1 Sneaky Way You Could Lose Your Social Security Benefits

·3 min read

In fact, around one in five baby boomers depend solely on their benefits for their retirement income, according to a 2020 report from the Nationwide Retirement Institute. Both state and federal taxes can take a bite out of your benefit amount, and if you're not prepared for them, you could be in for a surprise in retirement. Whether you owe state taxes on your benefits will depend on where you live, as each state has its own rules and regulations surrounding Social Security.