Some Retirees Will Lose Some Social Security Benefits This Year

A sign outside a U.S. Social Security Administration building in Burbank, Calif., on Nov. 5, 2020. Valerie Macon/AFP via Getty Images

Where you live determines many things, including how you will be taxed. Most states do not tax your retirement income, but some do.

Currently, 12 states will tax your Social Security benefits, which will cause you to lose some of your benefits. If you live in one of those states, you will get fewer benefits than you would if you lived elsewhere.