Are you looking to start saving for your future, but don’t have a retirement savings plan at work? You’re not alone. According to a new report from the Pew Charitable Trusts, more than 30 million full-time employees in the United States don’t have access to a retirement savings plan at work.
Minorities in America are hit the hardest: 62 percent of Hispanic and 44 percent of African American workers don’t have access to retirement savings plans through their employers, compared to 37 percent of white non-Hispanic workers.
Lack of access to a workplace savings plan isn’t the only barrier to saving. High fees, complicated investment options, and fear of losing money can also get in the way.
To help address the retirement savings crisis in America and make it easy for people to start saving, the U.S. Department of the Treasury developed myRA®. This new retirement savings account costs nothing to open, has no fees, and carries no risk of losing money. It was designed for people who don’t have access to a retirement savings plan through work and are looking for a simple, safe, and affordable way to start saving for the future.
myRA makes saving easy
Jada Hudson, marketing and communications specialist at Grady, Wright & Associates, an independent insurance agency near Baltimore, Maryland, has already discovered how easy it is to start saving with myRA. Jada is relatively new to the workforce and didn’t have access to a retirement savings plan at work. She hadn’t thought about starting to save until her colleagues introduced her to myRA. In just 10 minutes, Jada opened an account and began her savings journey. “It was awesome because it was easy,” Jada said.
Mariela Ortiz is an employee at Coral Gables La Salle Cleaners near Miami, Florida. She has been thinking about saving for a long time, but getting started has been difficult. She decided to open a myRA account after her human resources manager told her about the program. With the help of Spanish-speaking myRA representatives, the process to open an account was easy. Since opening an account, Mariela has been saving a small amount from her paycheck each week. “It is important for me because it’s my future,” she says.
America Saves Week is the perfect time to start saving
America Saves Week (Feb. 22-27) is a great time to start thinking about your financial future by taking the myRA 10-5-1 Retirement Savings Challenge. It’s simple:
- 10 minutes: That’s how long it takes to open a myRA account online at myRA.gov. To make sure the sign-up process goes smoothly, have your social security number, driver’s license or other ID, and the name and birthdate of at least one beneficiary on hand.
- $5 per pay period: Deposit at least $5 per paycheck into the account. It’s a small amount, but it adds up. You can contribute to your myRA account via direct deposit through your employer or from your personal checking or savings account. Consider setting up regular contributions; they make saving automatic, so you can set them up and then forget about them.
- 1 step in the right direction: That’s it! You’ve taken the first step toward a better financial future, and your retirement savings account is ready to continue growing. Down the line, you can boost your savings by increasing the amount you save from each paycheck or by making one-time contributions, like from your federal tax refund.
During America Saves Week, take control of your financial future with myRA. To learn more, visit myRA.gov.