1 Sneaky Way You Could Lose Your Social Security Benefits

In fact, around one in five baby boomers depend solely on their benefits for their retirement income, according to a 2020 report from the Nationwide Retirement Institute. Both state and federal taxes can take a bite out of your benefit amount, and if you're not prepared for them, you could be in for a surprise in retirement. Whether you owe state taxes on your benefits will depend on where you live, as each state has its own rules and regulations surrounding Social Security.