Will You Have to Pay Taxes on Your Social Security Benefits? Chances Are, Yes. Here's Why.
If you're working now, you're no doubt losing a chunk of your salary to Social Security taxes. But there's good news. Once you retire, you'll most likely be eligible for a monthly benefit. So while it stinks to have to pay into the program, you at least get something out of it.But don't assume you'll get to collect those monthly Social Security checks tax-free. There's a good chance you'll end up having to pay taxes on your Social Security benefits in retirement, especially if you're still many years away from being able to file. Here's why.Image source: Getty Images.Continue reading
If you're working now, you're no doubt losing a chunk of your salary to Social Security taxes. But there's good news. Once you retire, you'll most likely be eligible for a monthly benefit. So while it stinks to have to pay into the program, you at least get something out of it.
But don't assume you'll get to collect those monthly Social Security checks tax-free. There's a good chance you'll end up having to pay taxes on your Social Security benefits in retirement, especially if you're still many years away from being able to file. Here's why.
Image source: Getty Images.
