When you start taking Social Security, don't forget about the taxes. Up to 50% of your benefit is taxable at the federal level for individuals with incomes between $25,000 and $34,000, or couples with incomes between $32,000 and $44,000. And 85% of benefits are taxable for individuals and couples whose income exceeds $34,000 or $44,000, respectively. 

But these aren't the only taxes Social Security recipients should account for. In 12 states, you could lose part of your benefit to state taxes.

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Source Fool.com