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Avoid Fees When Starting A Retirement Account With New Government Program

DENVER (CBS4) - There's now a way to save for retirement with no costs or fees, and there's no risk of losing money.

Treasury Secretary Jack Lew talked one-on-one with CBS4 Political Specialist Shaun Boyd about the new government program. He said the U.S. Treasury has set up a way for people to start a retirement savings account with as little as a dollar. It's called myRa at myra.gov.

Secretary of the Treasury Jack Lew
CBS4's Shaun Boyd interviews Secretary of the Treasury Jack Lew (credit: CBS)

It's a way for workers who don't have access to a retirement plan or other options to save money. The money -- no matter how small -- buys portions of treasury bonds.

"This is a tool. The responsibility is for an individual to put some money away on their own. It shouldn't be that if you don't want to pay big fees to get started you don't save for retirement," Lew told Boyd. "This is an account that's available to everyone."

Contributions are capped at $5,500 a year.

Lew hopes people will graduate from myRa and invest in commercial retirement programs.

LINK: myra.gov

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