Most Americans know they need to save more money for retirement, but it can be difficult to know what the best retirement savings options are.
If you're interested in opening an IRA (Individual Retirement Account) while you currently have a 401(k), read on to learn about the advantages of each retirement savings option.
A 401(k) is an employer-sponsored product that allows employers to offer matching contributions as a benefit to their employees.
An IRA is a financial product designed to help individuals save for retirement. The key difference is that anyone can open an IRA, as long as you have an income.
There are different advantages, contribution limits and regulations for each product, but in most cases, both accounts can offer a good way to grown your retirement savings.
If you're already funding your 401(k) regularly, you're taking advantage of yearly contributions and matching funds from your employer. This is one way to make steady progress on your retirement savings goal.
If you choose a Traditional or Roth IRA, you're increasing your yearly savings and creating an additional source of income for retirement.
By diversifying your savings beyond the options offered by your employer's 401(k) plan, you can navigate the financial market and gain more control over how much you can contribute to an account.
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.
An IRA gives you additional savings choices, including Certificates of Deposit (CDs) and Money Market Accounts.
Synchrony Bank offers a range of financial savings products, including IRA CDs and IRA Money Market Accounts. Call 1-844-345-5789 today to learn more about Synchrony Bank's savings products and how you can save more through an IRA or alternative savings option.
*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.