You'll Never Guess How Much Retirees Pay in Taxes on Social Security Benefits
Social Security helps seniors cover essential costs after they stop getting paychecks. But it's very important for retirees to have realistic expectations when it comes to what their benefits can do for them. Retirement checks may be smaller than you expect, and depending on your situation, you may not get to keep all the money that comes from them.
In fact, millions of retirees each year lose a portion of their Social Security to taxes imposed at the federal level. Unlike state taxation of benefits, this can't be avoided by moving. Retirees need to plan for it when assessing just how far their money will go.
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Source Fool.com
