A federal tax refund is the largest lump sum of money received in a year by the average American household. An estimated $230 billion1 in federal tax refunds will be issued this year to the nation’s taxpayers. Approximately $140 billion1 will be in consumers’ pockets by Feb. 15. In 2012, the average federal tax refund averaged $2,7002,…

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Tax time presents a unique opportunity for Americans to jump start their savings. The national savings rate is currently just below one percent. This month an estimated $140 billion in refunds will reach about 45 million people’s pockets. (1) However only 25 percent of taxpayers plan to put at least a portion of their tax…

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