Congressman Colin Allred | Congressman Colin Allred Official Website
Congressman Colin Allred | Congressman Colin Allred Official Website
Washington, D.C. – Today, Congressman Colin Allred (TX-32) introduced the Expanded Student Saver’s Tax Credit. Allred’s bill expands access to the Saver’s Credit to current students while in school who are also working part or full time jobs and want to get a head start saving for retirement.
“Every American should be able to retire with dignity, and helping folks save more and earlier is a good start to ensuring they can do so,” said Allred. “My bill will do just that by expanding the Saver’s Credit to lower-income students to help them save for retirement. We have more work to do to expand access to retirement accounts, and this commonsense legislation will help bolster enrollment and prepare more folks for retirement.”
The Saver’s Credit currently helps lower-income workers by providing a tax credit of up to $1,000 for individuals who save up to $2,000 in a retirement account like a ROTH, IRA or 401k. An individual is eligible for a 50 percent credit if they make less than $21,750 in adjusted gross income and that percentage is phased down as an individual's income goes up with a cap at $36,500. Read more about the current Saver’s Credit from the IRS here.
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