- Insurance Agency
- Glen Burnie, Maryland
- 6 Employees
Grady, Wright & Associates "Family" Saves Together With myRA
Working in a small office has its challenges, but it also allows co-workers to come together like a family.
Like all families, the people at the independent insurance agency Grady, Wright & Associates (GWA) look out for each other, share their interests and passions (all employees engage in volunteerism and support each other’s programs) and swap good advice – like saving for retirement.
Founded in 2000 by Diana Grady and her business partner Veronica Wright in the Baltimore suburb of Glen Burnie, GWA was not yet in a position to offer an employer-sponsored retirement savings plan.
“We can do this.”
“It’s too good to be true.”
Diana was looking for a way to help her work family save for retirement when she first heard about myRA® from her business partner. “When I read how myRA worked, I said it’s too good to be true,” says Diana.
To Diana, myRA was a way to close the gap between intentions and reality. “I saw it as a way to have a starter account,” she said. “A lot of people say, I’m going to save, I’m going to pay myself first. And they never do. This way, even if it’s fifty bucks, you’re DOING it.”
myRA is a new simple, safe and affordable way to start saving for retirement developed by the U.S. Department of the Treasury. myRA has no fees, no required minimum contributions and no risk of losing money. myRA is actually a Roth IRA, and shares the same annual contribution limits, withdrawal rules and tax advantages of that retirement plan.
Employers pay nothing and do not administer or contribute to accounts. Employees choose how much to contribute through payroll deductions to build savings that will earn interest and grow risk-free, up to $15,000 or for 30 years, whichever comes first. They can then transfer or roll over their savings to a private-sector Roth IRA, where their savings can continue to grow.
I would tell small businesses, just do it. It’s free. It’s something you can explain.-Diana Grady, Grady, Wright & Associates
“I saved that already?”
Already, all five of GWA’s employees, including Diana and Veronica themselves, have opened myRA accounts.
Among them is Jada Hudson, GWA’s marketing and communications specialist. At 24 years old, she hadn’t thought much about retirement – until her work “family” encouraged her to do so. “It took me 10 minutes. It was awesome because it was easy,” she says.
Especially important to her is the payroll deduction feature. Because the money is out of sight, she never has to think about it. “I checked my balance, and I was like, I saved that already?”
Diana has already spread the word about myRA to her clientele. “I would tell small businesses, just do it. It’s free. It’s something you can explain,” says Diana. “myRA not only gives me a warm and fuzzy feeling, but also fills a gap in our benefits package.”
What others are saying about myRA
it feels great to be able to put money away for the future…-Michael K.
I like the idea that someday I’d retire…-Audrey G.