Retirees in These 9 States Risk Losing Some of Their Social Security Checks
You count on your Social Security checks to help you live independently in retirement. Even if you have savings of your own, you may have a hard time maintaining your existing lifestyle without your benefits. Yet, many retirees have to give a portion of their checks back to the federal government.The IRS taxes the Social Security benefits of some seniors, depending on their income. Residents of the following nine states could owe state benefit taxes as well. But you could be exempt from state benefit taxation if you meet certain criteria.Image source: Getty Images.Continue reading
You count on your Social Security checks to help you live independently in retirement. Even if you have savings of your own, you may have a hard time maintaining your existing lifestyle without your benefits. Yet, many retirees have to give a portion of their checks back to the federal government.
The IRS taxes the Social Security benefits of some seniors, depending on their income. Residents of the following nine states could owe state benefit taxes as well. But you could be exempt from state benefit taxation if you meet certain criteria.
Image source: Getty Images.
