If retirement is on your near-term radar, then congratulations! You've worked hard during your working years; now, it's time to live life on your terms.

Before simply calling it quits and then initiating your Social Security retirement benefits, however, there are a few things you ought to know about the program and its payments. You might want to revise your plan a little -- or maybe even a lot -- to make sure you live out your golden years as comfortably as you can.

If you thought your tax-paying days would soon be over, then bad news -- they may not be. If you have enough income in retirement, at least some of your Social Security benefits could be taxed.

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Source Fool.com