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4 Tax Surprises You Might Face in Retirement

Source: fool.com - Dec 14, 2018

Many working adults are used to losing a portion of their income to taxes. New retirees, on the other hand, are often shocked to find that much of their income is, in fact, subject to taxes as well. Here are a few unpleasant tax surprises that might catch you off guard in retirement if you aren't careful.
1. Taxes on Social Security benefits

If the bulk of your retirement income comes from Social Security, then you might manage to avoid taxes on those benefits. But if you have additional income sources, and substantial ones at that, then there's a good chance you'll lose a portion of your benefits to federal taxes.

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Category: General Business