Inflation May Hit Social Security Recipients Twice July 20, 2022 12:52 PM Tags COLA, Inflation, Social Security Leave a comment An unusually high COLA could result in higher taxes for retirees. https://www.foxbusiness.com/economy/inflation-may-hit-social-security-recipients-twice Related News Good or Bad News? 2023 COLA Estimates: 10.5%? 10.8%? 11.4%? 2023 COLA estimates are now above 10%, and one prediction is as high as 11.4%. The Social Security Double Tax Bomb As the author explains, federal employees who think their taxes will be lower in retirement could be in for an unpleasant surprise. Is Social Security Taxed Twice? Federal employees are often surprised to learn that their Social Security benefits are taxed, sometimes at a pretty high rate.