Latest News
Taxation of Social Security Benefits at the State Level: Something to be Aware of for Retirement Planning
If you’re looking ahead to retirement and doing your due diligence with respect to cash flow, one of the key items to look at is how your Social Security benefits will be taxed. It often comes as an unpleasant surprise to the newly-retired that their monthly benefit payment results in a federal income tax burden and then, on top of that, to learn that their state may levy a tax as well. So, it’s important to be aware of all those taxing authorities intent on taking a portion of what you expected to receive from Social Security. In an article posted today on missoulian.com, The Motley Fool’s Maurie Backman explains which states (there are 13 that still tax benefits) assess income tax on your benefits. Read her post here…