Smart Suggestions for Your Tax Refund

What’s better than a tax refund? For starters, enjoying it wisely and putting it to good use. That could mean different things to you than to someone else, so it’s best to think about your own financial wellness before making any decisions. Consider a few of the following suggestions for how to make the most of this year’s tax refund.

Tame debt. Looking at your credit card statement getting bigger every month is never fun, so now may be a good time to send a portion of your tax refund to your credit cards.

Bolster savings. Having a yearly marker in place, like tax season, is a good reminder to check in with your current financial goals. Are you saving enough to reach and power through retirement? You can visit My Account to view your current retirement account balance and other information. Looking to do more? Think about opening and funding an IRA, a variable annuity contract.

Fund home improvements. If your home value increased in 2022, this could be a good place to put your tax refund to work. Maybe give those walls a fresh coat of paint, add a new appliance in the kitchen, or spruce up the backyard. Every improvement you choose could help both your outlook and your home’s value.

If you’re looking to spend some or all of your refund on an inexpensive, but fun, summer activity, see our article about four summer vacation ideas that won’t break the bank.

Should you have further questions, please contact your local Mutual of America representative.

Mutual of America’s IRAs are individual variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment options you choose. Upon redemption, you could receive more or less than the principal amount invested.

A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any IRA by applicable tax law. You should consider a variable annuity contract’s other features before making a decision.