--- title: "ThinkAdvisor: Social Security COLA Could Have Surprising Tax Effects" description: Learn more about how the 2023 Social Security cost-of-living increase could impact taxes for retirees. image: https://www.covisum.com/hubfs/Two%20%20colleages%20discussing%20ideas%20using%20a%20tablet%20and%20computer.jpeg --- [Login](https://www.covisum.com/login-experience) | [Call: 402-235-4500](tel:1-402-235-4500) | [Contact Us](https://www.covisum.com/contact) ** [![covisum-logo](https://www.covisum.com/hs-fs/hubfs/covisum-logo.png?width=264&height=41&name=covisum-logo.png "covisum-logo")](https://www.covisum.com/) [![Start Your Free Trial](https://no-cache.hubspot.com/cta/default/2755909/b23743cd-d0df-4907-a66d-293b58ab1164.png)](https://cta-redirect.hubspot.com/cta/redirect/2755909/b23743cd-d0df-4907-a66d-293b58ab1164) [![Contact Us](https://no-cache.hubspot.com/cta/default/2755909/6c6d7fe7-e094-4fc0-9c82-d93d4ccbb532.png)](https://cta-redirect.hubspot.com/cta/redirect/2755909/6c6d7fe7-e094-4fc0-9c82-d93d4ccbb532) # ThinkAdvisor: Social Security COLA Could Have Surprising Tax Effects [IN THE NEWS  |  ](https://www.covisum.com/press/tag/in-the-news)Nov 4, 2022 9:05:00 AM  |  by [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) The Social Security Administration recently announced an 8.7% benefit increase for 2023, the largest cost-of-living increase since the 1980s. This week in [ThinkAdvisor](https://www.thinkadvisor.com/2022/11/03/social-security-cola-could-have-surprising-tax-effects/), Joe Elsasser, CFP®, talks about how the 2023 Social Security cost-of-living-adjustment could affect how much your retired clients pay in taxes. > > "The key is evaluating every client’s tax situation yearly to target the blend of withdrawals from various sources to keep the client’s marginal tax rate at a level that fits their long-term financial strategy. Some financial planning software can do these calculations for you to make this process faster and easier. 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Read ](https://www.covisum.com/press/the-street-when-do-social-security-benefits-become-taxable) [See All Articles](https://www.covisum.com/blog) ## Related Blog Articles [ ### In The News The Street: Expert Advice on Social Security's 8.7% COLA Read ](https://www.covisum.com/press/the-street-expert-advice-on-social-security-cola) [ ### In The News ThinkAdvisor: How to Help Married Couples Maximize Social Security Read ](https://www.covisum.com/press/thinkadvisor-how-to-help-married-couples-maximize-social-security) [ ### Social Security The Street: When Do Social Security Benefits Become Taxable? Read ](https://www.covisum.com/press/the-street-when-do-social-security-benefits-become-taxable) [See All Articles](https://www.covisum.com/blog) ## Covisum’s ecosystem of solutions can help you grow. 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