Will I Have to Pay Taxes on My Social Security Income?

Social Security income is generally taxable at the federal level.

If you have other sources of retirement income, such as a 401(k) or a part-time job, you should expect to pay income taxes on your Social Security benefits.

State laws vary on taxing Social Security , but it's a good idea to work with a financial advisor.

To withhold taxes from your Social Security benefits, fill out a form W-4V (Voluntary Withholding Request ) The only withholding options are 7% , 10% , 12% or 22% of your monthly benefit.

Depending on where you live, you may also have to pay state income taxes.

If you're concerned about your income tax burden in retirement, consider saving in a Roth IRA.

Financial advisors can offer valuable guidance and insight into retiree taxes.

What you pay in taxes during your retirement will depend on how retirement friendly your state is.

Consider moving to a state with fewer taxes that affect retirees.

Another way to save in retirement is to downsize your home.