Now Is the Time to Make This IRA Move to Avoid Taxes on Social Security
Social Security benefits are an important source of retirement income, but unfortunately, as many as 50% of current retirees lose a collective $38.9 billion each year to federal taxes. That's because at least a portion of all Social Security benefits are taxed once your income hits a specific (pretty low) amount.
If you don't want to resign yourself to living on a low income or paying a big tax bill, you do have another option: You can convert your retirement accounts to a Roth IRA. And now is the perfect time to do it. Here's why.
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Source Fool.com
