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Make Your Tax Refund Work Hard for You - Fund an IRA
If you’re expecting a tax refund this year, consider saving at least a portion of it for retirement. By using funds from your Tax Return to invest in an IRA, you can turn those investments into a more comfortable retirement. At that point, you’ll probably be grateful that you saved for your retirement rather than spending it on something you’d long since forgotten about.
But the best part is that you would be using funds that aren’t a part of your regular paycheck, so you would not “miss” the money.
If you want to direct deposit your tax refund to an IRA, you can use IRS Form 8888 to direct that the Treasury send your money directly to that account. It’s one of the “easy” things that the IRS does for you, so take advantage of it!
By using your tax refund to contribute to an IRA, you also could generate more savings on your next tax return. Saving in an IRA might not get you an immediate tax deduction, but the account will grow, and withdrawals in retirement are likely to be tax-free.
For more information about the different types of IRAs, visit our IRA page at useagle.org.
If you already have an IRA - good for you! Now is a good time to look over what you have in the IRA, and how that will help fund your retirement. Our calculators at useagle.org can help you determine the best ways to save for your retirement.