If you don’t have access to 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 are in the same situation.
Research shows that the Hispanic population has been particularly affected by the retirement savings crisis. According to Pew, 62 percent of Hispanic 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.
“It is important for me because it’s my future.”
Mariela Ortiz is an employee at Coral Gables La Salle Cleaners near Miami. She came to the United States from Cuba 15 years ago and has worked multiple jobs over the years to support her two sons.
Mariela has been thinking about saving for a long time, but getting started has been difficult since she doesn’t have access to a workplace-sponsored plan. 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. She finds comfort in knowing myRA is backed by the U.S. Treasury, that accounts won’t lose money, and that she’s taking steps to save for retirement. “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 (February 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.