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3. Are you eligible for specific credits, such as the earned income tax credit or the retirement savings contribution credit?
(You can get this credit even if the only retirement savings contribution you made was to your employer-sponsored 401 k)).
It has helped more than four million of its customers with an Express IRA to claim the government's Retirement Savings Contribution Credit, which matches a portion of a retirement plan contribution made by families with incomes less than $50,000.
Shlomo Benartzi and I have added to that a policy called Save More Tomorrow, where people are invited to join a plan in which they agree to increase their savings contribution every time they get a raise.
The AGI limit for the saver's credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $60,000 for married couples filing jointly, up from $59,000 in 2013; $45,000 for heads of household, up from $44,250; and $30,000 for married individuals filing separately and for singles, up from $29,500.
Perhaps you qualify for these common deductions and credits: IRA or retirement savings contribution, health saving account (HSA) contribution, student loan interest deduction, education credits, child care credits and the foreign tax credit.
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Complete your college savings contributions: If you utilize a 529 college savings plan to save for college, please make sure to get your full 2018 contribution in before year-end.
Under it, a worker can join a plan in which their savings contributions are increased, say, one to two percentage points a year, each time the employee gets a raise.
Appleby also says that you should maximize your savings contributions.
You should also include in the haves list your monthly debt payments and savings contributions.
Bringing in more income is the easiest, fastest way to hasten debt payments and savings contributions.
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