1 Sneaky Way You Could Lose Your Social Security Benefits
Social Security is a vital source of income for millions of retirees. In fact, around one in five baby boomers depend solely on their benefits for their retirement income, according to a 2020 report from the Nationwide Retirement Institute.
However, there's a chance you might not receive as much as you expect from Social Security. Both state and federal taxes can take a bite out of your benefit amount, and if you're not prepared for them, you could be in for a surprise in retirement.
Whether you owe state taxes on your benefits will depend on where you live, as each state has its own rules and regulations surrounding Social Security. Fortunately, though, 38 states do not tax benefits at all. The 12 that do tax benefits include:
Source Fool.com
