3 Reasons a Roth IRA Is a Perfect Supplement to Social Security
Though Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement. With an average monthly benefit of just over $1,500, Social Security was actually never designed to sustain seniors in the absence of other income. As such, it's important that you line up some additional income streams outside of those benefits, and a good one to consider is a Roth IRA. Here's why.
Many seniors opt to work during retirement, whether to generate income or to give themselves something to do with their free time. If you choose to go this route, you should know that you'll have the option to put those earnings into a Roth IRA. The great thing about these accounts is that you can contribute at any age, so if you decide to work more so for the purpose of alleviating boredom and don't need your full paychecks to live on, you can stash that money away and let it enjoy the same tax-free growth your savings are privy to.
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Source Fool.com
