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Groceries or rent? Medicine or utilities? Record-setting inflation will increasingly force such choices on seniors on fixed income, financial experts say.
For most people in their retirement years, every penny counts. Depending on total income and filing status, people can owe taxes on as much as 50-85% of Social Security benefits. Any income earned up to $19,560 would not trigger Social Security taxation.
The president of Retirement Genius shares some common traps recent retirees fall into when filing, as well as some opportunities to take advantage of savings.