Want to Keep More of Your Social Security? Here's What to Do With Your Retirement Savings.
Many retirees inevitably wind up relying pretty heavily on Social Security. And many are also notably shocked when they find out that Social Security has the potential to be taxable.
For one thing, there are 12 states that tax Social Security to varying degrees. Social Security income can also be taxable at the federal level. And those taxes could put a damper on some of your retirement plans.
The good news, though, is that choosing the right home for your retirement savings might get you out of paying federal taxes on your Social Security benefits. So if you're in the process of building a nest egg, you may want to consider putting your money into a Roth IRA or 401(k).
Source Fool.com
