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SAN FRANCISCO--(BUSINESS WIRE)--As of Feb. 27, 2009, the average individual tax refund was $2,869, according to the latest IRS filing statistics. What should people do with the sudden influx of cash? Historically, nearly one-third of tax-payers have used their refund for major purchases or to cover everyday expenses, but the Schwab Center for Financial Research is urging people to prioritize their financial goals and take full advantage of the benefits of their return.1 For those receiving tax refunds this year, Schwab has several recommendations to help make the most of it:
For More Information
For more detailed information on these recommended savings strategies and for links to interactive calculators and educational content, please visit www.schwabsavingsfundamentals.com. And for more information on how saving and investing can add up over time, as well as what it takes to pay off debt, visit the calculators at www.schwabmoneywise.com/resources.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.5 million corporate retirement plan participants, 468,000 banking accounts, and $1.1 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.
The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. The information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. (0409- 8667)
1 National Retail Federation 2009 Tax Returns Consumer Intentions and Actions Survey.