Contact Us

April 15th, So Where Should the Refund Go?

Image from Bankrate.com

Happy April 15!  A recent survey shows that the average American is getting  just under $3000.00  as a refund.

The retail federation hopes you’ll buy yourself something nice. research shows that in this economy only about 7% will oblige.   The rest of us have a fairly even split as to where we think that refund check should go:

    1. Pay down high-interest rate debt.
    2. Fund your retirement account.
    3. Fund an emergency savings account. Putting aside your tax refund in an emergency account can help tide you over should a job loss or unexpected expense occur.

Here’s what Greg McBride,senior financial analyst, Bankrate.com has to say:

“I find that troubling, considering how woefully under-saved for retirement our society is,” McBride says. “The recent survey from the Employee Benefit Research Institute

showed that 54 percent of Americans have less than $25,000 saved for retirement. The tax refund is the biggest windfall people are going to get all year,” he says.

Three percent of those getting a refund took a refund anticipation loan. For people with incomes under $30,000, that number jumps to 6 percent.

“Here is what that really means: You gave your money to the government for free all year and now you need it back so quickly that you’re going to pay a high interest rate just to get your own money back that you could have had all year,” says McBride.

More from I-95 FM

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://i95rocks.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on I-95 FM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on I-95 FM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!