Take Charge of Your Future: Open a RetirePath Virginia Account
The Commonwealth of Virginia is addressing the retirement savings crisis head-on with
RetirePath Virginia, a program designed to make saving accessible for all. While much attention has focused on how RetirePath helps employees save through a participating employer, many Virginians may not realize they can open a RetirePath account independently to start their retirement savings journey.
What is RetirePath Virginia?
RetirePath Virginia is a state-facilitated retirement savings program launched in 2023 to address the growing retirement savings gap. For workers employed by participating Virginia businesses, RetirePath offers the convenience of automatic payroll contributions directly into a Roth individual retirement account (IRA). Savers have the option to recharacterize their contributions to a traditional IRA if they prefer.
However, the RetirePath program isn’t just for those with participating employers. Virginians
who are self-employed, work for small businesses, or simply want an independent way to save
may be eligible to participate too. RetirePath enables anyone 18 years of age or older with
taxable income to open a Roth IRA and begin saving for the future.
Unlock Your Path to Savings
For workers without access to a traditional workplace retirement savings plan, RetirePath fills a critical gap. By opening a RetirePath account independently, individuals can set up recurring contributions from a personal bank account, allowing them to build savings over time. Contributions to the Roth IRA are made with after-tax dollars, and qualified withdrawals in retirement are tax-free—a powerful benefit for long-term savers.
“Our mission is to provide a simple and accessible retirement savings option for all Virginians,” said Peter Thompson, RetirePath Program Director. “Whether you’re employed at a registered business or saving independently, RetirePath offers an opportunity to plan for a more secure financial future.”
How to Get Started
Opening a RetirePath account is easier than you might think—it’s all done online. Follow these steps:
1. Visit RetirePathVA.com: The program’s website provides all the resources needed to
get started, including detailed information about IRAs and how the program works.
2. Create Your Account: You’ll need your Social Security number, date of birth, and
residential address.
3. Set Your Savings Goal: Begin saving at a pace that works for you, keeping in mind the
federal government’s annual contribution limits for IRAs. With RetirePath, you can easily
adjust your contributions to match your financial goals.
4. Select Your Investments: RetirePath offers professionally managed investment options. Many RetirePath savers choose the Target Retirement Date Fund that aligns with their age, simplifying the process of planning and saving for retirement.
Who Should Consider RetirePath?
The flexibility of RetirePath makes the program ideal for a variety of Virginians. Here are a few types of workers that might consider opening a RetirePath account independently:
- – Gig Workers and Freelancers: For those without a traditional employer, RetirePath
provides a simple way to save for retirement. - – Part-Time Employees: If you’re a part-time worker not covered by your employer’s
retirement savings program, you can take control of your savings by opening a RetirePath account independently. - – Small Business Employees: Workers at small businesses not currently eligible for
RetirePath can still open an account and contribute on their own.
Building a Culture of Saving
RetirePath Virginia is more than a retirement savings program; it’s a movement to create a culture of financial preparedness. With the option to save independently, no Virginian needs to be left behind. The program is already making a difference, giving workers the tools to plan for a comfortable retirement.
Whether you’re self-employed, working multiple jobs, or simply looking for a hassle-free way to save, RetirePath offers an accessible solution. Take the first step toward your financial future by visiting RetirePathVA.com today.
Visit RetirePathVA.com for more information and to obtain program materials. RetirePath Virginia℠ is governed by the Board of Commonwealth Savers Plan (“the Board”), an independent agency of the Commonwealth of Virginia. Vestwell State Savings, LLC (“Vestwell”), dba Sumday Administration (“Sumday”), is the program administrator. Sumday and The Bank of New York Mellon are responsible for day-to-day program operations. Participants who use RetirePath Virginia℠ beneficially own and have control over their individual retirement accounts (“IRA”), as provided in the program offering set out at RetirePathVA.com. Account balances in RetirePath Virginia℠ accounts will vary with market conditions and are not guaranteed or insured by the Board, the Commonwealth of Virginia, the Federal Deposit Insurance Corporation (“FDIC”) or any other organization. Prospective participants should seek the advice of a professional concerning any financial, tax, or legal implications related to opening and maintaining a RetirePath Virginia℠ account. © 2025 Commonwealth Savers Plan. All Rights Reserved.