Even if your employer doesn't offer a 401(k), you still have some options for retirement saving. The various types of IRAs (Individual Retirement Accounts) are some alternatives to an employer-sponsored 401(k).
Read on to learn about the basics of each retirement savings tool and see which one is most appropriate for you.
A 401(k) is an employer-sponsored retirement savings vehicle that allows employees and employers to contribute tax-deferred money into an account. Employees often benefit from matching contributions from their employers and a relatively high level of eligible contributions.
While you may not have access to alternative retirement plans, there are some tools you can use with or without your employer's sponsorship.
Below are additional savings alternatives to a 401(k):
Individual Retirements Accounts can be opened by anyone who earns income. They are tax-advantaged accounts that allow you to make contributions subject to annual IRS limits.
There are four types of IRAs:
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.
Whether your employer offers a 401(k) or not, Synchrony Bank has several retirement savings tools to help you reach your retirement goals.
Call us at 1-844-345-5789 to talk to a representative today.
*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.