Social Security Updates: COLA, Tax Deductions, and Trust Fund Warning
Dayton News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Retirees, brace for changes in your 2026 tax filing! A 2.8% COLA boost increases average monthly Social Security benefits by $56, now totaling $2,071. A new $6,000 tax deduction for ages 65+ is available until 2028. West Virginia eliminates income tax on Social Security, but federal taxes may still apply. Medicare Part B premiums surge by 10%, potentially offsetting COLA gains. The Social Security tax wage cap rises to $184,500, and the main trust fund may deplete by 2032, threatening benefit cuts. Stay informed to maximize your tax filing.
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