Social Security benefits support seniors all throughout the U.S. — but in some states, they may be at risk.
Specifically, a dozen states tax Social Security benefits. When combined with federal taxes, this cost can take a big chunk out of the retirement benefits seniors have already paid into and paid taxes on.
While some states offer income restrictions so that eligible seniors don’t have to pay, this isn’t offered for everyone. It’s possible to avoid federal taxes on retirement benefits as well depending on your provisional income — but once again, not all seniors will qualify for this exemption.
Do you live in a state that taxes Social Security benefits? Are you impacted? Share your thoughts with us on Facebook and Twitter.