Retiring clients need to know deductions can be taken from their Social Security benefits before they see the first check.

Many people planning their retirement income do not know they can be on the hook for their children’s student loans if they co-signed for the loan, says Len Hayduchok, president of Dedicated Senior Advisors in Hamilton, N.J.

Up to 15 percent of the total Social Security benefit can be deducted to repay a student loan from a parent, grandparent or anyone else who co-signed for the loan, he reminds advisors.

In addition, alimony and child support can be deducted in some states, Hayduchok says.

Federal mortgage payments are not deducted because the government agency has the property as collateral, he notes.

Retiring clients should also be reminded that in many cases income taxes can be charged on up to 85 percent of the Social Security benefit, depending on the client’s income. And the cost of Medicare Part B of about $109 a month also is deducted for those enrolled in Medicare and receiving Social Security benefits.

“A deduction of 15 percent can be a sizeable cut if the person is depending on Social Security to make up a large portion of his or her retirement income,” Hayduchok warns.