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WKBT April 9, 2021 4:52 AM newsfeedback@fool.com (Christy Bieber) Posted: Updated: April 9, 2021 10:08 AM Throughout your working life, you pay taxes to earn Social Security benefits. That’s why it comes as such a surprise to many retirees that taxes don’t stop once you start collecting checks. In fact, a report from Senior Citizens League found around half of all Social Security beneficiaries owe federal taxes on their money. And it’s not just the IRS you have to worry about, either. A total of 13 states currently tax at least some seniors on their benefits. The good news is, you don’t have to just accept that you’ll lose part of your hard-earned retirement benefits to the tax man. There are a few options to avoid this, especially if you start working on them early. ....
How to Avoid Paying Taxes on Your Social Security In certain situations, you might be getting less than you thought. Here s how to fix that. This story originally appeared on SmartAsset.com. Social Security benefits can provide an additional income stream in retirement alongside withdrawals from a 401(k), individual retirement account or brokerage account. Part of shaping a retirement plan around Social Security income means planning ahead for taxes. Social Security benefits are considered taxable for some retirees, though whether yours are can depend on your income. If you’re wondering how you can avoid paying taxes on Social Security, there are some strategies you can try. ....