- Rod Planck Photography
- McMillan, Michigan
- Nature Photography Workshops
- 2 employees
Photography team grows their savings with myRA®
Rod and Marlene Planck have witnessed some incredible sights as the two-person team behind Rod Planck Photography, a company that conducts nature photography tours and workshops throughout the United States and Iceland. One of their most memorable experiences took place during a guided trip to Antarctica, when a humpback whale swam directly under their boat.
Throughout their unique adventures together, Rod and Marlene have always kept an eye toward the future. While traveling the globe and photographing some of nature’s most beautiful moments, they’ve done what they can to save for retirement. “We always tried to set aside some money every year for retirement, and we’ve been really good savers,” Marlene says.
To continue growing their savings, the Plancks started looking for a savings tool that was safe and reliable. Upon reading about myRA, a new retirement savings account developed by the U.S. Department of the Treasury, “my first reaction was that this is a savings program that is safe, and is backed by the full faith and credit of the United States government,” Marlene says.
Designed to be a simple, safe, and affordable way to start saving for retirement, myRA has no fees, no required minimum contributions, and no risk of losing money.
myRA is a Roth IRA, and so the annual contribution limits, withdrawal rules, and tax advantages of a Roth apply. Workers can choose how much to contribute, and their savings 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 another Roth IRA, where their savings can continue to grow.
Funding options for the self-employed make it even easier to save
Individuals can open and contribute to their myRA accounts in a variety of ways, making it even easier to start saving. Deposits can be made through payroll deduction, from personal checking or savings accounts, or through federal tax refunds at tax time.
These funding options allow the self-employed, like the Plancks, to easily move money from their personal accounts to their myRA accounts. “What I like about it is I can deposit money on a monthly basis, or I can do a lump sum,” Marlene says. “I can pick the time that I put the money in.”
In addition to the flexibility that myRA provides, the Plancks like that they’re more in control of their future and will be better prepared when the photography tours and workshops come to an end. “We’ve worked really hard,” Marlene says. “The beauty of having a husband and wife working as a partnership is that we have a common goal in mind.”