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Continue Saving

You have taken several important steps on your journey by opening a myRA® account. Now, it is very important for you to keep saving.

The power of compound interest

Money you save in a savings, retirement, or other account can earn interest or investment earnings.  When you leave the money there, over time you can also earn interest on your interest, or earnings on your earnings.  Although this sounds like a slow process, once you get started it can result in some impressive growth in the money you’ve saved or invested over the long haul. Compounding interest means that even if you start with $1,000 but never deposit anything else, and earn interest each year, your money will multiply over time.

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Take advantage of the Saver’s Tax Credit

In addition to the tax benefits associated with saving in a Roth IRA, individuals who contribute to a Roth IRA with modified adjusted gross income (AGI) below certain levels for the year may be eligible to claim a saver’s tax credit for their contributions. Individuals must also be age 18 or older, not a full-time student, and not be claimed as a dependent on another tax return to be eligible. Read more about the Saver’s Tax Credit.