Retirees in These 12 States Risk Losing Some of Their Social Security Checks
Here's some good and bad news about Social Security income. On the plus side, while retirees are often considered to be living on fixed incomes, their Social Security income is not fixed. It's regularly adjusted for inflation via "COLAs" -- cost-of-living adjustments. Many times the hike is modest, such as 2020's 1.3% increase or 2019's 1.6% hike. But inflation has been significant recently, so the increase for 2023 was a whopping 8.7%, on top of 2021's 5.9% bump.
That's the good news. The bad news is that even though your Social Security benefits will increase over time, they may get reduced every year, too -- if your state taxes them, as 12 states do.
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Source Fool.com
