- Dry cleaner
- Miami, FL
- 23 employees
Saving for a brighter future at Florida dry cleaners
To Beatriz Navarrete, human resources manager at Coral Gables La Salle Cleaners near Miami, Florida, there are no excuses when it comes to saving for retirement. “It’s never too late,” Beatriz says. “As long as you’re working, you need to save. Period.”
Coral Gables La Salle Cleaners has an 85-year history in a community that Beatriz describes as very family- and community-oriented. That focus on family is one of the reasons that Beatriz encourages her employees to make plans for the future. “You don’t know in 10 or 15 years what’s going to happen, so you better be ready.”
A retirement option for any budget
Beatriz was researching retirement savings options online when she came across information about myRA, a new retirement savings account developed by the U.S. Department of the Treasury. She was excited to read that employees can contribute any amount they want: as little as $10 a week, or even less, if that’s what gets them in the habit of saving. “You are saving for yourself and your future,” Beatriz says.
Owner and general manager Joe Lancaster is heavily involved in the day-to-day operations at the cleaners and has worked with some of his employees for 10 years. Joe views myRA as a great opportunity for his hardworking employees. “We just want what’s best for them,” he 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, while employers pay nothing and do not administer or contribute to accounts.
myRA is a Roth IRA, and so the annual contribution limits, withdrawal rules, and tax advantages of a Roth apply. Employees choose how much to contribute through payroll deductions, deposits from checking or savings accounts, or tax refunds. 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 a private-sector Roth IRA, where their savings can continue to grow.
A step towards a more secure future
Mariela Ortiz is an employee at Coral Gables La Salle Cleaners. She came to the United States from Cuba 15 years ago and has worked multiple jobs over the years to support her two sons. Mariela has been thinking about saving for a long time, but getting started has been difficult.
She decided to open a myRA after Beatriz introduced her to the program and found that the process of opening an account was easy.
Since opening an account, Mariela has been saving a small amount from her paycheck each week. She says she finds comfort in knowing myRA is backed by the U.S. Department of the Treasury, that accounts won’t lose money, and that she’s taking steps to save for retirement. “It is important for me because it’s my future,” she says.
Working with employees like Mariela to plan for their future is what Beatriz likes best about her job as an HR professional. “To save is an extremely important part in a person’s life,” Beatriz says. “It’s great to be able to show them something good.”
What others are saying about myRA
myRA is a wonderful opportunity for a community of employees…-Wendell K.
I like the idea that someday I’d retire…-Audrey G.