Dr. Friday explains the Saver’s Credit and how it is expected to transition under SECURE 2.0. She notes the benefit is mainly aimed at lower-income savers, especially workers just getting started.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The Saver’s Credit, you know, I don’t think a lot of people talk about that.
Under the SECURE Act 2.0, the Saver’s Credit is scheduled to transition into a federal savings match. You heard that right, that they are actually going to be setting up a retirement account within the IRS where they will help match some of your savings.
Now remember, savings credits are really for people in the much lower income bracket, especially young people, because they’re just getting started.
This is a way for them to have some money set aside and a way to start. Every dollar counts. If you need help, all you have to do is go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.