53% of Workers Have No Idea This Retirement Savings Credit Exists
Saving for retirement isn't always easy when you have bills knocking on your door every month. Maybe that's one reason why 1 in 4 workers have no retirement savings at all, according to research by The Motley Fool. But if you could squeeze even a few dollars out of your existing expenses every month to beef up your retirement savings, you could get rewarded for it.
The Saver's Credit, also known as the Retirement Savings Contributions Credit, is available to millions of low-and-moderate income taxpayers who save for retirement. Depending on your filing status and financial situation, you could qualify for a credit worth up to $2,000. Unfortunately, 53% of workers have no idea that this tax credit exists, according to the latest survey from Transamerica Center for Retirement Studies, so many people might be leaving money on the table every tax season.
We'll break down how the Saver's Credit works so you can determine if you qualify.
Source Fool.com
