Taxes are a reality for retirees, even those living on fixed incomes. Withholding rules determine how much money is taken out of Social Security, pensions, and other retirement income to cover taxes. When the IRS updates its rules, retirees can feel the impact immediately. Early in the year, several changes are rolling out that affect withholding, and seniors need to understand them to avoid surprises. So, here’s a look at seven changes that you need to be aware of.
