Roth IRAs and escaping income taxes on Social Security
Many know that Roth IRAs allow your money to grow tax-free. Withdrawals are tax-free, as well, including on all gains. Further, Roth IRAs are the only tax-advantaged retirement plan to not impose required minimum distributions. But there’s still one lesser-known reason to choose this account for your retirement nest egg. Housing your money in a Roth IRA could also help you keep more of your Social Security benefits. They don’t count toward provisional income used to calculate whether income tax is due on Social Security benefits. Full article by Maurie Backman here.