Many seniors lose a chunk of their benefits to the tax man - The Motley Fool
For millions of seniors today, Social Security serves as an important source of income with the average recipient collecting a little over $1,500 a month, or a little more than $18,000 a year. However, according to a new survey by the Senior Citizens League, half of those people do not get to keep their benefits in full. Why? It all boils down to taxes. Granted not every senior pays taxes on Social Security if those benefits are your sole source of retirement income, but if you have other sources of retirement income then there’s a good chance you’ll lose some of your benefits each year. In Maurie Backman’s article for the Motley Fool, she explains why 50 percent of seniors don’t keep their Social Security benefits and suggests there are a couple of things you can do to retain more of your Social Security income. Read Ms. Backman’s article here…
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