Social Security is a lifeline for millions of older adults, but there's a chance you may not receive as much as you're expecting. Even in retirement, you may be subject to taxes -- and this often includes Social Security benefits.

More than 40% of U.S. adults are unaware that they could owe taxes on their monthly payments, according to a 2023 survey from the Nationwide Retirement Institute, so many retirees could be in for an unwelcome surprise. While taxes can be complicated and confusing, there are two important types of taxes that could affect your benefit amount.

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Source Fool.com