Annual Percentage Yield (APY) as of October 23, 2020. APY may change at any time before or after account is opened. Maximum balance limits apply. A maximum of six (6) withdrawals or transfer per monthly statement period are allowed.
This calculator is for illustrative purposes only and may not apply to your individual circumstances. Calculated values assume that principal and interest remain on deposit and are rounded to the nearest dollar. All APYS are subject to change.
If you’ve got a 401(k) plan at work, this could also be a good opportunity to check in with HR and direct more of your paycheck towards the annual maximum contribution limit. If you’re DIY-ing your retirement fund, automatic transfers can make it relatively painless to move the money from your heftier paycheck to your retirement account.
These are some of the options you may see and their 2020 contribution limits (not including possible catch-ups):
Who doesn’t enjoy a pat on the back for reaching a goal? We’re all for it, but let’s be honest – it can feel like we have to wait forever to get a reward for being financially smart. And forever is long. And maybe a little deflating.
So create milestones that feel meaningful to you and celebrate along the way. If your end game is saving $5,000 for a car or trip, you could break it up into goals like the first $50, $200, or $500 and then set another and another. If you’re saving for retirement, it’s the same idea – create a milestone, and watch for when you reach it and make some sort of fuss.
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.