How much should you save for retirement by 35? There are a few guideposts to help you break down what may seem like an impossible task into achievable short-term goals. If you're a bit behind at age 35, don't worry. Synchrony Bank has some tips to help you save for retirement.
At age 35, you may not have spent a lot of time considering retirement. However, you need to starting wisely saving today to have a comfortable tomorrow.
For 35-year-olds, experts across the financial industry say it's good practice to have whatever your current salary is already saved for retirement. But how do you get there?
Experts recommend that you save 10% of your salary. If you keep saving at the 10% rate, you should have three times your current salary saved by the age of 45.
Successfully saving for retirement in your thirties is possible if you develop a plan and stick to it.
But what happens if you fall behind or you're in good shape and want to get ahead? There is still a lot of time to make changes and improvements to your savings while in your thirties.
Here are some tips to improve your retirement savings strategy:
Once you've identified some extra money to put away every month, you'll need an award-winning deposit product from Synchrony Bank to help your savings grow.
Whether you have fallen behind in saving at age 35 or think you're on track, opening a high yield savings account or CD can help. Our award-winning deposit products have been endorsed by numerous financial outlets and we've won awards for technology and innovation in banking.
We offer 24/7 online support and banking options for you on your desktop, tablet or mobile phone. Find Synchrony Bank online or call us at 1-844-345-5789 to get your savings back on track today.
Business Insider: www.businessinsider.com/how-much-you-should-have-for-retirement-savings-2016-3
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.