4 Things Retirees Need to Know About Income Taxes on Social Security Benefits

Is your Social Security income taxable? For many retirees, Social Security benefits are a completely tax-free source of retirement income. Here's a rundown of why many retirees won't pay any Social Security tax, what you should expect if you're a high earner, how Social Security is taxed on the state level, and what happens to the money if you have to pay taxes on your benefits.