Q&A with John Symcox
Investment of tax refunds can be
wise move for long-term benefit
Q: What is the best way to invest tax refunds?
A: Invest tax refunds into more permanent assets including wealth management. Oklahoma taxpayers can get more out of their return if they use it for long-term planning. Some areas to be considered are investments, insurance policies, debt or paying off loans, retirement planning, college savings for kids or simply general savings.
Q: Why is it a challenge to invest in retirement accounts?
A: Bottom line: some couples just don’t know how much they need to start putting away. It’s hard to know exactly how much you’ll need, but you should sit down with a spouse or significant other and determine the amount you’ll need to live comfortably. Once an amount is determined, set goals accordingly and use your tax refund as a kick start.
Q: Beyond long-term planning, what other ways can Oklahomans be smart with their tax returns?
A: Insurance policies are always a wise investment. Consider suggesting to older parents that they should invest in long-term plans to cover the cost of care beyond health insurance.
Q: What should young taxpayers do to get the most out of their return?
A: It’s tempting to look at a tax return like a free chunk of change. Young taxpayers should immediately put it into savings for future needs, like a car or health emergency. Work with your bank to open or revive a savings account, so you aren’t tempted to splurge on temporary or impulse items.
PAULA BURKES, BUSINESS WRITER