National statistics indicate that more than 9 out of 10 working-age households are not saving enough for retirement. It is reported that roughly half of those people have not yet started to save. As part of the
"Saving and planning are important for a secure retirement; however, millions of workers don't have access to an employer-sponsored retirement plan," said
Starting to save can begin with smaller contributions that grow over time. The myRA program is aimed at people who do not have access to an employer-sponsored plan to encourage them to start saving via participating employers' payroll direct deposit. Individuals will be able to decide what amount of their paycheck they want to automatically contribute every payday. There will be no fees and the value of a myRA account will never go down.
myRA will not replace employer-sponsored plans, and employers will not be responsible for administering accounts. Participating employers can help make the myRA program available to their employees with ready-made materials available from the Treasury and by facilitating direct deposit to the accounts.
As part of its commitment to growing financial literacy and capability during all life stages, the
How Can I Start?
Making small steps each day to understand your finances, make a plan, and figure out short and long-term savings goals can change your financial future in 30 days. Visit the
Review Your Finances, Develop a Budget and Uncover Savings
It might seem impossible to save for retirement on a tight budget, but a little diligence and planning can go a long way to starting a nest egg. Commissioner Rothman worked with
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It is easy to become overwhelmed by the amount of resources available to help plan for retirement.
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Investors should contact the
For more information on myRA, please visit the U.S. Treasury's website at: www.myra.treasury.gov/
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