The Best Ways to Spend Your Tax Refund in Your 20s, 30s, 40s and Beyond 💰
Putting extra cash toward any high-interest debt, such as a credit card balance, is also a good idea at any age, but especially if you're young and have fewer financial commitments.If your 20s are a time for establishing yourself and defining your long-term financial goals, then your 30s are the time to execute on them.
Your tax refund may not be large enough to completely tackle a big money goal, but small steps can still make an impact. If your refund isn't enough for a down payment on a home, for example, maybe it will cover some of the closing costs or other expenses. Your 40s are a great time to start reaping the rewards of your hard work. Don't abandon your long-term financial goals, but feel free to use your extra cash to make memories with your loved ones, Rassam says.
"If available, people in their 50s would be wise to use their tax returns to maximize their HSA contributions and consider adding to a Roth IRA," Rassam says.because contributions, earnings and withdrawals — when used for qualified medical expenses — are tax-free.In your 60s: Ease into your golden years
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