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How it’s calculated: Determining whether you owe taxes on your Social Security benefits involves calculating your "combined income," which includes adjusted gross income, nontaxable interest and 50 percent of your Social Security benefits. Your taxation percentage varies based on income level, ranging from zero percent for lower income to 85 percent for higher income. It's crucial to be aware of this tax as you plan for retirement, along with other potential taxes on drawdowns from tax-deferred accounts, required minimum distributions (RMDs) and Medicare premium surcharges.

Tax mitigation: You can manage the Social Security tax by either having taxes withheld from your benefits or by making estimated quarterly tax payments throughout the year. Beyond this, however, you should consider the broader tax impact on your retirement savings, where strategies like qualified charitable distributions (QCDs), Roth conversions or leaving assets in a 401(k) if still working can help reduce your overall tax burden.

Taxes will be abundant in your retirement. As my grandfather always said, “It’s not about how much you make, it’s about how much you keep.”