Retirees may be surprised to discover that Social Security benefits are taxable, particularly at low income thresholds. For single filers, taxes apply on combined incomes over $25,000; for married couples, that threshold is $32,000. As many individuals approach retirement without adequate savings, those who have saved effectively may face a situation where their additional income reduces their Social Security benefits. Despite having a substantial nest egg, retirees should understand the tax implications on their Social Security and plan accordingly.
Many seniors are shocked to learn that Social Security benefits are taxable at the federal level, impacting retirees with higher incomes significantly.
If you're retiring with a meaningful amount of money, there's a good chance you won't get to keep your monthly Social Security benefits in full.
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