If you're wondering how to save for retirement, follow this comprehensive guide outlining different approaches to help you start saving early.
Keep reading for a step-by-step approach on how to save for your retirement and learn what types of saving options are available to you at Synchrony Bank.
Follow the following suggestions when saving for retirement:
It's never too late to start practicing good financial habits. Start saving any additional income you have left after you've paid for your necessary expenses.
If you have the option, utilize your employer's retirement plan. Employers often match contributions up to a certain level.
When saving for retirement, consider your current salary, age, and debts. Setting a financial retirement goal can help you save money early.
Whether you’re 25 or 55, you'll want to keep your retirement savings locked away until it’s time to use it. If you withdraw money from a tax-advantaged retirement account such as an IRA before you reach a certain age, you could incur a 10% tax penalty.
Limit your spending to only necessary items. It will be good practice for retirement when you'll live on a fraction of your current salary.
You'll likely earn more money as you gain experience and advance in your career. When this happens, you should increase the amount of money you put away each month.
Many people contribute money to a number of savings products, including a 401(k), a Traditional or Roth IRA (Individual Retirement Account), and other savings accounts. A financial advisor can explain how different savings strategies work together.
If you are ready to start saving for retirement, Synchrony Bank offers many different kinds of savings products, including IRAs, CDs, and high yield savings accounts. We also provide award-winning customer service and easy online access.
Synchrony Bank does not provide tax advice so be sure to contact your tax advisor or financial consultant before opening or contributing to an IRA.
Open an account with Synchrony Bank today or call 1-844-345-5789 to learn how to save for retirement.
*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.