Remember the historic Cost-of-Living-Adjustment (COLA) in 2023? While this 8.7 percent number was a big help, especially in the years following pandemic lockdowns, the historic number did bring some nasty surprises.
For residents of New York City, the upward boost of their Social Security benefits actually boosted them right out of a tax exemption.
Because of the 8.7 percent increase in Social Security benefits, many NYC homeowners were forced to pay higher property taxes, effectively canceling out the well-earned benefit increase.
It was an unfortunate situation and showed that taxes are one of the risks to a senior’s Social Security benefits. It also shows us that the Cost-of-Living-Adjustment (COLA) needs to climb higher to compensate for issues like this.
What do you think about this situation? We believe it makes a case for higher COLAs, not lower. Seniors should enjoy record increases like the one from 2023 on a regular basis because they’ve fairly earned it. If you support this cause, sign our petition today.
