How to Set Up Your Retirement Plan
We strive all our lives to make money that we spend living our lives in the best way we can. Preparing for the future is something that most of us fail to do because we lack prudence and that is the reason why almost 60 percent of American employees that are still in service have got no retirement funds registered against their names. Thankfully for all of us though, the government has something in store for us.
The myRA plan is a free savings benefit plan that is completely devoid of any type of risks and is destined to help the people that have no other retirement plans like the IRAs. This particular plan can be opened by all of the government employees without having to spend a single dollar, it’s also portable from one job to another and there is no fee whatsoever associated to it either.
The account holders that have an accumulative income of less than 130 thousand annually can pile up to 6000 annually for 2015 with just 1 percent contributions. This account is going to prove as a step in the right direction and could be used as a stepping stone. There are some things about it worth noting down though: You can have a maximum of 15 thousand deposited and it will last for 30 years before you would have to transfer your funds to another bank account.
Many critics and magazines have regarded this as an excellent step taken by the government because post-retirement poverty has always been an issue in our country and it was high time that it got taken care of. A point worth raising here is that the employees that already have excellent retirement plans can also benefit from this retirement plan if they desire although the options available to them are a lot better.
