A Tax Credit for Retirement Savers

Description

The Saver's Credit, also called the IRS' Credit for Qualified Retirement Savings Contributions, is a tax credit that pays to save for retirement. This tax credit is in addition to the tax deduction and tax-deferred growth available to retirement savers. However, many people may be missing out on the Saver's Credit simply due to a lack of awareness. A recent survey by nonprofit Transamerica Center for Retirement Studies found that just half of U.S. workers are aware of it. On this podcast episode, Al and Catherine discuss the Saver's Credit including who can benefit from it and how to go about claiming it on your tax return.