Idea for the day

Federal tax forms currently allow people receiving refunds to have the money deposited directly into their checking or savings accounts. The forms should also give people the option of direct deposits into Individual Retirement Accounts or similar accounts. Refunds feel like “free” money, so this idea makes it easier for Americans to boost their miserable saving rates for retirement, instead of making refunds burn a hole through taxpayer pockets. I bet financial institutions would gladly pay for the right to receive the deposits.

If I get motivated I may write Ben Stein about this (a celebrity who’s geeky enough to choose “increase retirement savings!” as his pet cause).

Not that this refund option would have been available to me this year, unfortunately…