Tax season is almost upon us, and it might be a good idea to get prepared ahead of time. If you receive Social Security benefits, you might not have to file taxes for 2025, but it depends on your situation.

The federal government taxes the Social Security benefits of some retirees if their provisional income exceeds thresholds for their marital status.

Levine emphasized a crucial point: if Social Security is the sole income source and it's limited to $26,000 or $27,000 annually, the recipient will likely owe $0 in income tax. Co

The good news is that in most cases, Social Security is not taxable at the state level. 41 states do not tax Social Security income whatsoever. Not only that, but most of the states that do tax Social Security use far looser rules than the federal government.

The first round of January’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out to the first group of retirees today. Here is all you need to know about this month’s Social Security payments,

You can continue to work as long as you want, and you can still collect Social Security benefits. However, you should be aware that continuing to work after claiming Social Security benefits

The age you file for Social Security is perhaps the most important decision affecting your benefit amount. You can begin taking benefits as early as 62, but waiting up to age 70 will earn you larger payments each month.

Understanding the intricacies of Social Security benefits is crucial for couples planning their retirement strategy. Recent legislative changes have altered how spousal benefits can be claimed, impacting financial planning.

One thing soon-to-be retirees need to start looking at carefully is where they fall in terms of Social Security benefits. Whether you start taking withdrawals at 62, 67, or 70, it’s important to understand what impact Social Security withdrawals will have on your income level while retired.