(NAPSI)âSaving for retirement can be difficult in the best of times but even harder during the pandemic and challenging economy. One thing that can make it easier is the Saverâs Credit, a tax credit made available by the IRS to eligible taxpayers. The Saverâs Credit could reduce your federal income taxes when you save for retirement through a qualified retirement plan, such as a 401(k) plan or an Individual Retirement Account (IRA). The 20th Annual Transamerica Retirement Survey found that just 45 percent of full-time workers and only 32 percent of part-time workers are aware of the Saverâs Credit. âPeople who are saving for retirement may be able to claim the Saverâs Credit and reduce their federal taxes,â says Catherine Collinson, CEO and president of nonprofit Transamerica Center for Retirement Studies®. âThe Saverâs Credit is in addition to benefiting from the tax-advantaged treatment of saving for retirement. Many people could be confusing these two incentives, simply because the idea of a double tax benefit sounds too good to be true.â