When I graduated from school and started working, my parents and friends told me repeatedly how important it was to start saving for retirement. But when I looked into opening an account, most institutions required $1,000 or more to get started. I didn’t have that much money to set aside, and it seemed so overwhelming. So I didn’t open an account until years later.

I’m kicking myself for it. The earlier you start saving for retirement, the more compound interest it builds and the less you need to invest to retire comfortably. I missed out on years of interest because I was too intimidated by account minimums, and didn’t think of alternatives. (See also: 10 Signs You Aren’t Saving Enough for Retirement)

Instead of making my same mistakes, you can start saving for retirement today by opening a Roth IRA. Below, find out why Roth IRAs are such a useful option and where you can open one without a lot of startup cash. (See also: 4 Reasons Why a Roth IRA May be Better Than Your 401(k))

What is a Roth IRA?

If you’re just starting out, don’t have access to a 401(k), or want to supplement your retirement nest egg, a Roth IRA is a fantastic savings vehicle.

Unlike a 401(k), where you make your retirement contributions with pretax dollars, with a Roth you contribute your after-tax income. While that means you don’t get an upfront tax break, you won’t owe money on account withdrawals once you retire. You already paid taxes, so you can take out the money free and clear.

A Roth IRA is a perfect tool for young people just starting out. Because your contributions are made after taxes, you can take out the principal from the Roth IRA in the…