Saving for retirement is a great financial decision. It allows you to build up a nice nest egg so that you can live comfortably and have money, outside of your social security benefits, so you won’t have to scrimp and save when you should be enjoying your retirement. One great option that you can choose for your retirement is the MyRa savings plan. This option works wonderful for those who are just starting out on their retirement plans but don’t have a lot of money to invest and don’t want the money taken out of their paychecks each pay period.
If you are interested in setting up this kind of retirement plan, make sure to contact M-E Accounting and Tax Services. We can help you get the MyRA savings plan set up or help you to choose one of the other great retirement plans that are convenient so you can watch your money grow.
Importance of planning for retirement
It is important to get started on your retirement planning early. While many people put this important savings off, figuring they have a lot of time until they retire, the earlier you can get started with the retirement fun, the more money you are likely to have when you do decide to retire. Not only are you putting more money in over the years, but the interest and the investments can make more the longer they are allowed to work, and any risks with an investment will even themselves out and grow the longer you work with them, especially compared to trying to invest over just a few years.
But while saving for retirement is important, many people worry about having enough to put back for retirement. When you are barely making enough to get by through the week and can only save a bit back each month, the thought of taking out large amounts of your salary can seem daunting. This is why the MyRA is a great option for many taxpayers who want to save for retirement but don’t have the money for a regular retirement plan.
What is the MyRA?
The MyRA is a great way for people to save money for their retirement. It is basically a savings bond that guarantees that you will get a good return on the investment, and there are no risks in losing the money that you put into the fund. This makes it a safe option compared to stocks and some other investments. While you may not make as much as from the stock market when it’s going well, the savings bond guarantees that you will get at least as much as you put into it.
These savings bonds are pretty similar to Roth IRAs, but the investment can be pretty low, making it easier for young adults and others without a lot of money, to invest in their retirement. You can do the initial investment for $25 and only put in $5 for all the other investments as you go along. If you have a bit more to invest, you are certainly allowed to do so, but these lower numbers make it possible for more people to invest in their futures. If you choose, once you reach a certain level, you can put this money into a traditional IRA or let it continue to grow in the MyRA.
If you are considering setting up a MyRA to help your retirement, make sure to contact the professionals at M-E Accounting and Tax Services. We can help you to set up the account and learn how much you can make on the account, as well as the tax implications as your investment grows.
How it Helps with Retirement?
So how does the MyRA help you to retire? Is it really worth the extra account or should you just go with a traditional IRA? If you have the money to go with an IRA, it is best to choose this option. These have a great return and can help you to make money faster. But if you are short on money and don’t have the funds necessary to pay for the IRA, these savings bonds are a great option. You can put in less money, but it is still something towards the retirement and over time, it can yield a high return.
Whether you use some of your savings to set up the retirement plan or you are interested in having some of it deducted from your payroll each month, remember you can make deposits as low as $5 a month, you will find that these are perfect for those who are short on cash but are interested in getting started on your retirement plan. If you are interested in getting started on one of these plans, even if you have little money to get started, make sure to contact our professionals at M-E Accounting and Tax Services.
Setting up your retirement plan early on is a great way to make sure you have the funds that are needed when you are ready to enjoy your retirement. When you are ready to set up a myRA account, or any other retirement account, make sure to contact Motaz Elkhouly at M-E Accounting and Tax Services in Cape Canaveral, FL. We can help you to determine the right retirement plan for you so you are set to go, no matter how long it is until your retirement.
