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Retirement Savings Plan

Whether you’re just starting to save for retirement, or have been saving for a while, it’s a good idea to learn about the retirement savings plans available to you.

Keep reading to learn useful tips and determine which retirement savings plan is right for you and your financial needs.

What Are Retirement Savings Plans?

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Common retirement savings plans include:

Check with your employer to determine if a retirement plan is available to you and what the benefits and restrictions are for each one.

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.

How Much Money Will You Need for Retirement?

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Many financial considerations, such as your current age, income, and ability to save, determine the amount of money you will need for retirement.

You can get a better picture of your financial needs by answering these questions:

How Much Should You Save Now?

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To determine how much you should save now, break down your current needs by talking to a financial expert.

By saving part of your annual gross income, you can gradually increase the amount of savings you have in a retirement account.

Remember that some retirement savings plans use pre-tax dollars, which could lower your taxable income—helping to offset the contributions you make toward retirement.

Start Saving Today with Synchrony Bank

Whatever your retirement goals are, don’t wait to start saving. The sooner you start saving, the more money you can contribute to an account and let accumulate over time.

Synchrony Bank offers a range of financial products, including IRA CDs and IRA Money Market Accounts, that feature competitive rates+, 24/7 online access, and award-winning customer service.

If you want to save more for retirement, call 1-844-345-5789 to have a financial expert help you with a retirement savings plan today.

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Sources:

IRS: https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans-1

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

IRS: https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep

IRS: https://www.irs.gov/retirement-plans/plan-sponsor/simple-ira-plan

IRS: https://www.irs.gov/publications/p571/ch01.html

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

+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. as of 11/01/2016. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.


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