Key Points Social Security is primarily funded by payroll taxes. There's a limit as to how much income the program taxes each year. Social Security's wage cap is likely to rise in 2027, and some workers could feel the pain. The $23,760 Social Security bonus most retirees completely overlook › At this point, a lot of older Americans are eager to know how much their Social Security benefits will increase in 2027. And they shouldn't have to wait much longer, since an official Social Security cost-of-living adjustment (COLA) should be revealed in less than a month. But that's not the only change coming to Social Security in 2027. There's another change brewing that could impact higher earners, and it's an important one to gear up for.
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