How to Retire on Your Tax Refund [Infographic]

Tax Refunds

Now that taxes are filed and your refund check is on its way, your first thought may be to splurge and spend it on a nice vacation. But before you start making those vacation plans, see how investing in your future and putting that tax refund towards your retirement may be a better option in the long run. Not only will you be investing your nest egg for your golden years, but you can take advantage of immediate tax benefits too when you open a traditional IRA account!

Comments (4) Leave your comment

  1. I need information on renters credit and how to get more money back for folks who are renters and on ssi/sdi. Both subjects. Since there is no rent control we ought to be able to get 1 month back you would think. And 100 dollar refund certainly doesnt even scratch inflation with only a 15 dollar raise in four yrars.

  2. I retired in 2013. Do you have information on how to figure my estimated taxes for my first year of retirement? I will need to take the required distribution from my IRAs, but I also have income from non-IRA investments.

    1. Hi Gail,
      Congratulations on your retirement. Here is a link to some helpful tools you can use. The Life Events calculator addresses life events like retirement and will let you know how income like social security may be taxed if you have other retirement income. You can also use TurboTax TaxCaster. Here are the links
      You can also log into TurboTax online and enter your information and TurboTax can figure out your estimated taxes.
      Thank you,
      Lisa Greene-Lewis

  3. My Birthdate is 11/23/1933 making my age 80
    how does the article of “How to Retire on Your Tax Refund ” affect me??

Leave a Reply