Saving With A MyRA

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What is myRA?

The U.S. Department of the Treasury developed a retirement savings account called the myRA (short for "my Retirement Account"). myRA is designed to make saving for retirement easy for workers who don't have access to a retirement savings plan at their job or lack other options to save.

Why You Should Sign Up for myRA

myRA is a convenient, affordable and safe option. It is a great for those who want to save and need an easy way to get started.

myRA is convenient:

  • You can set up automatic direct deposit into your myRA account from a paycheck with your employer or directly from your personal checking or savings account.
  • myRA is straightforward and simple; there are no complicated investment options.
  • myRA accounts belong to the worker and are not associated with the employer, so you can keep the same account even if you change jobs.
  • You can withdraw the money you put into your account at any time without paying tax and penalty.

 

myRA is affordable:

  • There is no cost to open a myRA and there are no fees.
  • You can contribute any amount that fits your budget, even if it just a few dollars at a time. (There is maximum contribution limit of $5,500 per year, or $6,500 per year for individuals who will be 50 or older at the end of the year.)

 

myRA is safe:

  • The myRA is backed by the U.S. Treasury, which means there is no risk of losing your money.
  • Accounts earn interest at the same rate as investments in the Government Securities Fund, which earned an average return of 2.04 percent in 2015 and had an average annual return of 2.94 percent over the ten-year period ending December 2015.

 

How to Sign Up for myRA

Visit myRA.gov to learn more and to open an account. If you do not have access to the internet or a computer, call 855-406-6972.

To save money in your myRA account, you can either set up automatic direct deposits from your paycheck through your employer, or you can make contributions from your personal savings or checking account. You can also direct some or all of your federal tax refund to your myRA.

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