During his 2014 State of the Union Address, President Obama announced the creation of a new employer-sponsored (but not employer funded) savings program that is aimed at helping more people to start saving for retirement.

Titled the "myRA" (say it like "IRA"), the program will establish accounts for employees who do not currently have employer-sponsored savings plans. myRA will operate much like a Roth IRA, with after-tax contributions and the ability for funds to be withdrawn tax-free at any time without penalty. Contributions can be made through a payroll deduction, with an initial investment as low as $25 and ongoing payroll deductions as low as $5.

 Click here to read more about "myRA" savings accounts.