Retirement is an exciting milestone in life, but tax surprises could throw a wrench in your plans.

Whether you've already retired or are still in the preparation stage, it's important to understand how taxes can affect your income. Most retirees will be subject to income taxes to some degree in retirement, and there are three specific types of taxes you'll need to be prepared for.

Social Security benefits are not immune to taxes, and depending on where you live, you may owe state income taxes on your monthly checks.

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Source Fool.com