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What Is a Retirement Plan?

What is a retirement plan and how can it help you? A retirement plan is a plan of action to save money for your future. Having a retirement plan can motivate you to save money and live comfortably.

Keep reading for tips showing you what a retirement plan is and how to get started with one.

Considerations for Your Retirement Plan

enjoy retirement

While you’re working on your retirement plan, keep the following factors in mind:

Each individual has a different retirement goal and plan. Use an online retirement calculator to determine what you should be saving for retirement.

To-Do List for Your Retirement Plan

Here’s what you should do if you’re considering starting a retirement plan:

  1. Identify your sources of income (e.g. salary, savings, 401k, IRAs (Individual Retirement Accounts), inheritance, etc.).
  2. Decide which activities or goals you will pursue during retirement.
  3. Decide where you will live.
  4. Estimate your expenses.
  5. Know how many more years you want to work full time before you retire.
  6. Estimate how many years you might live in retirement.
  7. Calculate how much money you’ll need to live during retirement.
  8. Decide which savings programs you will use (401k, pension, social security, IRAs, etc.).
  9. Manage your assets.

Choose Your Savings Options

Synchrony Bank offers a range of financial products that feature competitive rates+, award-winning customer service and easy online access.

If you’re ready to put your retirement plan into action, Synchrony Bank can help. Call 1-844-345-5789 to learn how different savings products can assist you in saving for retirement.

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Sources:

IRS: https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras-1

+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. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.


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