have saved their whole life are feeling the economy in 2022. Inflation continues to rise, breaking records and pushing some households to their limits. Social Security benefits are rising — but they’re also being slashed in some ways.

While inflation has diminished the purchasing power of Social Security checks to a large degree, one thing has remained constant in many regards — Social Security taxes. With the rumored future COLA poised to push some seniors right into the next tax bracket, they could watch their increase go right back out the door.

Retirees who earn more than $34,000 (single) or $44,000 (couples) can be taxed on 85% of their benefits. This in combination with inflation could pose a serious threat that may even set some seniors back.

Is the combination of taxes and inflation impacting your retirement? Have your taxes gone up? Let us know in the comments. Be sure to follow us on Facebook and Twitter for more Social Security news.