You celebrated the 2.8 percent cost-of-living increase this January, thinking it would finally help you keep up with the grocery bill. However, for many retirees, that extra money is currently triggering a hidden tax trap that could leave you with less cash than last year. It is a frustrating cycle where the government gives with one hand and takes with the other. Honestly, the system relies on outdated income thresholds that haven’t changed since the 1980s. Here is the reveal of the tax on benefits that could derail your budget and how to avoid the 85 percent hit.
