![If You Got A Tax Refund…Read This Now!](http://townsquare.media/site/701/files/2017/04/tax.jpg?w=980&q=75)
If You Got A Tax Refund…Read This Now!
I don't want to be a buzz kill, but if you're getting a nice big, fat tax return this year...that may not be such a good thing. Now before you scoff and move along to the next thing on the internet...hear me out.
When you get a big refund, it's usually because you had too much money withheld from your paycheck throughout the year. You may want to take a look at your W-4...or have someone else look at it that's knowledgeable about that sort of thing.
Now I know what you're thinking...because I think the same thing every year. You'll use that money to pay off some leftover bills from Christmas, or pay off the credit card, or use it for a great vacation. Well, again, that might not be the best way to do it.
Say you got a refund of $1,200, according to Bankrate.com, that means you overpaid Uncle Sam by $50 a payday. If you took that $50 and invested it for 30 years...you'd end up with $36,000. But thanks to compound interest, you'd actually end up with a lot more. Bankrate says if your IRA made 6% last year, you'd actually end up with over $100,000 in that same time.
Now that's a lot of money.
More From 97.5 WOKQ
![New Hampshire Car and Motorcycle Show Benefits Local Veterans](http://townsquare.media/site/701/files/2024/07/attachment-Untitled-design-2024-07-18T100259.021.jpg?w=980&q=75)
![Someone in a New Hampshire Facebook Group is Trying to Sell a $100 Bill for $500](http://townsquare.media/site/701/files/2024/06/attachment-Untitled-design-2024-06-26T095213.065.jpg?w=980&q=75)
![Massachusetts’ Most Expensive Restaurant Charges $295 to Make a Reservation](http://townsquare.media/site/701/files/2024/06/attachment-Untitled-design-2024-06-18T130916.120.jpg?w=980&q=75)
![Did You Know the First Women’s Strike in the US Was in New Hampshire?](http://townsquare.media/site/701/files/2024/06/attachment-Copy-of-Untitled-Design-2024-06-10T150015.896.jpg?w=980&q=75)
![Every UMass Dartmouth Graduate Got $1,000 From Graduation Speaker](http://townsquare.media/site/701/files/2024/05/attachment-Untitled-design-2024-05-20T114949.454.jpg?w=980&q=75)
![New England Airports Impacted by DOT’s New Rules for Canceled, Delayed Flights](http://townsquare.media/site/701/files/2024/04/attachment-Add-a-heading-70.jpg?w=980&q=75)
![How Long Would It Take You to Become a Millionaire in New Hampshire?](http://townsquare.media/site/701/files/2024/01/attachment-Copy-of-Untitled-Design-98.jpg?w=980&q=75)
![New Hampshire Walmart Shoppers: You Are Owed Money](http://townsquare.media/site/701/files/2024/04/attachment-wally-world.jpg?w=980&q=75)
![The People Have Spoken: These Are the Pros and Cons of Living in New Hampshire](http://townsquare.media/site/701/files/2023/05/attachment-Untitled-design-2023-05-11T125403.527.jpg?w=980&q=75)