We’re getting close to the tax-filing deadline. For many of us, this means it’s that time of year when we get our biggest financial windfall – a tax refund. If you have recently received a refund, or are expecting to get one in the next few weeks, what should you do with it?

Of course, you could just spend the money on something you want, but if you’d like to maximize the financial benefits from your refund, you might want to consider other options, including the following:

Invest the money. In 2018, the average tax refund was about $2,700. For this year, it might be somewhat lower, due to changes in the tax laws and the failure of taxpayers to adjust their withholdings in response. However, if you were to receive in the neighborhood of $2,700, you’d be almost halfway to the annual IRA contribution limit, which, in 2019, is $6,000. (If you’re 50 or older, you can put in up to $7,000). If you have already “maxed out” on your IRA, you could use your refund to fill in gaps you may have in other parts of your investment portfolio.

Pay insurance premiums. Let’s face it – nobody really likes paying insurance premiums. Yet, if you have anyone depending on you, you will certainly need life insurance, and possibly disability insurance as well. And if you want to help protect your financial resources later in life from threats such as an extended – and hugely expensive – stay in a nursing home, you also may want to consider long-term care insurance. Your tax refund could help pay for some of these premiums, boosting your cash flow during the months you would normally be making these payments.

Clearly, you can help yourself make progress toward a number of your financial goals with your tax refund – so put it to good use.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.