U.S. Department of the Treasury and Minnesota Commerce Department team up to promote retirement savings
Treasury Under Secretary visits Minnesota to introduce new retirement saving program, myRA
August 11, 2014
National statistics indicate that more than 9 out of 10 working-age households are not saving enough for retirement. It is reported that roughly half of those people have not yet started to save. As part of the Minnesota Department of Commerce’s ongoing commitment to change that trend through financial literacy and capability, Commissioner Mike Rothman joined the U.S. Department of the Treasury Under Secretary for Domestic Finance Mary Miller today in introducing the myRA program at an informational event at the Mall of America to get Minnesotans saving.
“Saving and planning are important for a secure retirement; however, millions of workers don’t have access to an employer-sponsored retirement plan,” said Mary Miller, Under Secretary for Domestic Finance at the U.S. Department of the Treasury. “To help fill this gap, the Treasury Department later this year will offer myRA -- a simple, safe, and affordable way for more Americans to start saving for retirement.”
“The Department of Commerce is here to help Minnesota with their financial planning for every stage in their life,” said Commissioner Mike Rothman. “Minnesotans need a variety of options to get them on the path to financial security in retirement and myRA is another tool in the toolkit.”
Starting to save can begin with smaller contributions that grow over time. The myRA program is aimed at people who do not have access to an employer-sponsored plan to encourage them to start saving via participating employers’ payroll direct deposit. Individuals will be able to decide what amount of their paycheck they want to automatically contribute every payday. There will be no fees and the value of a myRA account will never go down.
myRA will not replace employer-sponsored plans, and employers will not be responsible for administering accounts. Participating employers can help make the myRA program available to their employees with ready-made materials available from the Treasury and by facilitating direct deposit to the accounts.
As part of its commitment to growing financial literacy and capability during all life stages, the Commerce Department is here to provide guidance to help Minnesotans prioritize and understand their money goals.
How Can I Start?
Making small steps each day to understand your finances, make a plan, and figure out short and long-term savings goals can change your financial future in 30 days. Visit the Commerce Department’s website to start the 30-Day Financial Health Challenge and take a step each day to improve your financial health.
The Commerce Department teamed up with the University of Minnesota Extension, Center for Family Development on a guide to help Minnesotans start on the path to financial security in retirement. The guide, Financial Security in Retirement--Is It Part of Your Financial Future, provides a wide variety of resources to help build retirement security.
Review Your Finances, Develop a Budget and Uncover Savings
It might seem impossible to save for retirement on a tight budget, but a little diligence and planning can go a long way to starting a nest egg. Commissioner Rothman worked with Nathan Dungan, founder and president of Share, Save, Spend to uncover the steps we can take to save for retirement. Listen to this installment of Minutes with Mike to hear more about the benefits of getting started early and how to begin.
Confused By Titles?
It is easy to become overwhelmed by the amount of resources available to help plan for retirement. The Commerce Department has produced this helpful guide to answer your questions about Securities Agents, Financial Planners, and Investment Advisers. You will learn what to ask, what to expect, and what to avoid when you receive investment advice. Visit the Financial Planner FAQs on the Commerce website to get started.
Be a Smart Investor
The Commerce Department’s Securities Section offers tools, tips, and warnings that will help you avoid scams and make informed investment decisions in today's complex financial marketplace. Keep in mind that that if an investment sounds too good to be true – it probably is! Visit the Department’s Investor Education pages to increase your investor IQ.
We are Here to Help
Investors should contact the Minnesota Department of Commerce Securities Section with questions about an investment product, broker or adviser, prior to making an investment. The Securities Section can be reached by phone at (651) 539-1638. Questions or consumer complaints can also be sent by email to firstname.lastname@example.org or by mail to the Minnesota Department of Commerce, 85, 7th Place East, Suite 500, Saint Paul, MN 55101.