Many senior citizens rely on the entirety of their Social Security benefit payments. Actually, WFMZ reports that many retirees, about 1 out of 5, rely on their Social Security benefits as the sole source of income during retirement.

Unfortunately, there are quite a number of ways this important paycheck could be diminished. This includes:

Taxes

Taxes can hit your Social Security payments in two ways: federal and state income taxes. State taxation depends on where an individual lives; meanwhile, federal taxation relies on a number of things including age and additional income.

Debts

Certain debts could lead the Social Security Administration (SSA) to withhold benefit payments. These debts include things like child support, restitution, or alimony.

Delaying Benefits

When an individual delays too long to claim Social Security, he or she could miss out on some of the payment they’re entitled to receive.

Earnings

Earning additional income after retirement can lead to the Social Security Administration withholding benefits.

In all, there are a number of rules that all retirees should remain aware of when thinking about their benefits and financial security. To ensure retirees retain more financial security throughout their retirement, check out Senior Security Alliance and our bill.