Paying Taxes on Social Security Benefits: 3 Pitfalls for Retirees to Avoid in 2024
Social Security is an essential part of nearly every American's retirement plans. Almost 9 out of 10 retirees say Social Security is a major or minor source of income in retirement, according to an annual poll from Gallup. So keeping as much of those monthly checks as you can could play a critical role in your ability to enjoy your retirement.
Taxes on Social Security can be extremely complicated, and there are some big pitfalls you could find yourself falling into if you're not careful. It's important to understand the basics of how taxes on Social Security work. Then you'll be able to understand how various retirement strategies could end up with major surprises come tax time.
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Source Fool.com
