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How to Save for Retirement

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.

How to Save for Retirement

learn how to save for retirement

Follow the following suggestions when saving for retirement:

Start Saving Early

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.

Utilize Your Employer’s Retirement Plan

If you have the option, utilize your employer’s retirement plan. Employers often match contributions up to a certain level.

Research How Much Money You Need for Retirement

When saving for retirement, consider your current salary, age, and debts. Setting a financial retirement goal can help you save money early.

research how much money you need for retirement

Don’t Touch Your Retirement Savings Until You Reach Retirement Age

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.

Reduce Your Current Expenses

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.

Save More Money as You Age

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.

Diversify Your Savings Plan

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.

How to Start Saving for Retirement Today

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.

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Sources:

IRS: https://www.irs.gov/retirement-plans/traditional-and-roth-iras


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