If you’re receiving a tax refund this year and you plan to save it, you’ve got something in common with one third of the respondents in a recent Bankrate survey, summarized here
According to the survey results, 34 percent of Americans plan to save their tax refund rather than spend it right away. Only 6 percent of respondents plan to use the refund to splurge on something, such as a vacation or shopping spree.
The age group cited as most likely to save the refund is the millennials, Time
“This shows a sense of responsibility and overall financial savviness among young adults. They’re setting up a solid foundation for their future financial selves," said Sarah Berger of Bankrate in a statement. "It can be tempting to splurge with that refund, but saving it is so much smarter; consider it an investment in yourself.”
Of course, “saving” the money can be done several ways. One option is to work on maxing out the 2017 contribution limits for a retirement account, which might provide tax advantages. See the 2017 contribution limits
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