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New Retirement Savings Option

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For some of us saving money is all about setting yourself up for financial stability in the future. Joe Slavens with Northwest Bank And Trust Company says the 'myRA' savings account could do just that.

"Savings is really important and anything we can do in this country to encourage people to save is worth trying," Joe Slavens said.  "The sooner we can get people to save and obviously the lower the expenses that they are, the more opportunity to earn interest over time. We'll have more folks with more money at retirement age."

President Obama called on the Department of Treasury to create the 'myRA' account.  It would only be available for workers with a household income under $191,000.  The account would allow workers to add up to $5,500 a year, but would have a limit of $15,000.  The president says this will help people avoid retirement crisis by saving as early as possible. This option makes sense to Taylor Ahmann who wants to save, but doesn't have the option at  work.

"As a bartender, we don't have those. I know I'll be starting a job at some point here. it would be nice to start saving money right now, " Taylor Ahmann explained.

Ahmann claims it's an account she'd certainly take advantage of because she understands how important it is to start saving early. She even adds how attractive this retirement option is because it won't have hidden fees.  

"Without the fees, its your money you're saving. You're not getting tricked out of money that you could have," said Ahmann. "I think it's a good effort and if its done in the right away. I think people might jump aboard."

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