6 States That Are the Most Likely to Tax Your Social Security Income
Whether you realize it or not, tens of millions of Americans are reliant to some degree on their monthly stipend from Social Security. The latest data from the Social Security Administration shows that 42 million of the nearly 61.5 million beneficiaries are retired workers. These retired seniors are receiving almost $1,370, on average, each month, with 61% relying on their Social Security check to account for half of their income.
But many seniors also face a number of surprises once they hit retirement age. To begin with, there are genuine concerns that benefit cuts could be less than two decades away. The ongoing retirement of baby boomers from the labor force, coupled with a steady lengthening of life expectancies, is weighing on the worker-to-beneficiary ratio and Social Security as a whole. Without additional sources of revenue, the Social Security Board of Trustees has estimated that an across-the-board cut in benefits of up to 23% may be needed to sustain the program through the year 2091.
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Source: Fool.com
