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The largest group of the study’s respondents — more than 1 in 4 — plan to put their refunds into savings. ... “Add it to retirement savings in an individual or Roth IRA, 401(k) or another ...
Of course, while boosting your retirement savings can generate a higher tax refund, that shouldn’t be the only goal, according to Nathan Jacobs, senior researcher at The Money Mongers.
Speaking of retirement savings, if you’re not yet contributing enough to your 401(k) to get the full match from your employer, a refund can make that easier. Say you get $3,000 back.
“Saving for retirement is obviously a huge perk in itself, but there are tax advantages as well,” he said. “A 401(k), for example, is tax-deferred. So you don’t pay taxes on that money ...
Ignoring Retirement Savings Retirement might seem far away, but it’ll arrive sooner than you expect. If you receive a tax refund this year, you might want to consider dedicating a portion of it ...
Long-term savings goals: No matter your age, it’s never too early to set money aside for retirement. Investing your tax refund into an IRA or other type of retirement savings account can pay ...
The quickest way to get any refund owed is to file electronically, using tax software or the IRS's site, and have the refund direct deposited into your bank account.
For those without any savings, a refund as small as $500 can cover immediate essentials like a car repair or medical copay, offering a critical buffer against financial shocks.