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, 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. "

Read the ThinkAdvisor article in its entirety.