A popular theme of many retirement articles is that Americans do not save enough. Not everyone has a way of easily saving for the future.
Recently developed by the U.S. Dept. of the Treasury, the myRA (my Retirement Account) program is an easy, affordable way to help people start saving for retirement at small amounts.
Specifically created to help people without access to employer sponsored retirement plans, myRA is invested in an interest bearing United States Treasury bond that will not lose money.
There are several methods to fund a myRA account including automatic deductions from your paycheck or a savings or checking account. A myRA is a Roth IRA account with no start-up costs, no fees and no minimum contribution amount.
You can contribute from multiple jobs and your myRA account stays with you when you change jobs.
If you do not have a work related savings plan, this start to retirement savings might be good for you. Go to the Treasury site https://myra.gov/ for details or link to this from the bottom of the Social Security homepage, www.socialsecurity.gov.
Employers: If some or all of your employees do not have access to an employer sponsored retirement savings plan, you can help them start saving with myRA. Go to the “Employer Section” of the myRA website for information to share with your employees.
There is no myRA cost to you or your eligible employees. As employer, you can help eligible employees set up payroll deduction but you do not administer these accounts, contribute to them or match employee contributions.
Social Security employees do not have more information about the myRA program.