Can we have a IRA without affecting the benefits we receive?

[Rev. Ashley]

We never stop seeing the clock ticking after we reached a certain age so it makes us really ponder.

What is the maximum we can put in a IRA per year or per month without being penalized in any way (either lose partially our benefits or pay taxes on the pension we use to fund the IRA account) when we are on a pension?

In other words, the person would take a small portion of their pension to put it in an IRA.

Could this work? Am I mistaken in any way?

 

[El Train]

I'm over 50, so $7500 each year.

[Vync]

I don't know much about investing (still a noob), but Roth IRAs are (currently) post-tax investments which I was told means that when you start withdrawing at a certain age is not subject to additional taxes.

Please be aware that I could be completely wrong. Don't trust me when investing your money. I'm not an expert and this is again just my opinion.