#1 Taxes can take from your benefits
It is known that there are still a few states that will end up counting your Social Security Benefits as retirement income, and this means that you will have to pay income tax on the benefits you receive. Unfortunately, this is just one way in which you will pay taxes on your benefits and not end up getting your whole benefit paycheck. The good news is that only 12 states end up having this Social Security benefit tax and it seems we are going down the path of no states enforcing this law.
Depending on how you file your taxes, that being a single or joint filing, as much as 85% of the payment you would receive through Social Security Benefits is going to be up for being taxed according to your state’s income tax. This happens if your earnings are over $25,000 as a single filer or if they go over $32,000 as a joint filer.