50% of Seniors Don't Get to Keep Their Social Security Benefits in Full. Here's Why.
Social Security serves as an important source of income for millions of seniors today, with the average recipient collecting roughly $1,500 a month, or a little more than $18,000 a year. The problem? Half of those people don't get to keep their benefits in full, according to a new survey by the Senior Citizens League, and the reason boils down to taxes.
Not every senior pays taxes on Social Security. If those benefits are your sole source of retirement income, there's a good chance you won't be liable for taxes. But if you have other retirement income -- say, investments, savings, or a rental property -- then there's a good chance you'll lose a chunk of your benefits each year.
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Source Fool.com
