11/6/2015 – Baby steps to building a retirement (The Washington Post)

The government has introduced a retirement savings plan akin to a bike with training wheels. This starter account, called “myRA,” is meant to get millions of people into the habit of saving for their senior years.President Obama authorized the Treasury Department to create myRA, which is targeted to low- and middle-income workers who don’t have access to a workplace retirement plan. After a limited test ride, it’s rolling out nationwide. To sign up, go to myra.gov.

The account is similar to a Roth IRA. You contribute earned income after taxes, and your earnings aren’t taxed. Account holders can build savings for 30 years or until their balance reaches $15,000, whichever comes first.

 Read the full article in The Washington Post.