Savvy Senior


December 20, 2023

What Is the Retirement Saver's Credit and How Does It Work?

Dear Savvy Senior,

Can you explain to me how the retirement saver's tax credit works? My wife and I are in our fifties and are looking for creative ways to boost our retirement savings beyond our 401(k). Is this something we may be eligible for?

Struggling to Save

Dear Struggling,

If your income is low to moderate and you participate in your employer-sponsored retirement plan or an IRA, the Retirement Savings Contribution Credit (aka “Saver's Credit”) is a frequently overlooked tool that can help boost your retirement savings...

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