How Much Extra Social Security Tax Will the Rich Pay in 2018?
Each month, nearly 61.6 million people receive a Social Security check. For many of these folks, especially the 42.1 million retired workers, it's a critical source of income that they simply couldn't live without. Data from the Social Security Administration (SSA) shows that a third of seniors lean on Social Security for 90% or more of their monthly income, with 62% generating half their income from Social Security.
With this sort of reliance, it should come as no surprise that October is what can often be defined as a make-or-break month for retirees. Each October, the SSA releases its annual updates to the program, which includes cost-of-living adjustments, which are the "raises" beneficiaries receive most years, maximum monthly payout adjustments, and of course, inflationary changes to the maximum taxable earnings cap, which is the dollar amount at which earned income stops being taxed by Social Security.
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Source: Fool.com
