You may be required to pay taxes on a portion of your Social Security benefits. Here's what you can expect to pay.

Importantly, retirees that owe tax on Social Security income must make quarterly estimated payments to the Internal Revenue Service (IRS). Alternatively, retirees can request that a portion of their benefits be withheld by submitting a Form W-4V to their local Social Security office by mail or fax.

Key Points The typical senior on Social Security gets less than $2,000 a month. You should only expect Social Security to replace a small portion of your pre-retirement paycheck. Save on your own for retirement so you’re not forced to make major

Elon Musk's controversial remarks on Social Security as a 'Ponzi scheme' have sparked a renewed debate on the program's sustainability. Amidst these discussions, the Trump administration's changes to Social Security have also come under scrutiny.