Social Security: How Investing in a Roth IRA Can Boost Your Benefits
Social Security benefits can make up a significant source of income for many retirees, so it's wise to ensure you're making the most of them.
The average benefit amount is around $1,657 per month, according to the Social Security Administration. You may not receive as much as you're anticipating, however, because there's one expense that could take a bite out of your payments: taxes.
You could be subject to both state and federal income taxes on your benefits in retirement. But by contributing to a Roth IRA, you could potentially reduce those taxes and keep more of your Social Security. Here's how.
Source Fool.com
