71% of Women Are Missing Out on This Tax Benefit
The end of the year is almost upon us, and that means the deadline for 2019 contributions to employer-sponsored retirement plans is nearly here. Setting aside money for your future can help ensure a comfortable retirement, but it can also have more immediate benefits. If you contribute to a tax-deferred retirement account, you'll reduce your taxable income for the year, so you'll owe taxes on less money. You might be able to slash your tax bill even further if you qualify for the Saver's Tax Credit, which I'll explain below.
Too often, this tax credit goes unclaimed, especially by women, in part because they aren't aware of it. A recent Transamerica survey found that 71% of women were unaware of the Saver's Tax Credit, compared to just 54% of men. Women already struggle more than men to save enough for their future, so they can't afford to overlook opportunities like this that help them save more for retirement. Here's how you can take advantage of the Saver's Tax Credit this year.
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Source Fool.com
