America Saves Week is a reminder to give your finances a checkup.

Are your savings on track? Just like your car needs an occasional tune-up, your finances may need a checkup, too. America Saves Week (February 27- March 4) is a national effort to set a savings goal, make a savings plan, and start saving  automatically, and it serves as an annual reminder for savers like you to assess your financial goals and ensure that you’re putting money away for all the right things – like your retirement.

Take this opportunity to evaluate your current savings plan by completing the America Saves Week savings assessment. If you'd like to start saving – or start saving more – but aren't sure where to begin, consider myRA®, a simple, safe, and affordable starter retirement savings option from the U.S. Treasury.

With no fees and no risk of losing money, myRA makes it easy to get started on the path to saving. It’s designed for individuals who don’t have access to retirement savings plans at work, or who lack other options to save. In the event of unforeseen expenses, savers can withdraw the money they contribute to myRA tax-free and without penalty.

Make saving automatic and watch your account grow
Are you saving automatically? Automatic saving is a key component of America Saves Week’s mission, and it makes growing your retirement savings even easier. Consider setting up recurring contributions to your myRA from your paycheck or your checking or savings account. Since myRA is a flexible savings option with no minimum balance or contribution requirements, you can deposit any amount that fits your budget. Access the myRA savings calculators to see how your contributions can add up over time.

Take advantage of tax refunds

If you’re anticipating receiving a tax refund this filing season, factor it into your plan to meet your savings goal. Consider putting it toward your retirement by depositing a portion of your refund in a myRA – it’s easy to do right when you file your taxes. Visit myRA.gov/tax to learn how.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: MYRA (Department of the Treasury)