Avoid Taxes on Social Security With This Key Retirement Decision
Millions of seniors today collect Social Security, and for some of them, it's their main source of income. But many retirees are shocked to learn that Social Security benefits, like other types of income, are subject to taxes. And that alone can constitute a major financial blow.
The good news, however, is that one key decision on your part could help you avoid having your benefits taxed.
Whether you'll pay taxes on Social Security at the federal level will depend on your total income. If those benefits are your sole income source, you'll usually get out of taxes, but if you have multiple income streams, taxes could come into play.
Source Fool.com
