Do All Seniors Pay Taxes on Their Social Security Benefits?
Millions of older Americans rely on Social Security to pay the bills in retirement. In fact, 21% of married seniors and 44% of unmarried seniors depend on those benefits for 90% or more of their income.
If you expect Social Security to constitute a major retirement income source for you, then it's important that you understand just how much money those benefits will give you. While you can estimate your monthly benefits by consulting your most recent earnings statement (which the Social Security Administration will mail to you if you're 60 or older; otherwise, you can access it online), keep in mind that the amount you're slated to collect may not be yours to keep in full. That's because Social Security income is taxable in retirement for some seniors. Here's how to know what to expect for your benefits.
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Source Fool.com
