Financial Wellness

Synopsys benefits have your total well-being in mind.

We provide Medical & Rx, Designed for Wellness, Dental and Vision benefits to keep you healthy. We also offer Health Advocate and Best Doctors to help you navigate your plans and providers and get the right care at the right time for the right price.

But don’t forget—well-being also encompasses your financial health, too. That’s why Synopsys gives you a variety of benefits and programs to support your financial life—today and into retirement. For example, to help you boost your well-being we're launching a financial fitness challenge.

Here’s how it works:

  • You pick one goal, get it done and report back. (We’ll offer goal ideas and tips to help you get started.)
  • After you complete the challenge, you’ll be entered in a raffle for the chance to win a Fitbit Charge 2 or gym bag.
  • You can also earn up to 30 wellness points through the Designed for Wellness program—5 points for exploring the challenge and 25 points for returning in August and completing it.

Tackle a priority on your to-do list by taking the Financial Fitness Challenge.

Take the Financial Fitness Challenge

Just choose one financial goal—and get it done—to earn wellness points and a chance to win a prize.

Additionally, here are some Benefits & Resources for Today, and some for Tomorrow, to help you get and stay financially healthy.

Benefits & Resources for Today

Synopsys 401(k) Plan

Whatever your age, it’s always the right time to participate in the Synopsys 401(k) Plan:

  • In Your 20s and 30s: Start saving early and don’t leave any money on the table—contribute up to the Company match to get a savings boost from Synopsys. Then, step up your savings on your own each year; even just 1% or 2% makes a big difference.
  • In Your 40s: Keep up your momentum! Maintain regular contributions to the 401(k) Plan, and make it your goal to reach the IRS savings limit each year ($18,500 in 2018). If you haven’t already, use Fidelity online planning tools to calculate the total amount you’ll need for retirement.
  • In Your 50s: These are your prime earning (and saving) years. Make the most of them and keep saving to the IRS max each year—plus start making catch-up contributions each year after you reach age 50 ($6,000 in 2018). Rebalance your investments regularly as needed; this is a good time to check on your mix of stocks and bonds since your savings needs likely have changed since you first joined the Plan. Also, check your account performance to make sure you’re on track to meet your retirement savings goal. Lastly, now is a good time to create a retirement budget—Fidelity online planning tools are always there to help you estimate your expected expenses.
  • In Your 60s: Every year, save to the IRS max and make catch-up contributions. Rebalance your investments regularly as you need to, and use Fidelity online planning tools to determine if you’re financially ready to retire or need to work just a bit longer.

Health Savings Account (HSA)

If you're in the HS Basic Plan or HS Plus Plan, use these two tips to get the most from your HSA:

  • Think before you pay—pay medical bills out of pocket if you can. This lets your HSA balance keep growing tax-free.
  • Increase the amount you save in your HSA each year—even small amounts make a big difference over time.

Life and AD&D Insurance

Life Insurance helps to secure your family’s future if the unexpected happens. For extra peace of mind, you can also buy Supplemental AD&D Insurance for yourself and your family, too.

Flexible Spending Accounts (FSAs)

Synopsys offers two FSAs to help lower your taxes:

  • The Health Care FSA lets you save and pay tax-free for qualified health expenses.
  • The Dependent Day Care FSA helps you save tax-free dollars to cover day care expenses for qualified tax dependents such as elderly family members or your children under age 13.

Employee Assistance Program (EAP)

You may not have realized it, but the EAP is also a resource for your financial well-being. It’s free to you and your family to get confidential support, counseling and information, including access to Life Resources for help with:

  • Financial fitness
  • Budgeting
  • Credit and debt
  • Estate planning
  • Government programs
  • Insurance
  • Legal issues

Connecting with the EAP is easy. Call (866) 265-0680 or visit liveandworkwell.com, and use access code synopsys.

SoFi Financial Solutions

SoFi Financial Solutions consolidates and refinances student loans to offer better rates to those who qualify. As a Synopsys employee, you get to enjoy a customized application experience, dedicated customer service and a welcome bonus of $200-$500 when your loan is approved.

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Benefits & Resources for Tomorrow

Synopsys 401(k) Plan

Save to the max—including catch-up contributions—with the Synopsys 401(k) Plan. With pretax and after-tax options, you have the flexibility to build your retirement savings. Log into the NetBenefits® website at 401k.com for a variety of tools and resources, including a Retirement Income Planner and Retirement Quick Check.

Health Savings Account (HSA)

If you’re in the HS Basic Plan or HS Plus Plan, the HSA is a key part of your retirement savings plan, too. That way, 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.

Employee Stock Purchase Plan (ESPP)

With the ESPP, you can own a piece of the Company that you’re helping to grow! With the ESPP, buy shares of Synopsys common stock at a discount—at least 15% off the market price, with no brokerage or administrative fees!

Other Tools, Tips & Resources

Fidelity FlyerWant to get a better grasp on your current financial status and learn how to build for a comfortable future? Use Fidelity Investments’ financial wellness tool. Just spend 10 minutes answering a few simple questions about your monthly spending, debt, investing strategies, savings goals and other money matters. When you’re done, you’ll instantly receive a helpful personal assessment. You’ll learn what you’re doing well, how you can improve and where to go to get help in putting your best financial foot forward.

When you reach age 50, consider joining AARP for 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.

Check out Intentional Retirement for ways to reimagine your retirement. You’ll find ideas, tips and tools to help you “live the life you’ve always wanted.”

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