Seniors receive Social Security after contributing to the system for many years, but you still have to pay taxes on your benefits. This detail can catch a lot of people by surprise, but there is one tax withholding strategy you can use to prevent an April surprise.
“An unexpected tax bill in April is one of the biggest surprises I see retirees face. They have been living off of their Social Security benefits for the entire year, and all of a sudden, they find out they owe the IRS money that they did not budget for,” Steve Sexton, CEO of Sexton Advisory Group, told GOBankingRates.
