HILLSBOROUGH COUNTY, Fla. — The IRS and Department of Treasury want to hear from you about a new way to save for retirement: the Savers Match Contribution. The program would replace the current savers credit.
The change aims to help low to middle-income Americans better save for retirement.
The Department of Treasury would pay for the match. The IRS notice explains that if an individual makes a $2,000 contribution to a 401K-type plan or IRA, then they can receive up to $1,000 in savers match contribution.
The amount of savers match contribution depends on the individual's income level.
The new program is set to start in 2027. I spoke to Lisa Leslie, a financial counselor, who suggested taking advantage of the saver's credit for now.
“You can put money in an IRA up until the tax filing deadline and get the saver's credit. So maybe continue putting a little bit away for the future you,” Leslie said.
The IRS is asking people to answer a list of questions about retirement funds, eligibility, claiming, reporting, and other aspects of the new program.
The deadline to fill out the questionnaire is Nov. 4. Click here to submit your feedback.
You can also mail your comments to the Internal Revenue Service, Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
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