Did you know that February 22-27 is America Saves Week? It’s a great opportunity for employees who haven’t found easy ways to save to get on the path to more secure retirements, and myRA® can help them take those first steps.
myRA is a simple, safe, and affordable retirement savings account from the U.S. Department of the Treasury. There’s no cost to open, no fees, and no complicated investment options. It’s easy for you as an employer, too. Employers do not administer myRA accounts, contribute to them, or match workers’ contributions.
You can help your employees start saving by encouraging them to take the myRA 10-5-1 Retirement Savings Challenge during America Saves Week. 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, each employee should have their social security number, driver’s license or other ID, and the name and birthdate of at least one beneficiary on hand.
- $5 per paycheck: Employees deposit at least $5 per paycheck into the account. It’s a small amount, but it adds up. People can contribute to their myRA accounts via payroll deduction, or from their personal checking or savings accounts. They may wish to set up regular contributions to make saving automatic.
- 1 step in the right direction: That’s it! By opening and funding myRA accounts, employees have taken the first step toward better financial futures, and their retirement savings accounts are ready to continue growing. Down the line, they can boost their savings by increasing the amounts they save from each paycheck or by making one-time contributions, like from their federal tax refunds.
Help your employees make commitments to their financial futures with myRA. Visit myRA.gov to learn more and to download free materials you can share.