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Many people have not begun saving for retirement. Maybe their employer does not offer a retirement plan or they do not know how to get started. A new government savings plan has been started that allows anyone to start saving with just a few dollars. This plan was created specifically for those people who have not started saving.

It costs nothing to open a MyRA plan and there are no fees. The investments are backed by the Treasury. You can withdraw the funds at any time. However, it would be best to continue building the account so that one day it can be converted to a traditional or Roth IRA. Try several savings ideas using the online calculator.

To learn more, visit https://myra.gov/

Low income earners who save money in their work sponsored retirement plan or contribute to a savings plan like an IRA are eligible for a tax credit. The credit is based on your adjusted gross income for the year. To learn more, visit the IRS Savers Credit page.