- Baby Steps Academy
- St. Louis, Missouri
- Child Care Center
- 5 employees
Saving is as easy as ABC at Baby Steps Academy
Baby Steps Academy is dedicated to providing a nurturing learning environment for its 20 students, who range in age from 12 weeks to 12 years. As Academy Director Belinda Tyler can attest, it takes a lot of work to educate children in a safe and structured environment, and the success of her company depends largely on the performance of her employees.
Like many small business owners, Belinda relies on her staff to shoulder major responsibilities. She cares about the wellbeing of her employees and wants to reward them for doing a great job, but isn’t in a position to offer extra benefits.
“I have employees who are single parents. They’re trying to make ends meet, and a lot of them go from paycheck to paycheck,” says Belinda.
As someone with a personal interest in her employees’ financial security, Belinda understands that it’s important for her workers to begin saving for retirement, even if they can only afford to put aside a small amount from each paycheck. She was thrilled to hear how the U.S. Treasury’s new myRA® program could help her employees start saving in a simple, safe, and affordable way, and she immediately opened a myRA account for herself so that she could try it out before recommending it to her workers.
"You can start out with as little as you want to."
Because myRA has no minimum contribution requirements, individuals can choose exactly how much they want to contribute through payroll deductions, deposits from checking or savings accounts, or tax refunds. myRA is designed to help people of all ages save for retirement, at no cost to either employers or employees, and without any risk of losing money.
Nicholas Tyler, Belinda’s son, works at the academy part-time. He helps create and teach the curriculum, while enthusiastically serving as a positive role model for the students.
“For a hard-working young man like myself, who has a family – and doesn't always have available money to set aside – this is good in the sense that you can start out with as little as you want to,” Nicholas says.
Bringing new opportunities to new savers
For individuals who don’t have work-sponsored retirement savings plans, like the employees at Baby Steps Academy, myRA is an excellent savings option. It’s safe, affordable, and takes just minutes to enroll.
Most importantly, myRA puts people in control of their financial futures by giving them the tools to start saving for retirement, even if they previously thought saving was out of reach.
“It's a good feeling to know that with this myRA account, my money is safe and I know exactly where it's going,” Nicholas says. “It's going to be for a good cause, when it's all said and done.”