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But don't assume you'll get to collect those monthly Social Security checks tax-free. There's a good chance you'll end up having to pay taxes on your Social Security benefits in retirement, especially if you're still many years away from being able to file. Here's why.

To see if they'll apply to you, you have to calculate your combined income, which is the total of your adjusted gross income, 50% of your annual Social Security income, and any non-taxable income you receive (for example, interest payments from municipal bonds, which are always federally tax-exempt).

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Big savers can use after-tax 401(k) contributions to kickstart tax-free retirement savings. Here’s what investors need to know.