Boost Your Financial Wellbeing

1. Start saving through your 401(k).

Contribute at least enough to your 401(k) to get the full Company match. Here’s the kicker: Through the magic of compounding, your savings can earn savings, helping you save even more as you get older. That’s why it truly pays to start saving early!

2. Make bank with your Health Savings Account (HSA).

Get the most from your HSA by paying medical bills out of pocket if you can. This keeps your HSA balance growing tax-free, helping you build a cushion for future unexpected needs. 

3. Explore Synopsys discounts and other benefits.

Whether you’re looking to save money on a gym membership or a new computer or you’re making a major investment, like buying your first home, we offer exclusive perks to help make your dreams a reality.

1. Boost your retirement savings.

Keep up your momentum! Maintain regular contributions to the 401(k) Plan while trying to reach the IRS savings limit each year ($22,500 in 2023). If you haven’t already, use Fidelity online planning tools to calculate the total amount you’ll need for retirement.

2. Get the most from your Health Savings Account (HSA).

If you’re using an HSA, consider saving up to the IRS limit each year ($3,850 for employee-only coverage or $7,750 if you cover dependents in 2023). Plus, put your savings to work for you by investing in mutual funds, stocks, or bonds.

3. Make a bigger dent in those student loans.

Still dealing with college debt? There’s a good chance you could get a better rate—and say goodbye to those loans much quicker—by consolidating and refinancing your loans. SoFi can help.

1. Ramp up your 401(k) savings.

Make the most of your prime earning (and saving) years by contributing more to your 401(k) Plan, up to the IRS max each year. You can even start making catch-up contributions each year after you reach age 50 ($7,500 in 2023). While you’re at it, check your account performance to make sure you’re tracking with your savings goals, and use Fidelity’s online planning tools to create a retirement income plan.

2. Turn your Health Savings Account (HSA) into a retirement tool.

If you’re in one of the HS Plans (Basic, Standard, or Premium), leverage your HSA as part of your retirement plan. When you retire, you can use your Synopsys 401(k) Plan, IRA, and other savings/investments for your day-to-day living expenses—and use your HSA to pay for health care. Once you reach age 55, build your nest egg even faster by making annual catch-up contributions of $1,000.

3. Build your retirement knowledge through AARP.

When you reach age 50, consider joining AARP to access tools, tips, and resources on health, wealth, and everything in between. Even if you’re not a member, their free Retirement Calculator can give you a personalized snapshot of what your financial future might look like.

4. Maintain medical coverage if you retire early.

If you’re age 59½ or older, you’ve worked at least 10 continuous years at Synopsys, and you’re leaving Synopsys, you can enroll in the Bridge to Medicare plan. The plan extends your health care coverage until you turn 65 or become Medicare-eligible, whichever comes first.

1. Keep growing your savings with your 401(k).

Every year, contribute as much as you can to your 401(k) Plan (up to the IRS max, if possible) and make catch-up contributions. Review your investments to make sure they align with your goals, and use Fidelity’s online planning tools to determine if you’re financially ready to retire or need to work just a bit longer.

2. Make your Health Savings Account (HSA) a retirement tool.

If you have an HSA, make it part of your retirement plan. When you retire, you can use your Synopsys 401(k) Plan, IRA, and other savings/investments for your day-to-day living expenses—and use your HSA to pay for health care. And be sure to stash away even more by making annual catch-up contributions of $1,000.

3. Plan for your long-term care needs.

Consider enrolling in the Long-Term Care (LTC) Insurance program, which covers care received at home, in the community, or in a nursing home. Because your health insurance, disability insurance, and Medicare coverage don’t pay for the cost of this care, LTC plans protect your retirement savings if you need care in the future.

4. Maintain medical coverage when you retire.

If you’re age 59½ or older, you’ve worked at least 10 years (with any breaks in service lasting less than two years), and you’re leaving Synopsys, you can enroll in the Bridge to Medicare plan. The plan extends your health care coverage until you turn 65 or become Medicare-eligible, whichever comes first.