Social Security payments are slated to increase in 2023 because of elevated inflation but that may, in turn, force them to pay taxes and reduce their ability to receive government benefits, an analyst said.
Mary Johnson, a policy analyst at the Senior Citizens League, told Fox News that Social Security recipients should see a 10.5 percent increase in payments starting next year, raising fixed income by $175.10 from $1,668 per month. That could put some seniors in a higher tax bracket, essentially giving them less money than before, Johnson said.
