People without high-interest debt who already get the maximum allowed match from employer-sponsored retirement plans could use their tax refund money to establish or contribute to an Individual Retirement Arrangement. An IRA offers tax advantages and greater flexibility with investment options than a 401(k) plan. A traditional IRA lets account holders defer paying taxes on the money they contribute (in practice, that means taking a tax deduction equal to the amount put in the account) until money is withdrawn. With a Roth IRA, income taxes are paid on the contributions, but the principal and earnings can be withdrawn later tax-free.
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