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.

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.

Navigating the complexities of Social Security taxation can be daunting, especially when your income surpasses certain thresholds. Understanding how your benefits are taxed is crucial for effective financial planning.

Are you counting on Social Security as an important source of income in retirement? You're not alone. Nine out of 10 Americans age 65 and older are currently receiving some form of Social Security. And Gallup polling finds 58% of retired Americans consider Social Security to be a "major source" of their retirement income.