Saver’s Tax Credit
If you’re single or married and are low to moderate-income taxpayers, you might want to look into the saver’s tax credit even before you retire. How much you can save up depends on your level of income, so don’t make the mistake of falsely calculating your savings.
For singles, you may get a tax credit for the first 10%, 20%, or 50% of $2,000. Married people filing jointly get the same cuts but for $4,000. The lower your income, the bigger your cuts.
So before you enter your golden years, make sure you are eligible for the saver’s tax credit!
