Use your tax refund wisely
Friday, March 10, 2017 11:39 AM
It’s tax time again. If you’re going to get a refund this year, how can you use the money to your best advantage?
You could use it help fund your IRA. Last year, the average refund was more than $2,800, so if you got that amount this year, you’d have more than half the $5,500 annual contribution limit, although you could put in another $1,000 if you’re 50 or older.
You could also use your refund to help diversify your investment portfolio. While diversification can’t guarantee profits or always protect against loss, it can help reduce the impact of market volatility on your holdings.
Here’s another possibility for your refund: Contribute to a 529 plan to help send your child or grandchild to college.
Finally, you could use the refund to help reduce your debt load and free up more money to invest for your future.
Think carefully about how to get the most from your tax refund. It represents an opportunity that you won’t want to waste.
This is Chris Cripe, your Edward Jones financial advisor located at 124 North Dixon Road, in the Dixon Square Plaza. (765) 452-2392.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.