2 Ways to Get Out of Paying Taxes on Your Social Security Benefits

Taxes are an unpleasant -- but essential -- part of life. And unfortunately, you won't be able to escape them even in retirement.

Not only could you be faced with income taxes if your savings are stashed in a 401(k) or traditional IRA, but you may also have to pay taxes on your Social Security benefits. Considering half of baby boomers expect their benefits to make up the majority of their income in retirement, according to a survey from American Advisors Group, taxes could put a serious damper on your senior years.

However, if you're strategic about it, you may be able to avoid taxes on your benefits altogether. Here's how.

Source Fool.com