When it comes to saving for retirement, many people feel like they’re way behind. With competing costs like student loans and the dream of owning a home, it can almost seem impossible to reach a goal as seemingly far away as retirement.

But what if you could use the spending you already do every day to supercharge your retirement savings?

With the Fidelity® Rewards Visa Signature® Card, you can.

The Fidelity Rewards Visa Signature offers 2% cash back on all purchases – cash that can get directly deposited into your Fidelity retirement account. The question is, how much can 2% of your daily spending impact your overall retirement savings? Let’s look at an example:

  • If you were to contribute $100/month into an IRA (less than a typical phone bill) and another $20 earned in rewards, in 25 years you’d have $100,000.

That $100,000 is assuming that your daily spending only amounts to $20 in rewards per month. In other words, it’s just the tip of the iceberg of what you could save.

How the Fidelity® Rewards Visa Signature® Card Works

The rewards on this card are easy to use and track. There are no spending categories, there are no limits, and the points you earn don’t expire. You can even deposit your rewards in up to five different eligible Fidelity accounts, including other people’s accounts.

What’s more, you don’t have to pay a fee to open or maintain a Fidelity Traditional or Roth IRA, making it that much easier to grow your retirement savings.

Let’s take a closer look at this example highlighting the earnings you can achieve with the combination of a Fidelity retirement account and the Fidelity Rewards Signature Visa Card:

 Contributing $20 in rewards each month (earned from spending $1,000).Contributing $100 each month.Contributing $100, plus $20 in rewards each month.
1 year$249$1,246$1,496
5 years$1,440$7,201$8,641
10 years$3,482$17,409$20,891
15 years$6,376$31,881$38,257
20 years$10,479$52,397$62,876
25 years$16,296$81,480$97,776

How to Use the Fidelity® Rewards Visa Signature® Card to Energize Your Retirement Savings

In order to use this card to boost your retirement savings, you’ll need to first open a Fidelity retirement or brokerage account. From there, if you want to roll over your current retirement accounts (either individual or employer-sponsored), you can.

As you accumulate points, you can choose when you want to deposit them, but you need at least 5,000 points ($50 worth) to make a deposit into your account. Once you hit 2,500 points, you can redeem them for gift cards, statement credits, merchandise, or travel rewards instead of depositing them. However, using the cash-back rewards to grow your retirement savings could greatly increase their value over time.

With the Fidelity® Rewards Visa Signature® Card, saving more for retirement is as easy as maintaining your normal, everyday spending. How’s that for a simple way to boost your future income?

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