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Beware Uncle Sam AND state income taxes on Social Security

The federal government isn’t the only entity that might take a piece of your Social Security benefits. Some states tax benefits too, reducing income and purchasing power for retirees. Selena Maranjian lists the twelve but notes each state does it a bit differently, and some states have a high threshold such that the tax actually doesn’t hit very many residents. The author urges retirees to plan for taxes and to plan for more than Social Security in order to live a fruitful retirement. Full piece here.

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