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How to Start Saving for Retirement at 45

If you are wondering how to start saving for retirement at 45, you are not alone. You wanted to start saving for retirement long ago but sometimes life doesn’t go as planned. Now is the time to get aggressive about saving. Keep reading for five steps to help you build a nest egg later in life.

It’s Not Too Late to Start Saving for Retirement

You may be wondering how to start saving for your retirement in your 40s. The best time to begin saving for retirement is as soon as you have steady, gainful employment. Unfortunately, life sometimes gets in the way of your best intentions.

Lucky for you, it’s not too late. However, you’ll want to be focused on growing your savings quickly so you can catch up.

Tips for Retirement Saving

start saving for retirement at 45

Whether you are 40, 45 or 55, here are tips to save for retirement later in life:

  1. Open an IRA account. Opening an IRA allows you to defer your tax benefits until retirement when you may be in a lower tax bracket than you are now. Be sure to consult your financial or tax advisor before contributing to an IRA.
  2. Take advantage of your employer’s 401(k) account. If your employer does not offer a 401(k) account, consider looking for a company that does.
  3. Be strategic with company matching. Most employers offer some level of matching contributions to 401(k) plans. Don’t leave any money on the table. If your employer offers a match program, ensure your level of contribution takes full advantage of your company’s policy.
  4. Make saving for retirement a priority. You may have had different financial priorities in your 20s and 30s than you do today. Paying off student loans and saving for your children’s education are important expenses that can keep you from saving for retirement. Now it’s your time. Consider making adjustments to your normal spending habits to take full advantage of your retirement savings products.
  5. Reconsider your retirement plans. You may have imagined retirement as one long vacation but many people find it therapeutic and healthy to stay engaged in the workforce. Taking a low-stress, part-time job can be a great way to stay active and supplement your retirement income.

Where Can You Go for Help

Whether you are 25 or 45, you’ll find award-winning products that may help with your retirement plans at Synchrony Bank. As one of the savings banks in the country by deposits, our savings products are designed to help people start saving for retirement at any age.

Call Synchrony Bank at 1-844-345-5789 to learn how to start saving for retirement today.

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Sources:

IRS: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

IRS: https://www.irs.gov/retirement-plans/401k-plans


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