No, it’s not a plague attacking the Mid-West, or a creature from beyond ….. instead, it’s the newest news in retirement saving, a way of “leveling the playing field”, allowing everyone an opportunity to save for retirement. Until now, having an IRA was out of reach for many people, what with high initial investments or high reoccurring contributions to own an IRA. But, as was promised, the Federal government has created a safe, easy way for all working Adults to contribute to a Plan for retirement.
The Plan mirrors a Roth IRA with respect to the income limits and maximum contributions; but can be opened with as little as $25, with reoccurring contributions low as $5. The money is invested in a safe Treasury Fund; same as is offered to government Employee’s currently earning around 2% annually, and your account can be viewed on-line. There is no cost ….. “ZERO FEES”… and your principal is guaranteed.
Funded by “take home pay”, the principal is always available (but not recommended) for withdrawal without tax or penalty (after all, it’s a retirement account.)
Monies can accumulate for 30 years or $15,000, which ever comes first; then the money would have to be transferred to a Roth IRA (quite frankly I wouldn’t wait that long or have that much money earning so little). Instead consider transferring money to a Roth Ira once your total in MyRA reaches a minimum required to open a Roth; giving you more options for earning a better return.
To be fair, there are IRA’s which can be opened with as low an initial investment as $100 and reoccurring deposits of $25-$50monthly (after all, these companies do have the expense of managing your account) And you can always open one of these.
The exciting news about the MyRA is that everyone who can scrape together $5 can participate and save for a secure future. Believe me, Social Security is insufficient to live on, and, is constantly under attack. We all need to “take charge” of our financial security, and here is the newest way to do that.
I can’t see a down side to this….no cost, low risk, accepts very small contributions, modest returns….And so, I encourage everyone to explore this
Program… No, SIGN UP TODAY…
Cents Maker