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.
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.
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:
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.
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.
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.
+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.
*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.