3 smart destinations for a tax refund

Yesterday was tax day, so a lot of Americans know by now whether they owe the government money or if they have some cash coming back to them. If you’re about to enjoy a refund, here are three smart destinations for your cash…

An IRA: 2020 was a wild one and 2021 is kinda crazy as well. If you haven’t been able to put a lot of money away for retirement lately, a tax refund might be just what the doctor ordered. By now you’re probably aware of the benefits of an IRA to your retirement plans, but if you need a refresher course, check this out.

A 401(k): The limit for 2021 401(k) contributions is $19,500 and a lot of us aren’t in danger of hitting that mark. So, if you’re looking for a few ways to boost your contributions this year, using your tax refund is a good way to start.

A 529 plan: College can be pricey and if you’re planning on helping your child attend a good one, it’s a great idea to start saving now. A 529 plan is a great tool for you to utilize, but there are two different types of 529 plans, so if you’re interested, start here.

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. Through news, community, press, jobs and events, he keeps credit unions digitally informed throughout the day. Web: www.cuinsight.com Details